摘要
为多途径多方式解决铁路建设资金难题,在对国铁企业IPO上市融资适用性和铁路基础设施REITs融资适用性进行分析的基础上,从融资制度、融资质效2个方面对IPO上市融资和基础设施REITs的各自特点进行分析,从资产适宜性、估值程度和控制模式等方面综合考虑两者的优缺点。结果表明:IPO上市融资可以降低铁路整体资产负债率,推进国铁企业市场化改革并保证国铁企业整体控制力;基础设施REITs可以有效提升资产估值,切实增加资金来源并充分享受政策红利。最后,建议实行IPO上市融资和基础设施REITs双核驱动,实现优势互补。
To raise railway construction funds through multi-channels, after analyzing the applicability of the IPO listing financing of state railway enterprises and the REITs financing in railway infrastructure, this paper analyzed the characteristics of IPO listing financing and REITs financing from the two aspects of financing system and financing quality and efficiency. The advantages and disadvantages of the above two aspects were comprehensively considered in the aspects of asset suitability, valuation degree, and control mode. The results show that IPO financing can reduce the overall asset-liability ratio of railways, accelerate the market-oriented reform of state railway enterprises, and ensure the overall control of state railway enterprises. Infrastructure REITs can effectively improve asset valuation, increase the fund sources, and thoroughly enjoy the policy dividend. Finally, suggestions were proposed to implement the dual core drive of IPO listing financing and infrastructure REITs to achieve complementary advantages.
作者
王一辰
WANG Yichen(School of Economics and Management,North China Electric Power University,Beijing 102206,China)
出处
《铁道运输与经济》
北大核心
2021年第7期43-48,共6页
Railway Transport and Economy
基金
中国国家铁路集团有限公司科技研究开发计划课题(2020F030)。
