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The Privatization Reform and Government Regulation of China Railway

Author: LiHuaWei
Tutor: GuoYuan
School: Southwestern University of Finance and Economics
Course: Industrial Economics
Keywords: Railway transport properties Railway Privatization practice abroad Privatization Financing methods Government Regulation
CLC: F532
Type: Master's thesis
Year: 2009
Downloads: 123
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Abstract

Since the reform and opening up, China's economic growth rate of the economy has been ranked the world, and has maintained a good momentum of growth. At the same time, China's infrastructure construction are rapidly advancing, highways, urban transport, civil aviation, water transport has experienced rapid development, and provide a good support for economic development. However, as an integrated transport network plays a dominant role in the railway transport sector, and its development lags behind in the development of other infrastructure construction, not to be compared with the growth rate of the economy. Lag of railway development has become a \Rail transport both common world, also have their own unique attributes. Chinese railway system of its characteristics is due to supply shortage caused of the \Since the 1970s, the world railway roads lead to Rome to chose privatization in order to solve the problems in its development. In recent years, China's railway also carried a lot of reforms, but we should always grasp: all the reforms are carried out in the context of insufficient supply, product shortages, all reform around how to improve the supply of this goal carried out. Recognize the special constraints of the reform of China's railway, and learn from the experiences and lessons of the other countries of the world railway reform policies and measures put forward to improve our supply and quality of service, has a very important practical significance. This paper uses a comparative analysis of a combination of qualitative and quantitative research methods to conduct a field survey of the relevant departments. Use of property rights theory, transaction cost theory, the principal - agent theory, microscopic analysis of railway transport; industrial organization theory, government regulation theory railway transport macro-analysis, and proposed methods of resolving contradictions. This paper attempts to vigorously develop the necessity and feasibility of rail transport through the analysis at this stage, on the basis of the rail transport properties, combined with the experiences and lessons of the world railway reform, put forward China's railway road privatization reform under the special constraints and government regulation, hoping to provide a reference for the development of China's railway transportation. The thesis is divided into six chapters, the text Introduction describes the papers before the start of the research background, research, research methods and research significance of this article on the overall with a summary. The first chapter of this stage, China vigorously the necessity and feasibility of development of railway transport. First analysis of rail transport supply shortage and poor quality of service development status, and then analyzes the role of rail transport in China's comprehensive transportation network backbone and the dominant position of last ripe to analyze the need to vigorously develop rail transport in the industrialized mid and feasibility. The second chapter of rail transport properties are analyzed, with a comprehensive understanding of the properties of rail transport, in order to make appropriate policies and measures for railway reform. The railway transportation industry is a natural monopoly and competitive club products, high sunk costs, social welfare, strong attributes of the tertiary industry, but also has significant external infrastructure, network type. Due to the needs of the research, the thesis to analyze the natural monopoly and competitive club product attributes. The third chapter summarizes a review of the course of the railway privatization reform in other countries of the world, to provide the experience and lessons of the reform of the Chinese railway. The fourth chapter began to enter the core part of the thesis, chapter mainly analyzes the special constraints and the implementation of the principle of China's railway privatization reform. Chinese railway reform its special constraints, it is due to the insufficient supply of network segmentation and the \Under this particular constraints, means that the principle of privatization reform in China can not copy foreign experience. The fifth chapter analyzes the railway privatization reform ways to choose, as well as the railway transport financing. The sixth chapter introduces the control of the government after the privatization reform. The reform does not change the railway technical and economic attributes and system attributes, after the introduction of other construction, the operator of the subject, the diversification of stakeholders. How to regulate the behavior of the various stakeholders to achieve rapid and healthy development of the railway is one of the key factors that decide the success or failure of the reform. Through this research, draw the following conclusions: (a) technical and economic attributes of rail transport, the characteristics of China's land and resource distribution, the level of economic development determines the role and dominance of rail transport in the integrated transport network backbone. China is currently in the middle of the industrialization, for quite a long period of time, passenger demand, freight demand is still on the upswing. Coupled with the lack of investment in rail transport due to the early stage of industrialization, vigorously develop rail transport is objectively necessary. Rail transport