Study On Regulation Reform Of Toll Road Industry In China

Road belongs to the advance social capital and play an important role in economic and social development of a country. This paper analyzes the main questions from following aspects :the technical,economic character and regulation demand of toll roads industry, multidimensional predicament and deep-seated reasons for toll roads industry development, investigation and enlightenment of foreign infrastructure industry regulation reform, the selection of toll roads industry regulatory reform path, the market-oriented reforms in toll roads industry, the system reconfiguration and interest mechanism for toll roads industry regulatory reform,etc.Through the research, the paper firstly points that the toll roads industry's technical and economic character decides the regulation demand, that is to say, toll roads industry takes on the characteristics of club production, natural monopoly, exterior, differential benefit, foundation industry, public welfare ,cyber economy and so on. Base on those characteristics, toll roads industry ought to be regard as network basic industries. In the mean time, technical and economic characteristics decide necessity to carry out government rules and regulations.The regulation in toll roads industry can use many modes, those modes not only can choose interior regulation through free supply by government or supply by state-owned enterprise , but also can choose exterior regulation through social capital. Difference regulation modes have difference economical efficiency, so it should take eligible regulation measures according to its character and development phase.Secondly, the paper analysis the serious contradictions which staying in nowadays Chinese toll road, such as shortage of public finance and scale of continued expansion, commercial property, public property and so on. The author in this paper also points out that the main reason caused those contradictions mentioned above is local government formed the administrative monopoly out of their own interests and that it is necessary to develop toll road according to the rapid development of China's economy,and this also conform to the fairness principles of "Who uses, who pays". At present, the emphases of study is not whether we should develop toll road,but is how to break the benefit link of the administration monopoly of toll road, and to seek system arrangement for the development of standardization. Through the investigation of abroad, overseas foundational industry striving to introduce market mechanism since 1970's, this behavior has formed effective competition,those results have pointed out direction for China's toll roads industry reform.Thirdly, the paper points out that the toll roads industry in China should take measures for marketization under the frame of government regulation with the development of the Chinese economy. And the marketization reform should be deployed from three structures of property right, market structure and corporate governance structure,anyone among them can not be lacked. Among those, the basic of property rights reform is modern theory of property rights . The main purpose is to introduce non-public capital, realize the diversification of the structure of property rights for the toll road industry to create institutional conditions to introduce competition mechanism. The basic theory of market structure reform is the mechanism of competition theory, the main purpose is to break up monopolies and create a market competition mechanism. The basic theory of corporate governance structure reform is the beyond property-right argument, the main purpose is to achieve commercial operation,set up a standardized modern enterprise system and implement "The separation of public service units from government, the separation of government and enterprises". The design of toll roads industry reform framework must take into account the structure of property rights, market structure and corporate governance structure to realize this three systems's benign interaction and coupling.Fourthly, the paper discusses concrete measures of marketization for toll road reform from financing, investment, operation and maintenance based on guidance of the regulatory reform path,and points out diversified financing channels are the basis, PPP investment and management model is a achieve carrier and joint-stock company management structure is an effective way for diversification of the property rights and effective competition. In the mean time, the paper also points out toll roads industry market-oriented reforms can not be separated from government regulation, and nowadays existing regulatory system has not been able to adapt to market-oriented reforms demand . So, the government should be remodeling industry regulation system. Specifically, the government should set up independent regulatory agencies, separate administration from supervising, perfect relative laws, and definitude relative content, etc.Lastly, the paper points out that the ultimate aim of regulation reform is to pursue equilibrium and harmony of fairness and efficiency. The essential of the relation between the fairness and efficiency is game between the strong and the feeble. So, it is the superficial problem if we just establish regulation reform of toll roads industry from property right construction, competition construction, governance structure and regulation system. We also should pay attention to interest mechanism, especially protect feeble interest group who is the consumer through establishing perfect interest mechanism if we want to regulate toll road system in order to make it develop well.