本报记者 朱琼华 上海报道 Our correspondent reported ZhuQiongHua Shanghai

　　获得国家发改委批文的温州城际铁路，开始了向民间融资的“破冰”之旅。

National development and reform commission for approval of the wenzhou inter-city railway,Began to folk financing"ice"trip.

　　受困于融资难题，铁道部今年逐步开始放权城际铁路。在“民资入铁”的呼声中，温州市政府向民间敞开融资，无疑具有开创性意义。

Trapped in the financing problem,This year the ministry of railways gradually began to decentralization inter-city railway.in"What into iron"Call in,Wenzhou government to open the folk financing,No doubt groundbreaking significance.

　　12月20日，温州城际铁路项目公司温州铁路与轨道交通投资集团有限公司（下称“温州铁投公司”）总经理丁建宇向本报记者介绍，温州城际铁路S1线已经开始向温州民间敞开融资15亿，固定年收益率为税前6%，而目前从温州个人手中募资2亿元，但目前尚无温州企业参与。

December twenty days,Wenzhou inter-city railway project company wenzhou railway and rail transit investment group co., LTD(Hereinafter referred to as"Wenzhou iron investment company")The general manager DingJianYu introduced to our reporter,Wenzhou inter-city railway S1 line has started to wenzhou folk financing 1.5 billion open,Fixed annual return of 6% for the tax,And at present from wenzhou personal hands need to recapitalise 200 million yuan,But at present there is no wenzhou enterprises to participate in.

　　“这种融资方式，从本质上讲就是政府债券。”温州市中小企业促进协会会长周德文向本报记者表示，政府吸引民资的方式或可以再大胆一点。

"This kind of financing way,Essentially is the government bonds."Wenzhou small and medium-sized enterprises to promote the association ZhouDeWen to our reporter said,The government attract what manner, or can be a little bold.

　　15亿融资尝试 1.5 billion financing try

　　S1线50%股份向企业和自然人投资招募资金

S1 line 50% shares to the enterprise and natural person investment funds recruiting

　　等待了12年，今年9月28日，温州市政府终于等来了发改委关于温州市域铁路的一纸批复。国家发改委2012第3040号文件，正式同意温州市建设S1、S2、S3三条市域铁路一期工程，线路总长140.7公里，总投资约432.3亿元。

Waiting for 12 years,September this year and,,Wenzhou government finally the development and reform commission about wenzhou urban railway a paper written reply to a subordinate body.The national development and reform commission 2012 no. 3040 document,Officially agreed to wenzhou construction S1/S2/S3 three urban railway a phase of the project,Line with 140.7 km,With a total investment of about 43.23 billion yuan.

　　而实际上，S1线早已于2011年11月动工，也称“都市快线”，全长77公里，投资估算150亿元。其中一期工程长51.9公里，西起桐岭，东至灵昆，贯通温州的鹿城、瓯海、龙湾三大主城区，按原先计划2013年完工。

But in fact,S1 line already started in November 2011,Also called"Urban express",Total length of 77 km,Budgetary investment of 15 billion yuan.One phase of the project is 51.9 kilometers long,West up paulownia ridge,East to efficacious,Through wenzhou lucheng/ouhai/Longwan three main urban areas,According to the original plan completed in 2013.

　　温州铁投公司高管曾向本报记者介绍，该公司组建子公司温州幸福轨道交通股份有限公司（下称“幸福公司”），负责S1线的投融资、建设与营运。幸福公司注册资金70亿元，原本预计50%的股份向民间招股。

Wenzhou cast iron executives have introduced to our reporter,The company set up subsidiary wenzhou happiness rail transit co., LTD(Hereinafter referred to as"The happiness"),Responsible for S1 line of investment and financing/Construction and operation.Happy the company registered capital of 7 billion yuan,Originally expected 50% of the shares to the folk stock offering.

　　而为了吸纳自然人融资，温州幸福轨道投资管理服务中心（幸福投资中心）成立，持股幸福公司。个人投资者和企业都可以通过投资幸福投资中心，成为其合伙人，间接持S1线股份。

In order to absorb natural financing,Wenzhou happiness rail investment management service center(Happiness investment center)established,Holding happiness company.Individual investors and enterprises can through the investment happiness investment centre,As its partner,Indirect the S1 line stock.

　　根据现在的融资方案，幸福公司的股本总额调整至87.88亿元，每股1万元，即87.88万股，温州铁投公司作为发起者和控股者认购50%股份，剩余50%股份向企业和自然人投资招募资金。

According to the current financing options,The company's total share capital of happiness adjusted to 8.788 billion yuan,10000 yuan per share,That is 878800 shares,Wenzhou cast iron as initiators and holding the 50% share subscription,Remaining 50% shares to the enterprise and natural person investment funds recruiting.

　　而此次，幸福公司首期向社会投资者募集计划为15万股，以每股1万元计，即人民币15亿元，市民个人认购起点1万元，企业法人投资起点2000万元，截止日期2013年4月30日。

the,Happiness company the first to the investors to raise plan for 150000 shares,A $10000 meter,That is RMB 1.5 billion yuan,Citizens personal subscription starting point is 10000 yuan,An enterprise as a legal person investment starting point is 20 million yuan,Deadline on April 30, 2013.

　　12月12日，“温州市域铁路S1线增资扩股一期”正式面向公众募集，并在工商银行(601398,股吧)温州鹿城支行首发。认购成功后，认购方将获得《温州投资中心合伙证》。

On December 12,,"Wenzhou urban railway S1 line increase endowment spread a period"To raise the public official,And in the commercial bank(601398,guba)Wenzhou lucheng branch starting.Subscription after the success,Subscription will get[Wenzhou investment centre partnership certificate].

