The Research Of Joint-venture Railways Equlity Distribution Mechanism Based On The View Of Principal-agent

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 put the pricipal-agent theory in free market to analyze the equity distribution in joint-venture railways; Analysis the pricipal-agent relationship between state and social investors from the three aspects of railways, national and social investors and select related variables to establish principal-agent model that maximize the benefits of the country and take the revenue of social investors as participation constraint; Put the equity ratio of social capital into pricipal-agent model, that relates pricipal-agency relationship to the equity allocation mechanism;derived the model to the conclusion that when the relative relationship of the cost of factor of state funds, the external level and retained earnings level of investors, the absolute risk aversion degree, the variance of investment income changes, the equity ratio of social capital will come to different values.This paper analyzes the effective mechanism from the variables of the railways, the state and social investors stock right proportion, optimal revenue of the state and incentive levels from the state to the social investors; 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; in the long run, joint-venture railways companies enhance market position and profitability as the process of railway reform.