|
|
|
| Formation， Analysis and Resolution of China’s National Railway Debt Risks |
| ZHOU Shao-ni, ZHOU Zhi-tian, ZHANG Qiu-sheng |
| School of Economics and Management， Beijing Jiaotong University， Beijing 100044， China |
|
|
|
|
Abstract China’s National Railway debt is becoming a significant threat to its market-oriented reform and high-quality development. Through an analysis of the debt formation process over the past 17 years， the study reveals the following findings： The accumulation of debt shows the distinct stages. The principal causes of the mounting debt burden include the unresolved substantial historical debt， heavy investment without adequate capital to support， the idiosyncrasies of railway construction investment， and the inadequate management model for the entrusted transportation. Drawing upon the causes of debt formation and the debt risk resolution experiences both domestically and abroad， this paper proposes a phased， categorized， and multi-agent approach to resolving the debt risk in China’s National Railway. To be specific， the allocation of the historical debt should be distributed among the central finance， local finance， and China’s State Railway through the implementation of measures such as policy-driven debt-to-equity swaps， the establishment of special railway funds， and market-oriented pricing. Moreover， all relevant parties should provide the necessary support for effective resolution.
|
|
Received: 06 December 2022
|
|
|
|
|
|
1 国务院关于改革铁路投融资体制加快推进铁路建设的意见［EB/OL］.（2013-08-16）［2022-11-20］.中华人民共和国中央人民政府https：//www.gov.cn/zhengce/content/2013-08/16/content_3712.htm.
2 李红昌，鲍越，王正锴，等.我国铁路产业财务可持续：一个基于结构方程的分析［J］.技术经济，2021，（7）：91-102.
3 左大杰，陈瑶，陆柳洋，等.我国铁路债务处置的基本思路［J］.综合运输，2018，（8）：22-30.
4 刘蔚.国铁企业市场化经营机制建设探讨［J］.铁道运输与经济，2021，（3）：63-66+73.
5 沈志群.关于我国铁路债务问题的探讨［J］.铁道运输与经济，2012，34（7）：5-7.
6 荣朝和，武剑红.我国铁路债务危机处置与加快铁路改革的思路［J］.综合运输，2012，（1）：27-32.
7 何琳，李红昌.我国高铁偿债平衡点与债务风险代际转移研究［J］.技术经济，2021，40（8）：17-24.
8 LI H， STRAUSS J， LU L. The impact of high-speed rail on civil aviation in China［J］. Transport Policy， 2019， 74： 187-200.
9 陈爱明.铁路建设筹融资渠道及风险管控［J］.经济师，2019，（12）：54-55.
10 刘建丽，李先军.中国铁路行业改革成效、现实问题及高质量发展思路［J］.理论学刊，2020，（2）：71-82.
11 鲍春.浅谈铁路债务风险及化解对策［J］.中国管理信息化，2019，22（16）：37-38.
12 靳瀚博.合资铁路公司债务风险防范问题研究［J］.铁道经济研究，2020，（6）：41-46.
13 国务院关于组建中国铁路总公司有关问题的批复［EB/OL］.（2013-03-14）［2022-11-20］.中华人民共和国中央人民政府网https：//www.gov.cn/gongbao/content/2013/content_2361571.htm. |
|
|
|
