一度被期许为“铁路建设投融资模式破冰之作”的温州市域铁路S1线，昨日推出了一个“无功无过”的社会融资方案。民资入股后的话语权这一最具争议性的核心问题，依然看不到创造性解决的前景。

Once be desirability for"Railway construction investment and financing mode ice work"Wenzhou urban railway S1 line,Yesterday launched a"Reactive without a"Social financing options.In the final after what the most controversial core problem,Still can't see the prospect of creative solution.

　　合伙制+股份制 Partnership + shareholding

　　昨日，温州市域铁路S1线正式启动社会融资计划，首期计划在5个月内向社会筹集资金15亿元，面向企业和个人“招股”。

yesterday,Wenzhou urban railway line S1 launched social financing plan,First phase of the project in the five months to raise funds from the society is 1.5 billion yuan,The enterprises and individuals"offering".

　　昨日，在工商银行(601398,股吧)温州鹿城支行9：30举行的首发式之后，《第一财经日报》记者看到，半小时内，现场排队市民就达200多人。据统计，在随后8个小时中，该行共为自然人办理256笔认购，金额为5884万元。

yesterday,In the industrial and commercial bank of(601398,guba)Wenzhou lucheng branch 9:And after a launch,[The first financial daily]The reporter sees,Half an hour,The queue people reached 200 people.According to the statistics,After eight hours,The bank for a total natural person to deal with 256 pen subscription,Amount of $58.84 million.

　　虽然说起来是认购股份，但这种发售方式，实际上类似于零售债券和理财产品。进一步分析该融资计划可以看出，认购“股份”的个人其实并不是S1线的股东。

Although it is the subscription shares,But the sale mode,In fact similar to retail bonds and financial products.Further analysis of the financing plan can be seen,subscription"shares"Personal actually not S1 line of shareholders.

　　按照规定，个人投资者认购起点1万元，按扣除投资收益个人所得税后年收益率为6%。认购成功后，将获得《温州幸福轨道投资管理服务中心（普通合伙）合伙证》。如欲取回本金，则须在持有满一年后，通过温州股权营运中心有限公司交易转让，或到温州幸福轨道投资管理服务中心（下称“幸福投资中心”）办理退出手续。

According to the regulation,Individual investors subscribe starting point is 10000 yuan,According to deducting investment gains the individual income tax return of 6%.Subscription after the success,Will get[Wenzhou happiness rail investment management service center(General partnership)Partnership card].If you would like to retrieve the principal,Shall be held in full a year later,Through the wenzhou equity transfer operations center co., LTD. Deal,Or to wenzhou happiness rail investment management service center(Hereinafter referred to as"Happiness investment center")Exit formalities deal with.

　　从本质上说，这个幸福投资中心类似于一个私募实业投资基金，而它的法律属性则是合伙企业。而整个S1项目采取了一种股份制企业嵌套合伙制企业的特殊结构。

essentially,The happiness investment center is similar to a private industrial investment fund,And it is the legal attribute of the partnership enterprise.And the whole S1 project adopted a joint-stock enterprise nested partnership enterprise special structure.

　　根据项目规划，S1线全长52.22公里，设站15座，建设期限为2012年~2016年。项目总投资175.76亿元，资本金87.88亿元，占总投资的50%。

According to the project planning,S1 line length of 52.22 km,Set up 15 seat,Construction period of 2012-2016.The project total investment 17.576 billion yuan,Capital is 8.788 billion yuan,Accounted for 50% of the total investment.

　　10月26日，温州幸福轨道交通股份有限公司（下称“幸福轨交公司”）成立，它扮演着市域铁路S1线项目法人和融资平台的角色。

On October 26,,Wenzhou happiness rail transit co., LTD(Hereinafter referred to as"Happiness rail into the company")established,It plays an urban railway S1 line project legal person and the role of the financing platform.

