Analysis Of Investor Change Of Sanmao Railway

This article mainly adopts some theory of network particularity and property right relation and makes use of research method of linking qualitative analysis to quantitative analysis to analize the building and developing of Sanmao Railway of Guangdong Province,and to discuss the joint venture railway of China in the mean time. Sanmao railway is the first completed and operated joint venture railway and different from state-owned railway; most importantly, its investment, financing and operating illustrates profoundly the change of Chinese system transition.Before the 1980s, government controlled the investment and operation of railwayo But owing to the short of construction fund and the opening policy,lhc joint venture railways such as Sanmao break out.Therefore,the 20 year's development of Sanmao railway is not that great as people appraised. It walks through the speedy phase of freight quantity, the phase of fluctration;and now it is experiencing the upswing of operation outstanding achievement becouse of the holding by railway department.Sanmao is the unlimited company as its foundation, and changed into the limited in 1995, and the company limited by shares.The holding by railway department brings Sanmao with huge economy benefit, but at the same time with the rigescent operational system of state-owned railway. Owing to the network particularity of railway, the extend of operational line is beneficial for Sanmao,but its achieveing method is disadvantage for our railway reform . The experence of home and abroad railway does not support the conclusion that network effect must be sustained by monopoly. If we continue to choose the administration monopoly of railway, we are really not preparing to acknowledge the property right of other investors, and also to abandon the entering the social profuctiveness capital.