A Study On Asset Management And Capital Structure Of China's Joint-Venture Railway

The joint-venture railways, as something new in the reform and development, after 20 years of development, have taken shape and played an important part in China's railway transportation. It is proved in practice that joint-venture railways have broken the pre- sent situation that railways be built solely by China's government, which gives full play to the central government, local government, and industries. As a result, the problem of the short of funds has been effectively solved. In addition, joint-venture railways have played an active role in speeding-up the building of railways, saving the construction investment, bringing into play the role of rail- ways as economic artery, and promoting the development of local economy.With the continuous development of joint-venture railways, we are now faced with the following problems related to assets management and capital structure deserving our urgent handling, in the thesis these problems have been deeply studied.1.Aiming at the current situation that investors of national assets of joint-venture railways are not in position, based on game theory and principal-agent theory, an improvement plan for the management and organization system of national assets of joint-venture railways is offered and a related analysis and statement is also made.2.Aiming at the actualities that the ratio of joint-venture railway capitals is o n t he low side, j oint-venture r ailways have a high r ate o f d ebts, a nd the unitariness of investors exists during the construction and management of joint-venture railways, an analysis has been made of the necessity of pluralism of investors during the construction and operation of joint-venture railways, and a specific method has been put forward to realize the pluralism of investors. The related theory about the capital structure has been adopted to analyze the factors which should be considered when determining the optimal capital structure of joint-venture railways and the methods which can be employed, and to make some suggestions on the improvement of joint-venture railway capital structure.3. On the basis of the analysis of the relationship between nonseparation of the government from industries and the unitariness of investors, the pluralism of investors has been put forward to promote the separation of the government from joint-venture railways. The relationship between capital structure and corporation governing structure has also been expatiated, and the thesis tries to identify the problems on the joint-venture railways' corporation governing structure corresponding to current capital structure. The theory related to corporation governing structure, in combination with the actualities of joint-venture railways, has been adopted to design the organization in order to perfect corporation governing structure of joint-venture railways.