　　作为幸福轨交公司的控股人和发起人，温州市铁路与轨道交通投资集团有限公司（下称“温州铁投集团”）认购其50%的股份，解决项目融资43.94亿元；其余50%即43.94亿元，则向社会投资者包括企业和自然人融资。

As happiness rail into the company's holdings and the originator,Wenzhou railway and rail transit investment group co., LTD(Hereinafter referred to as"Wenzhou iron cast group")Subscribe for 50% of its shares,Solve project financing is 4.394 billion yuan;The remaining 50% or 4.394 billion yuan,To the social investors including enterprise and natural person financing.

　　为了面向自然人融资，又专门成立了合伙制的幸福投资中心，持股幸福轨交公司。个人投资者作为幸福投资中心的合伙人，间接持有S1线的股份，但不能作为一个独立个体行使股东权利。

In order to face natural financing,And formed a special partnership happiness investment centre,Holding happiness rail into the company.Individual investors as happiness investment center partner,Indirect hold S1 line of shares,But not as an independent individual to and exercise the shareholder's rights.

　　回报率不及民间借贷1/3 Return less than one-third of folk loan

　　采用这样一种结构的直接原因是，《公司法》规定，“设立股份有限公司，应当有二人以上二百人以下为发起人”，也就是说，股东不能超过200人，因此必须用一种办法将大量零散的个人投资者整合成一个“股东”，以避免触及股东人数上限。

Using such a structure is the direct cause of the,[company]provisions,"The establishment of a joint stock limited company,There shall be not less than 2 but not more than two hundred sponsors",that,Shareholders can't more than 200 people,So we must use a way will be a large number of scattered individual investors integrate into one"shareholders",In order to avoid touch shareholders cap.

　　6%的年利率虽然高于银行一年期定期存款利率（3%），但相比温州民间借贷市场上高得多的利率，显然对追求高回报的资金缺乏吸引力。

6% of the annual interest rate is higher than bank though the time deposit interest rates(3%),But compared with wenzhou folk lending market much higher interest rates,Apparently the pursuit of high return money less attractive.

　　据温州市金融办网站披露，12月7日当周，温州民间融资综合利率指数高达年利率22.05%。

According to wenzhou financial do website disclosure,December 7th week,Wenzhou folk financing comprehensive interest rates as high as 22.05% annual rate index.

　　由此可见，认购S1“股份”的个人投资者主要是一些追求稳妥回报的风险厌恶者，其投资类似于购买国债等。

Thus it can be seen,Subscription S1"shares"Private investors are mainly some pursue safe return risk averse person,Its investment similar to buy Treasury bonds, etc.

　　据温州铁投集团财务部经理张信才称，为确保个人、股东收益及银行贷款本息，温州市财政已设立10亿元专项偿付准备金，并拨备了4000多亩土地。

According to wenzhou iron cast group finance manager ZhangXinCai says,In order to ensure the personal/Shareholders' income and bank loan principal and interest,Wenzhou finance has set up 1 billion yuan special solvency margin,And the provision of more than 4000 mu of land.

　　民资的主体毕竟是企业和资本较为雄厚的投资者，但目前他们的入股意愿并不强烈。

The main body of what after all is the enterprise and the capital is relatively strong investors,But now they will become a shareholder is not strong.

　　根据S1项目整体融资方案，企业投资者将成为幸福轨交公司的股东，除了享受每年6%的固定利息收益之外，还可参与企业分红。

According to the S1 whole project financing plan,Enterprise investors will become happiness rail into the company's shareholders,In addition to enjoy every year 6% of fixed interest income outside,Also can participate in enterprise share out bonus.

　　但这种地位，仍然只是较为单纯的财务投资者，其参与公司决策管理的话语权依然极为有限。再加上“食之无味，弃之可惜”的6%年利率，很难想象企业资本会踊跃入股。

But this kind of position,Still only relatively simple financial investors,The decision to participate in the management of the discourse power is still very limited.plus"tasteless,Abandon a pity"The annual rate of 6%,It's hard to imagine enterprise capital contribution will enthusiastically.

