温州轨道交通建设欲引入民资，酝酿近一年，终于靴子落地。 Wenzhou rail transit construction what to introduce,Ferment nearly a year,Finally boots landing.

　　12月12日，温州市域铁路S1线(下称S1线)增资扩股一期募集在工商银行(601398,股吧)温州鹿城支行首发。

On December 12,,Wenzhou urban railway S1 line(Hereinafter referred to as S1 line)Increase endowment spread issue raised in the commercial bank(601398,guba)Wenzhou lucheng branch starting.

　　S1线首期计划筹集资金15亿元，采用货币资金认购股份的方式，认购期限为5个月(自2012年11月至2013年4月30日)。

S1 line first phase of the project to raise capital of 1.5 billion yuan,The subscription shares by way of monetary fund,Subscription period for five months(From nov. 2012 to April 30, 2013).

　　市民个人认购起点1万元，企业法人投资起点2000万元，固定收益每年一付，税后收益率达到年化6%。

Citizens personal subscription starting point is 10000 yuan,An enterprise as a legal person investment starting point is 20 million yuan,Fixed income pay every year,After tax return to annualised 6%.

　　温州轨道交通建设引入民资一事，在今年年初已经进入当地政府的议事日程，而直到6月份，温州市才通过了《温州幸福轨道交通股份有限公司（为S1线的项目法人和融资平台，下称温州幸福轨道）设立与增资扩股方案》（下称《方案》）。根据《方案》，S1线股本总额需87.88亿元，每股1万元，即87.88万股。温州幸福轨道的最大股东和发起人温州铁投认购50%；其余50%由社会投资者包括企业和自然人出资。

Wenzhou orbit transportation construction introduction about what,In the beginning of the year has entered into the local government's agenda,And until June,Wenzhou was passed[Wenzhou happiness rail transit co., LTD(For S1 line project legal person and financing platform,The "wenzhou happiness orbit)Set up and increase endowment spread scheme](Hereinafter referred to as[scheme]).According to the[scheme],S1 line total capital needs 8.788 billion yuan,10000 yuan per share,That is 878800 shares.Wenzhou happiness orbit's largest shareholders and the originator wenzhou cast iron for 50%;The remaining 50% by the society investors including enterprise and natural capital contribution.

　　温州铁投综合办相关人士告诉本报记者，之所以年初酝酿，年中出方案，迟迟到年末才正式公开募集资金，主要是顾虑到如果利率定得太高，轨道沿线土地开发和轨道运营后的收入将无法偿还投资者的本息，如果定得太低，投资者将无意进入。

Wenzhou cast iron ZongGeBan relevant personage told our reporter,At the beginning of the brewing,Years out of the scheme,To the end of the year was officially to the public to raise funds,Mainly is the concern that if interest rates set too high,Along the track of land development and track the operating income will be unable to repay the principal and interest of investors,If set too low,Investors will not enter.

　　此次募集资金将利率定在6%，稍高于银行年平均利率3%-4%（考虑到上浮空间），略接近于银行理财产品的平均利率5%-6%，但低于私募和信托利率。

The funds will be raised interest rates at 6%,A little higher than bank interest rates in an average of 3% - 4%(Considering the floating space),Slightly close to bank financing products average rate of 5% - 6%,But less than private and trust interest rates.

　　该人士表示，为了保障投资者利益，温州市财政建立10亿元的市域铁路S1线项目专项偿付准备金，用于保障个人投资者的投资回购。同时在市S1项目轨道沿线，划出必要的土地，出让给市铁投集团，利用土地出让、开发的收益，来确保支付本息和S1线的正常运营。

The people said,In order to ensure the interests of investors,Wenzhou financial set up 1 billion yuan of urban railway S1 line project special solvency margin,For individual investors investment repurchase.At the same time in city S1 project along the track,Off the necessary land,Transfer to city iron cast group,The use of the land/Development income,To ensure that pay principal and interest and S1 line of normal operation.

　　由于S1线50%的资金由温州铁投出资，剩余50%资金股份太过于分散，社会投资者对于S1线的建设、经营并无“话语权”，北交大经管学院教授赵坚认为，实际上一般民众只是奔着6%的收益而去，认购额度不会太大，“如果手里有足够多的钱，比6%收益高的投资机会还有。”

Due to the S1 line 50% of the capital contribution by wenzhou cast iron,Remaining 50% capital stock too scattered,Social investors for S1 line construction/Operation and no"voice",North jiaotong university professor ZhaoJian collegue think,In fact the general public just run 6% of the income and to,Subscription amount is not too large,"If have enough money in his hand,More than 6% of investment opportunities and high income."

　　铁道部于去年年中将地铁铁路和轨道交通的筹资任务抛给地方后，地方一直苦于筹资无门，广东自年初推出珠三角轨道交通沿线地区土地综合开发方案以来，也进展不大。此次温州率先通过“金改”的政策缺口向民间募集轨道交通建设资金，风向意义巨大。

The ministry of railways will last year the railway and rail transit financing task after thrown to place,Place always suffer from financing locks,Since the beginning of the pearl river delta region of guangdong launched in the region along the rail transit comprehensive development plan of land since,Also not making much progress with.The wenzhou has passed"Gold to"Policy gap to folk raise rail transit construction funds,Wind meaning great.

　　“但是，如果温州最后搞得不理想，那其他地方和项目就更难筹到资金了。”赵坚表示。

"but,If wenzhou end up not ideal,The other place and the project is more difficult to raise funds."ZhaoJian said.