细则放宽民间资本投资铁路的领域，同时拓展了民间资本投资铁路的方式，如通过设立铁路产业投资基金、支持铁路企业股改上市、融资租赁、信托计划等多种方式，参与铁路建设

Rules relaxed folk capital investment railway field,At the same time expand the folk capital investment railway way,Such as through the establishment of railway industry investment fund/Support railway enterprise reform listed/Financing lease/The trust plan and so on many kinds of ways,Participate in railway construction

　　文/吴亚平

Text/WuYaPing

　　2012年5月，铁道部发布《关于鼓励和引导民间资本投资铁路的实施意见》（以下简称《实施意见》），引来社会上对铁道部鼓励引导民间投资诚意的质疑，有人甚至认为《实施意见》“有些像中央给的时间紧迫而被迫交卷的感觉”，“实质性的改革啥也没有”。但我们认为，对民间资本投资铁路的问题需要作理性分析。

In May 2012,Issued by the ministry of railways[About encouraging and guiding the folk capital investment railway of the implementation opinions](Hereinafter referred to as[Implementation opinions]),Lead the society to the ministry of railways encourage guiding non-governmental investment sincerity of the question,Some people even think[Implementation opinions]"Some like central give pressed for time and was forced to the feeling of papers","Substantial reforms what also have no".But we think,The folk capital investment railway problems need to be rational analysis.

　　一、铁路领域民间投资现状及鼓励民间投资的政策沿革 a/Railway private investment in the field of current situation and encourage private investment in the policy evolution

　　长期以来，铁路投资主体单一。目前铁路运输业固定资产投资中，仅有少量民间资本和外商投资，国有投资尤其是中央投资占绝对主导地位。2010年数据显示，从铁路投资项目隶属关系看，由铁道部作为投资主体或出资人代表的中央项目投资占比高达86.7%，其余为地方项目投资，其中绝大部分又是地方政府和地方国有企业投资。从不同所有制类型看，国有投资占比高达91.5%，国有及国有控股投资占比更是高达96.8%，民间投资占比仅为2.7%。

For a long time,Railway investment of the subject in a single.At present railway transportation in investment in fixed assets,Only a very small folk capital and foreign investment,State-owned investment, especially the central investment accounts for of a dominant position.The 2010 data showed that,From the railway investment projects to see subordinate relations,By the ministry of railways as the main body of investment or sponsor representative of the central project investment accounts for more than 86.7%,The rest for local project investment,For the most part is the local government and local state-owned enterprise investment.See from different ownership types,State-owned investment accounts for more than 91.5%,State-owned and state holding investment accounts for more than 96.8%,Folk investment accounts for of ratio is only 2.7%.

　　针对铁路投资主体单一、运营主体垄断状况，为扩大融资来源，早在2005年2月，国务院发布的《关于鼓励支持和引导个体私营等非公有制经济发展的若干意见》提出，允许非公有资本进入包括铁路在内的垄断行业和领域。2005年7月，铁道部发布《关于鼓励和引导非公有制经济参与铁路建设经营的实施意见》，提出要按照“平等准入、公平待遇”原则，在铁路建设、铁路客货运输等领域对社会资本开放。2006年4月，铁道部又联合有关部门发布了《关于继续开放铁路建设市场的通知》，对铁路建设市场的设计、施工、监理业务扩大开放范围。2010年5月，国务院发布《关于鼓励和引导民间投资健康发展的若干意见》（“新36条”），提出鼓励民间资本参与铁路干线、铁路支线、铁路轮渡以及站场设施的建设，允许民间资本参股建设煤运通道、客运专线、城际轨道交通等项目。探索建立铁路产业投资基金，积极支持铁路企业加快股改上市，拓宽民间资本进入铁路建设领域的渠道和途径等。

Aiming at the railway investment of the subject in a single/Operation subject monopoly status,To expand the financing source,As early as in February 2005,Promulgated by the state council[About to encourage and support and guide the development of the individual private and other non-public sectors of the economy development certain opinions]Put forward,Allow the non-public capital into including railway, the monopoly industries and fields.In July 2005,Issued by the ministry of railways[About encouraging and guiding the non-public sectors of the economy to participate in railway construction management of the implementation opinions],Put forward according to the"Equal access/Fair treatment"principle,In the railway construction/Railway passenger transportation, etc on social capital open.In April 2006,The ministry of railways and combined the relevant departments issued[To continue to open the notice of railway construction market],For the design of the railway construction market/construction/Supervising business expand the opening of the range.In May 2010,Promulgated by the state council[About shall encourage and guide the healthy development of the private investment some opinions]("Article 36 new"),Puts forward to encourage private capital participation of the main railway line/by-line/Railway ferry and yard facilities,Allow private capital participation construction MeiYun channel/Passenger special line/The inter-city rail transportation project.Explore to establish railway industry investment fund,Actively support railway enterprises to quicken the pace of reform listed,Broaden the folk capital into railway construction areas of channels and ways, etc.