　　昨日，张信才在接受本报采访时表示，目前，S1线认购主要以个人为主，从去年开始，温州铁投集团分别洽谈多家有意投资的企业，包括民企、国企、保险公司等。但“目前民企资金比较困难，近段时间入股少有谈起；国企想做BOT（建设——经营——移交）模式，与温州确定的"自主筹资建设、成本控制"思路相左”。

yesterday,ZhangXinCai in accept our interview said,At present,S1 line subscription mainly personal give priority to,Since last year,Wenzhou iron cast group respectively to discuss several investment enterprise,Including corporation/State-owned enterprises/Insurance company.but"At present corporation capital more difficult,Near section time invest little about;State-owned enterprises want to do BOT(Construction - business - hand over)mode,And wenzhou determined"Independent financing construction/Cost control"Contrary thinking".

　　话语权再成“玻璃门” Again right into"Glass door"

　　事实上，民资入股后的话语权问题，才是投融资改革最核心的课题。

In fact,What was the problem in the discourse right after,Is the core of the reform of the investment project.

　　2005年，连接浙江衢州和常山的衢常铁路项目启动。作为铁道部投融资体制改革试点，浙江民企光宇集团最初持股34%，与上海铁路局（持股35%）、常山县国资公司（持股31%）形成三足鼎立之势，这一举动当时曾被视为“破冰”之举。

In 2005,,Zhejiang quzhou and connection of peer qu often railway project startup.As the pilot reform of investment and financing system,Zhejiang corporation light yu group first 34% shareholding,And Shanghai railway administration(35% shareholding)/ChangShanXian salt company(31% shareholding)The potential of formation,The move was once considered a"ice"an.

　　但到了2006年8月，衢常铁路经历了一轮股权变更，新增浙江铁路集团入股（持股7.56%），上海铁路局持股增加到42.56%，常山县国资公司仍为31%，而光宇集团持股下降到18.88%。2007年，光宇集团将剩余股权全部转让给中国建材集团，彻底退出。

But in August 2006,Qu often railway experience a shareholding modification,New zhejiang railway group contribution(7.56% shareholding),Shanghai railway administration increased to 42.56% shareholding,ChangShanXian salt company is 31%,And the light space group holding down to 18.88%.In 2007,,Light yu group will residual equity all transferred to China building materials group,Completely out of.

　　有媒体报道援引知情者称，参与票价制定和运营管理的话语权过小，以及铁道部可单方面回购股权等约定所造成的不确定性，是衢常铁路引入民资试点最终没有成功的关键。

Media reports quoted insider said,Participate in the formulation and operation management of ticket voice is too small,And the ministry of railways can unilaterally repurchase equity as agreed by the uncertainty,Qu is often railway into what was the pilot finally not the key to success.

　　温州铁投集团前董事长吴祖联此前也曾对媒体表示，S1线也不拟向民资开放票价制定和运营管理。

Wenzhou iron cast group chairman of the board of directors before WuZuLian previously have media said,S1 line is also not to plan what open ticket price formulation and operation management.

　　因此，此前就有媒体报道，企业资金对S1线抛出的绣球抱观望态度。目前，温州铁投集团主要寄望于保险资金入局。据张信才透露，20亿~30亿元保险资金有望明年进场。

so,It's media reported,Enterprise funds to S1 line thrown silk on the fence.At present,Wenzhou iron cast group main hope is that the insurance funds incoming.According to ZhangXinCai revealed,2 billion ~ 3 billion yuan insurance funds is expected to play next year.

　　他表示，温州市域铁路引进民间资本，符合“非公经济36条”要求，以及国家鼓励民间资本进入大型基础设施领域的政策导向，也是温州金融综合改革的主要内容。“但具体操作起来比较难，法律上允许投资回报率，但有些政策不提倡回报率。”他说。

He said,Wenzhou urban railway introducing private capital,Accord with"Article 36 non-public economy"requirements,And the state shall encourage private capital into the large infrastructure areas of policy guidance,Wenzhou financial comprehensive reform is the main content."But the specific operation up more difficult,The law allows rate of return on investment,But some policy does not advocate rate of return."He said.