合资铁路公司股权结构优化-研究

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1、ABSTRACTABSTRACT：Joint-venturerailwayshasthegreatadvantagestoattractSocial‰dstotheconstructionofrail，itcaneffectivelysolvetheshortageoffundsof您lilwavconstruction·Inrecentyears，thejoint-venturerailwayhasbecomethedevelopmenttrendofrailwayconstruction,butitsdevelopme

2、nttimeisrelativelyshort,inthea∞asrelatedtoequityissues，practicalapplicationisaheadoftheoreticalresearch,developmentprospectsandconstraintsfactorscoexist，theresearchnotonlyhasawidespacemtheory,butalsocanpromotethejoint-venturerailwaydevelopment．Thispaperbasedontheo

3、ptimizationtheoryandequityrestrictiontheory．StudytheownershipstructureofJoint-venturerailwaysfromtheentirenetworklevel．Byanalyzingthenationalrailwaynetworksystem，ajointventurerailwaycompanyandtheMinistryofRailwaysandotherstakeholdersthebenefits，establishedtheExpro

4、priacionmodels．Usingthemodelanalysisandcomparisontheearningschangesofthevariousstakeholderswhenthenationalrailsystemtoofthejointventurerailwaysandwhennottoimplementtheseizethebenefits．Provedthatthehighpercentageofstate—ownedsharesmthejointventure’Sownershipisthema

5、inproblemsoftheiointven_tIlre’sownershipstructure．Onthisbasement,combinateofequityBalanceTheory,comparetheearningsoftheMinistryofRailwaysexercisesupervisionandwithoutsupervisiontotheshareholderswhoentitledthecontrolofthecompany,findthatnomattertIleshareholderswhoe

6、ntitledthecontrolofthecompanyfocusontherightofprioriWtransportortransportationincome，theywillexercisesupervisiontotheMinistryofRailways，forthepurposeofprotectingtheinterestsofminorityshareholdersandimproveincomelevelsofthejoint-venturerailwaycompanies．Bystudyingth

7、eproblemofownershipstructureofjoint-venturerailwaycompanies，Thispaperfindthatthereductionofthepercentageofstate—ownedsharesiIltheJoint-venturerailwaycompanyappropriatly，theintroductionofsocialShareholdersandinvestors，andformattheequitybalancewithstate．ownedshareho

8、lderswillnotonlyhelpthedevelopmentofthejoint-venturerailwaycompanies，Butalsotoa1慨tmoresocialcapitalinvestmentinrailwayconstruction．Thisisthefundamentalw