　　二、《实施意见》的两个亮点 two/[Implementation opinions]Two window

　　铁道部发布的《实施意见》提出了“鼓励民间资本投资参与建设铁路干线、客运专线、城际铁路、煤运通道和地方铁路、铁路支线、专用铁路、企业专用线、铁路轮渡及其场站设施等项目”“鼓励民间资本投资参与铁路客货运输服务业务”等14条具体意见。与此前出台的政策相比，《实施意见》有两个亮点：

Issued by the ministry of railways[Implementation opinions]Puts forward the"Encourage private capital investment in the construction of the main railway line/Passenger special line/Inter-city railway/MeiYun channel and local railway/by-line/Special railway/Enterprise private line/Railway ferry and dock facilities projects""Encourage private capital investment in railway passenger transportation services"Article 14 the specific opinions.And after compared the policy,[Implementation opinions]There are two window:

　　一是放宽了民间资本投资铁路的领域，在投资范围上对民间资本没有限制。如打破铁路工程建设中长期寡头垄断的局面，鼓励民间资本进入铁路工程建设领域。又如，鼓励民间资本参与铁路技术创新，投资铁路新型运输设备等的研发、设计、制造和维修，平等参与设备采购投标等。

One is to broaden the folk capital investment railway field,In the investment scope is not limited to private capital.Such as break railway engineering construction long-term oligopoly situation,Encourage private capital into the railway engineering construction field.And as,Encourage private capital to participate in railway technology innovation,Investment railway new type of transport equipment research and development/design/Manufacturing and maintenance,Equal participation in equipment procurement bidding, etc.

　　二是拓展了民间资本投资铁路的方式。如民间资本不仅可以直接投资建设铁路，还可以通过设立铁路产业投资基金、支持铁路企业股改上市等方式以及融资租赁、信托计划等多种方式，参与铁路建设。

The second is the development of folk capital investment railway way.Such as the folk capital can not only direct investment railway construction,Can also through the establishment of railway industry investment fund/Support railway enterprise reform listed, etc and financing lease/The trust plan and so on many kinds of ways,Participate in railway construction.

　　三、仅有《实施意见》是远远不够的 three/only[Implementation opinions]Is far from enough

　　自“十五”末出台鼓励和引导非公有制经济参与铁路建设经营的政策以来，迄今非公经济投资铁路鲜有成功案例。例如，浙江金温铁路。该铁路由港资与当地政府和铁道部合资修建，1998年建成通车，是我国第一条合资兴建的股份制铁路。由于资金清算和运输调度上的问题，最终港资退出，金温铁路收归国有。又如，作为铁路投融资体制改革试点的第一个民间资本参与投资的衢常铁路项目，于2005年启动，2006年变更股权，2007年民间资本彻底退出。再如，由铁道部、河北省、山西省和两家民营企业合资建设的石太客运专线，自2009年建成以来，一直处于亏损状态。

since"15"Introduced the encourage and guide non-public sectors of the economy to participate in railway construction management policy since,Non-public economy has investment railway few successful cases.For example,Zhejiang jinwen railway.The railway from overseas and local government and the ministry of railways joint venture to build,Built in 1998 opened to traffic,Is China's first joint venture in the construction of the stock rail.Due to the capital liquidation and transportation scheduling problems,Final hong kong-invested exit,Jinwen railway nationalised.And as,As the railway investment and financing system reform pilot first private capital participation investment qu often railway project,In 2005 started,2006 change equity,In 2007 the folk capital completely exit.Be like again,By the ministry of railways/Hebei province/Shanxi Province and two private enterprise joint venture of the construction of the passenger special line stone too,Since its completion in 2009,Has been in a state of loss.

　　上述民间资本参与投资铁路项目效果不理想的原因不尽相同，但都与铁道部门垄断经营、政企不分的体制环境有关。不打破行政垄断，不改革政企不分的体制，仅仅在政策导向上欢迎民间资本进入，实际效果会相当有限。

The folk capital to participate in the investment railway project effect is not ideal reason is not the same,But with the railway monopoly operation/Indistinction between the functions of the relevant system environment.Not to break up the monopoly in administration,Don't reform indistinction between the functions of the system,Only in the policy guide welcome folk capital into,The actual effect will be quite limited.