is not only the support of economic development, and to promote the economic development of the country as a whole and at the same time as the identity and role of a leading industry. The railway transportation has played a key role in the development of the construction of the national economy, regional economic development and upgrading of industrial structure, and achieved good social and economic benefits. Therefore, great efforts to develop rail transport is feasible. (B) the special constraint conditions of the Chinese railway privatization reform facing Zhengqigeyi \China Railway Reform and other countries do not have the actual situation, the lack of rail capacity in China, the size of the road network to be expanded, railway transport density continued to rise, even in high efficiency, and can only meet 30% of the needs of the community, Epitaxial in hand with the connotation type is the inevitable choice for the next several decades railway transportation industry to adapt to the national economy and social development. Insufficient supply of railway transport, coupled with artificially divided in accordance with the former Soviet Union on the railway network in the reform process is on, which requires highly centralized and unified transportation command of the Ministry of Railways, the implementation of the the subordinates transport main, this power that only the government can have . This has caused the Ministry of Railways the \Special constraints, there must be a special principle of reform. First, the principle of effective competition either prevent excessive competition of low-level, they can achieve moderate competition, in order to ensure the long-term healthy development of various stakeholders, to provide the impetus to the development of the railway. Second, the classification of investment principles of the area to separate government credit and the credit market, the establishment of symmetrical incentive and restraint mechanisms. In railway construction, the prominent lines of the public nature of the product and its services, central and local governments as the main body of the construction, operation; main lines and services for private product attributes, the Ministry of Railways to actively attract the local government and social capital as Construction of the main body of the business. Finally, the establishment of the mechanism of induction of interests. To achieve the great development of the railway, the Ministry of Railways must fully mobilize the enthusiasm of the participating building stakeholder. China Railway Construction Investment Company and the Railway Bureau, local governments, enterprises and social investors have their own interest objectives, and even the Ministry of Railways have of their own interests tend to different countries to achieve the goal of rapid and healthy development of the railway often and even conflict. Each stakeholder goals, national goals to reduce the conflict between the goals and coordination goal to become the most important railway development. (C) investment diversification. Railway development to broaden the financing channels to form the pattern of financing diversification financing. In accordance with the government-led, diversified investment, market-oriented operation of ideas, and actively attract the local government and social capital investment in railway construction to expand the size of the joint venture to build the road. In accordance with the \Full use of market mechanisms, innovative railway financing, issuance of bonds, project finance, transport equipment lease financing can become the source of funds for construction. Diversification of investors, not only conducive to the diversification of sources of funding, but also conducive to the diversification of investment decisions, and stratification. (D) At present, due to the special constraints, compared to the complex issues involving railway property rights ownership path of privatization, the right to operate the path of privatization the reality path in the future of China's railway considerable period of time; auxiliary path of privatization more suitable for China's private capital into the railway industry. The pilot is the focus of the current railway construction to expand the size of the joint venture railway construction to expand the joint-stock reform; project financing, transportation equipment lease financing has broad prospects for development. (E) railway privatization reform does not change the basic properties of the rail transport, on the contrary, due to the diversification of investors still need government regulation. Price regulation, the regulation, regulation of market structure is still the main content of the regulation, incentive regulation, social regulation as the reforms carried out gradually attention. Innovation as follows: on the basis of the existing research, this study is combined with my practical work experience, and on the basis of extensive field research, more closely tied to the reality of railway transport reform. 2, using qualitative and quantitative analysis, argued this stage of vigorous development of the necessity and feasibility of rail transport. 3, from the history of the development of the railway, the technical and economic attributes, system attributes a comprehensive, in-depth analysis of the various factors restricting the development of the railway, so as to clarify ideas Railway privatization reform. 4, a comprehensive summary of the two key points of the reform of railway investment and financing in recent years: to expand the scale of construction of the joint-venture railways, expanding a pilot joint-stock reform of the characteristics and practice of project financing, transportation equipment leasing, to distinguish between the railway construction funds sources focus on pilot help.

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