Study On Operation Of Expressway's Stock System Reformation And Listing

Is it feasible to adopt stock system in the construction and management of expressways as the nation important infrastructure ? The answer is given in the history of stock economy and economic theories and has been proved by theoretical basis. The characteristics of expressway operation are suitable for the adoption of stock system. China government has stipulated related preferential policies and favorable conditions for the implementation of stock system in infrastructure sectors. The stock system is getting popular in China and up to now over 10 expressways have been listed following stock system reformation and successfully entered into the international or domestic capital market. Through this way, not only large funds were raised and put into the expressway construction, but also modem enterprise systems were introduced into the expressway operation and management. Both two provide new opportunities and motive force for the expressway development in China. Based on the Marxist economic theories and digestion study of a large amount of examples on the expressway抯 stock system operating in China, this paper makes systematic analysis, study and summarization of expressway reformation and operation. It is aimed to make sure that the study is in conformity to the nation抯 related rules and policies as well as the international practices and objective necessity of expressway development. The main study object of this paper is the stock system reformation and overseas listing (H shares) of expressways for which the construction has been completed and institutional tolling management system is adopted. This paper makes the study in four parts in seven chapters. Firstly, study on the theoretical basis of expressway stock system, which lays a foundation for the following studies. Details for this part please see chapter 1. Secondly, exposition of contents, procedures and stages of expressway stock system reformation. The overall train of thoughts for the expressway stock system reformation is put forward. Details for this part please see chapter 2. Thirdly, study on expressway asset restructuring, asset evaluation and financial auditing. This is the core content of this paper, and also the most fundamental, important and difficult part in the expressway stock system reformation. Details of this part please see chapters 3, 4, 5 and 6. Lastly, study on the expressway share offer and listing. The final success of expressway stock system reformation is depended on the successful listing of theexpressway and the raise of estimated funds. For details of this pat please seechaPter 7. Based on the aforementioned four parts of study, in the sumrnary ofthis paPer, the writer sununarizes the stUdy into 26 conclusions, and points out thedeficiencies and those pwts to be improved in thes paPer.Focused on the systematic study of exPressway stock system reformation andoperation, this paPer also gives advice and consideration on the imPlemeniationof the expressway stock system and its operation. It is presented for yourreference, and your conunents are welcomed.