The Analysis About China Railway Investment And Financing System Reform

At present, China railway is in a leap-forward development phase, the shortage of construction funds is the most fundamental issue which affect the development of our railway, and the single fund-raising channels of railway enterprises is the main reason resulting in the shortage of construction funds. Improve the railway system, deepen the reform of the railway investment and financing, and create the market environment which social capital take part in railway construction and operation, are the fundamental guaranee to achieve "middle-long-term railway network planning" goals and the leap -forward development of railway. Therefore, how to achieve these goals has become a major topic that the China railway leap-forward development is facing.The article revolves around the standard research, on the basis of relative economic theories and large amount of experienced data, adopts the macro-environment analysis and the social characters analysis, and the case law analysis, start the point of view from the influence of financing on the capital structure. First of all, it makes observe on China railway Investment and Financing Reform. And then, put emphasis on analysis China railway capital market's opening conditions, special features, influence and the opportunities and challenges the development facing. And sum up that the high closed feature of the opening of China railway capital market and the single financing channels of current China railway, are the important factors in the development of China railway. Conform to the current thinking that the Railway Ministry reform the China railway investment and financing systems, on the basis of analyzing on the model of foreign investment and financing system reform, pointing out that the leap-forward development of China railway need get through the improvement of relevant laws, protect the vested interests of investors, and create a investment environment to attract social participation in railway construction. Then take the DaQin railway enterprise as an example, let's take the capital debt rate, interest multiplier and proportion of rights as the target of DaQin railway capital structure. After the comparison and analysis of the experiences of items of the enterprise's investment, it concluded that the interests, opportunities and problems brought by the investment after the enterprise went into the market.Finally, by combining theory and practice, on the special industry background of China railway, we get following conclusion: under the current situation that the railroad construction finances is in the large shortage, the opening way of deepening the reform of investment and financing of china railroad is the way of financing become multiplier, and expand the ways of railroad investment and financing, by improving relevant laws of railway investment and financing activities, protecting the vested interests of investors, and creating the investment environment to attract social capital take part in railway construction. At the same time, after research and analysis, we get some inspiration, and give some accordingly recommendations.