Research On The Equity Structure Of Railway Listed Companies

As a public good,railways undertake the task of promoting regional economic development and interoperability in the development of the country.In order to meet the needs of economic development,the "Thirteenth Five-Year Development Plan for Railways" clearly proposes to encourage the use of equity financing to promote the reform of railway mixed ownership.The listing of railway companies is an important direction for advancing the reform of railway mixed ownership.The three railway companies of Daqin Railway,Guangzhou-Shenzhen Railway and China Railway Logistics,which are currently listed,maintain a controlling position among the local railway bureaus.From the perspective of business operation,if the local railway holding a too high proportion of shares will be directly led by the parent company,it is difficult for small and medium shareholders to participate in the operation of the railway.This kind of shareholding structure will restrict the interests of small and medium shareholders,and even shake investors’ confidence in listed railway companies in the capital market.Therefore,it is necessary to study the equity structure of railway listed companies under the premise of ensuring that the local railway bureau has a controlling stake.The literature review shows that different ownership structures correspond to different governance mechanisms,which in turn affect the corporate governance level.Equity concentration and equity checks and balances have different effects on corporate governance in different environments.In the research on the equity structure of railway companies,only early researchers have explored the equity structure of joint-venture railways and proposed that it is necessary to appropriately reduce the shareholding ratio of national investors in order to attract social investors to invest in joint-venture railways.After the railway company is listed,researchers have made suggestions to the railway listed company from the perspective of corporate governance.Few papers have studied the equity structure of the railway listed company.This article first analyzes the equity structure and existing problems of railway listed companies.The major shareholders of listed railway companies mainly include local railway bureaus,institutional investors and entity enterprises,and the excessively high shareholding ratio of local railway bureaus makes it difficult for institutional investors and entity enterprises to play a supervisory role and harms the interests of small and medium shareholders.Therefore,this article considers building an effective equity checkand-balance mechanism.Based on the equity structure of listed railway companies with three major shareholders,the construction of an equity game theory model verifies that the equity structure lacks shareholders who check and balance with local railway bureaus,and encourages shareholders to exercise supervision rather than collusion.It is required that the shareholding ratio between shareholders is relatively small.On the basis of this conclusion,this article considers the introduction of entity enterprises that have industrial associations with railway listed companies from the perspective of industrial associations.By introducing entity companies as check-andbalance shareholders,it is possible not only to achieve mutual checks and balances among shareholders in the equity structure of railway listed companies,but also to select companies with industrial connections,so that railway listed companies can cooperate with companies in the same industry and in the same industry chain through equity optimization.Form a relatively complete industrial layout.After that,based on the 2018 National Input-Output Table,the input-output research method was used to calculate from the two dimensions of industry and enterprise,and to select entity enterprises with high industrial relevance to railway listed companies.The empirical results show that railway listed companies have the highest correlation with the railway transportation industry,followed by upstream and downstream industries.Finally,on the basis of empirical research,in view of the current situation where the shareholding ratio of local railway bureaus and other shareholders in listed railway companies is too high,the existing equity structure is considered to be optimized,and further optimization measures are proposed.