The Optimization Of Ownership Structure Of The Joint-venture Railways Company

Joint-venture railways has the great advantages to attract social funds to the construction of rail, it can effectively solve the shortage of funds of railway construction. In recent years, the joint-venture railway has become the development trend of railway construction, but its development time is relatively short, in the areas related to equity issues, practical application is ahead of theoretical research, development prospects and constraints factors coexist, the research not only has a wide space in theory, but also can promote the joint-venture railway development.This paper based on the optimization theory and equity restriction theory. Study the ownership structure of Joint-venture railways from the the entire network level. By analyzing the national railway network system, a joint venture railway company and the Ministry of Railways and other stakeholders the benefits, established the Expropriation models. Using the model analysis and comparison the earnings changes of the various stakeholders when the national rail system to of the joint venture railways and when not to implement the seize the benefits. Proved that the high percentage of state-owned shares in the joint venture's ownership is the main problems of the joint venture's ownership structure. On this basement, combinate of equity Balance Theory, compare the earnings of the Ministry of Railways exercise supervision and without supervision to the shareholders who entitled the control of the company, find that no matter the shareholders who entitled the control of the company focus on the right of priority transport or transportation income, they will exercise supervision to the the Ministry of Railways, for the the purpose of protecting the interests of minority shareholders and improve income levels of the joint-venture railway companies.By studying the problem of ownership structure of joint-venture railway companies, This paper find that the reduction of the percentage of state-owned shares in the joint-venture railway company appropriatly, the introduction of social Shareholders and investors, and format the equity balance with state-owned shareholders will not only help the development of the joint-venture railway companies, But also to attract more social capital investment in railway construction. This is the fundamental way to optimize the structure of joint-venture railway companies shares. In this paper, author give the percentage scope of the state-owned shares and shareholders who entitled the control of the company in the joint venture railway company. Since there is currently a great funding gap of railway construction, and the low level of social capital participation, this paper presents in short term the nation should have some incentive measures to social investors.