　　根据募集公开方案，个人只需带上身份证、银行卡，最低1万元钱，办完手续取得“合伙证”后，就可以成为市域铁路S1线项目的投资人，获得年收益率6%（税后）的投资回报。

According to raise public plan,People need to take id card/Bank card,The lowest 10000 yuan,Has finished procedure"Partnership card"after,Can become urban railway S1 line project investors,Get annual return of 6%(tax)Investment returns.

　　根据温州当地媒体报道，开募仅两天时间，总笔数超过500，募集的资金超过亿元。

According to local media reports in wenzhou,Open offering only two days,The total sum of number more than 500,Raising capital more than one hundred million yuan.

　　“债券式”融资 "Bond type"financing

　　这个项目对于温州企业吸引力不大，且2000万门槛较高

This project for wenzhou enterprise less attractive,And 20 million high threshold

　　“目前，从温州个人投资者募集的资金超过2亿。”丁建宇介绍，温州本地没有企业进入这个项目投资，现在没有向温州市以外的城市融资计划。

"At present,From wenzhou individual investors to raise capital more than 200 million."DingJianYu introduced,Wenzhou local no enterprise to enter the project investment,There is no other than to wenzhou city financing plan.

　　而根据融资方案，自然人持有合伙份额满一年后，可以通过温州股权营运中心有限公司交易转让，也可以到幸福投资中心办理退出手续，此外个人投资者无法享受幸福公司超额盈余分配。

According to the financing plan,Natural person holding partnership share full a year later,Can through the wenzhou equity transfer operations center co., LTD. Deal,Also can arrive happiness investment center for exit formalities,In addition the individual investors can enjoy happiness company excess surplus distribution.

　　周德文认为，S1的融资方式，从本质上看，就是政府向民间发放的一种债券，“因为这个项目拥有温州市政府良好的信用，风险较小”。

ZhouDeWen think,S1 mode of financing,In essence,,Is the government to issue a bond of folk,"Because this project have wenzhou government good credit,Smaller risk".

　　“现在低迷的环境，这对于温州人有一定的吸引力。”周德文认为，目前温州民间银行存款达7600亿，而银行的存款利率接近于零。而现在，温州人投资受挫，手握大量资金的温州人，还是有不少人愿意选择税后6%的固定收益。

"Now the weak environment,The wenzhou people have a certain appeal."ZhouDeWen think,Now wenzhou folk bank deposit 760 billion,And the bank deposit interest rates close to zero.And now,Wenzhou people invest in frustration,Holding a large amount of money to the wenzhou people,There are still a lot of people are willing to choose after tax 6% of fixed income.

　　而一直以来，温州资金年回报收益率达20%，这个项目对于温州企业吸引力不大。周德文认为，现在温州企业生存状况严峻，2000万的进入门槛较高。

Which has,Wenzhou capital returns in 20% yield,This project for wenzhou enterprise less attractive.ZhouDeWen think,Now wenzhou enterprise survival situation grim,20 million entry threshold is higher.

　　在周德文看来，温州有较大的热情投资公路领域，也有较多温州商人进入公路投资，他们愿意参与BOT项目，即承包公路的建设，并运营一定的年限后归还政府。

In ZhouDeWen seems,Wenzhou have greater enthusiasm of highway investment field,Also have more wenzhou merchants in the highway investment,They are willing to participate in BOT project,That contract for the construction of highway,And operation of a return after the government.

　　“这个项目融资开放的程度不够大，如向民营企业真正敞开股权等。”周德文认为，或许城际铁路项目在融资方面有更大的尝试，“地方政府部门承担城际铁路、公路等多个方面的建设工作，现在都普遍缺乏资金”。

"This project financing open degree is not big enough,As to the private enterprise really open equity, etc."ZhouDeWen think,Perhaps inter-city railway project in financing has more try,"The local government department to assume inter-city railway/Highway, and other aspects of the construction work,Are now generally lack of capital".

　　在民营企业进入铁路投资方面，内蒙古尹泰股份、广汇能源(600256,股吧)、辽宁春城工贸集团等能源领域的民营企业已经开始了尝试，尹泰股份成功控股多条铁路，并从中尝到了甜头。

In the private enterprise into the railway investment,Inner Mongolia YinTai shares/Widely collect energy(600256,guba)/Liaoning city industry and trade group in the field of energy such as the private enterprise has started trying to,YinTai share successful holding more railway,To taste the sweet taste.

　　而多位铁路专家向本报记者表示，铁道部受制于融资难题，在支线铁路以及城际铁路方面，开始逐步下放了控股权。但受制于铁道部全网运营以及特殊的运行方式，民营企业在参与铁路运营管理等方面，都存在着诸多阻力；而民营企业真正进入铁路，期待铁道部进一步改革。

And many railway experts to our reporter said,The ministry of railways is subject to financing difficult problem,In the regional railway and inter-city railway aspects,Begins to step down a controlling stake.But subject to the ministry of railways, which operation as well as the special operation mode,The private enterprise of participating in the railway operation management, etc,There are many resistance;And the private enterprise really into railway,Looking forward to the further reform of the ministry of railways.

　　“这只是S1线的融资方式。”周德文表示，期待温州市政府在城际铁路建设融资方面更多的尝试。

"This is only S1 line mode of financing."ZhouDeWen said,Looking forward to wenzhou government in inter-city railway construction financing more try.