Pools Capital Between The Railroad Company Shareholders The Conflicts Of Interest And The Coordinated Research In China

The joint-venture railways as a mode of development of new railway to railway development has brought new life. In recent years, the rapid development of China's joint-venture railways in the construction, operation, management, and gained valuable experience. However, with the railway investment and financing system reform, investment diversification of shareholding joint venture railway company growing, joint venture railway company conflict of interest between shareholders are becoming increasingly prominent.China's joint-venture railway companies are state-owned shareholders holding, other various forms of capital shares of the company, its shareholders are divided into state-owned shareholders and non-state shareholders two categories. State shareholder which has double properties (public and corporate nature) lead to the objective and non-state shareholders are different, such differences lead to shareholders the root causes of a conflict of interest. Shareholders, the existence of a conflict of interest is bound to affect the healthy development of joint-venture railway companies. In this paper, our joint-venture railway between shareholders causes a conflict of interest as the starting point, innovative decision-making from the investment and financing decision-making and profit distribution of three point analysis of the conflict of interest. Conflict of interest by shareholders of the theoretical basis and method of coordinating the exploration of that theory from the system level and the level of potential conflict of interest, coordinated approach, carried out later in a conflict of interest for the coordination of laying the foundation.This article public choice theory, principal agent theory and our joint-venture railway companies combining the features of its own, building shareholder co-ordination model proposed for the coordination of strategies to provide a model basis. Two types of joint-venture railway companies by shareholder-state-owned shares to the shareholders and the shareholders of state-owned shares, that joint-venture railway companies from the following two angles of how to protect their rights and interests of investors, especially small and medium investors. Institutional mechanism is considered in the light of external environment such as political system, economic system, legal system, such as the protection of small shareholders; policy mechanism is the micro-structure of the corporate level, rent, charter, investment and financing decisions and dividend policy. On this basis, we propose two ways of coordinating shareholder conflict of interest. The first way to reduce the value of mn until the (mn) R