　　四、理性看待铁路领域扩大民间投资 four/A rational view on the railway sector to expand private investment

　　除了体制机制制约民间资本进入铁路领域外，铁路的行业属性也是制约民间资本进入的一个客观因素。铁路运输服务要实施统一有序的调度，路轨、车站、乘务、仓储、结算等各个环节要高度配合。铁路投资建设和运营的各项投入要素的价格早已市场化，而铁路服务具有较强的公共产品特征，产出（运输服务）价格受政府管制，无法随成本和供求关系及时调整，具有典型的“两头经济”行业特征。这些无疑会影响民间资本投资铁路的收益，增大投资风险。对民间投资进入铁路领域的前景应理性思考，避免陷入情绪化。

In addition to system restriction mechanism of private capital into the outside the territory of the railway,Railway attributes of the industry is also restricted the folk capital to enter a objective factors.Railway transportation service to implement unified and orderly operation,rail/station/cabin/storage/Settlement and so on each link to height fit.Railway investment, construction and operation of each input factor price already marketization,And the railway service has strong public product characteristics,output(Transportation service)Price government regulated,Not with the cost and the supply and demand relation adjust,typical"Two head economic"Industry characteristics.These will undoubtedly influence folk capital investment railway income,Increase investment risk.On private investment into the prospect of the railway sector should be rational thinking,Avoid falling into emotional.

　　1.总体上看，铁路投资效益不高。目前铁道部资产负债率大约在60％左右，今年1季度净亏损近70亿元。从世界范围看，铁路都不能算是一个盈利性比较好的行业，与同样具有自然垄断性的市政基础设施相比，铁路对民间资本的吸引力总体上要差一些。

1. The overall perspective,Railway investment efficiency is not high.At present the ministry of railways asset-liability ratio at about 60%,This year 1 quarterly net loss of nearly 7 billion yuan.From the world to see,Railway can be considered a nonprofit better industry,And the same has natural monopolistic municipal infrastructure compared,Railway on private capital attraction in general will send some.

　　2.铁路只能是极少数资金实力强大的民间资本的投资领域。铁路是一个典型的资本密集型行业，投资额大，回收期长。特别是高强度的铁路基础设施投资，实力较弱的民营企业很难承担。有实力的民间资本，其适宜进入的领域主要是效益较好的部分客运专线、城际铁路和煤运通道等项目。

2. Railway is only a few funds strong folk capital investment fields.Railway is a typical capital-intensive industries,Investment big,Long payback period.Especially high strength railway infrastructure investment,Weaker private enterprise hard to bear.Strong folk capital,The appropriate into the field is mainly benefit a good part of the passenger special line/The inter-city railway and MeiYun channel projects.

　　3.从国际上看，民间资本投资铁路或既有国有铁路私有化改革普遍不成功。以私人投资为主的美国铁路从兴旺逐步走向衰败，有来自公路、民航的竞争，也与铁路自身盈利性差导致的竞争能力较弱不无关系。英国在上世纪90年代中后期对国有铁路实行的私有化改革并不成功，也说明了铁路利用民间投资的前景并不令人乐观。

3. Internationally,The folk capital investment railway or both state-owned railway privatization reform generally don't succeed.To private investment primarily the railway from prosperity to decline gradually,From highway/Civil aviation competition,And with the railway itself poor profitability in the competition ability is weaker relationship.Britain in the 1990 s to the privatization of state-owned railway reform is not successful,Also explained the railway use of private investment prospect is not so optimistic.

　　总之，鼓励和引导民间资本进入铁路领域，要坚持投融资领域市场化改革的大方向，实质性推进铁路投融资体制改革及相关配套改革，切实减少制约民间资本投资的障碍。同时应该认识到，鉴于铁路的自然垄断性和以公益性为主的目标，这种改革必然是复杂而艰巨的，希望短期内民间资本能够大规模进入铁路领域可能是不现实的。（作者单位：国家发改委投资研究所）

In a word,Encourage and guide the folk capital into railway field,To adhere to the field of investment and financing market reform way,To promote railway investment and financing system reform and related reform,To reduce the restriction folk capital investment barriers.At the same time should be aware of,In view of the railway natural monopoly and the goal of mainly nonprofit,The reform must be complex and difficult,Hope that in the short term the folk capital to enter the field of large-scale railway may not be realistic.(The author unit:The national development and reform commission investment research institute)