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Discussion on promoting the sustainable development of highway listed companies

Author: GuZhongHua¡¡Lin Zhou From: www.yourpaper.net Posted: 2009-12-27 23:30:36 Read:
papers Keywords: Highway listed companies in sustainable development road management enterprises highway Highway Act highway development corporate finance company financing the main force of the operating period
Abstract: Sustainable development is development goals of our highway road listed companies is the main force of the highway business, highway listed companies financing represents the direction of the highway business financing. Sustainable development of the highway listed companies to a large extent influence and restrict the sustainable development of the highway. China's "Highway Law" clearly states: highway operators maximum period of not more than 3O years. The road listed companies how to achieve sustainable development, this paper intends to explore this.
a highway listed companies defined sustainable development
Sustainable development is at the same time meet the needs of contemporary people, not of future generations to meet their own needs the ability to damage. Applied to the economic sphere, sustainable development understood as enterprises through continuous technology innovation, products and services, innovation and management innovation, keep going concern road listed companies with a strong ability of development of deepening the management of highway investment and financing system reform The product is an excellent representative of the highway business. Road of sustainable development of listed companies by the influence and restrict the sustainable development of the road of sustainable development, and road construction. Summary of the business practices of the road management enterprises at home and abroad on the road listed companies defined sustainable development mainly of the following three:
An enterprise, "all the way to a company" mode only operate a highway, according to the concession agreement, after the expiration of the term of operation of the highway business automatically dissolved by the state highway operation rights to recover unpaid. This company projects a single, small scale, the initial mode of development of the highway listed companies. Admittedly, this "all the way" mode of operation has played a positive role in the development process of the highway industry. However, with investment diversification and market development and technical progress, the problems gradually. Decentralized management limits the realization of the scale and raise the level of integrated management, subject to the limitation of the duration of the toll collection right, this mode of operation is to become the road listed companies sustainable development "bottleneck".
, "Extended operations". This is the mode of operation of most Western countries have generally adopted. Highway listed company operating one or several highways, to apply to the government for highway contract change, the expansion project, the government also through a public tender, conservation, afforestation and management of the road to the road of better operating results listed companies to extend its concession period. Can also scroll investment by industry, and then invest in the construction of the highway and the acquisition has been completed and the investment loan fees of toll collection right, of road listed companies to promote continuing operations and development. China's highway listed companies basically implemented a rolling investment.
3, "diversified". Highway listed companies is not limited to toll operations, but the implementation of the diversification business strategy. Concrete can be divided into two categories: one can make full use of the highway resources and information superiority, actively involved in related fields or logistics industry, automobile transportation and other areas with high growth potential, the formation of fee income stability and high profitability of the investment complementary; another type of investment diversification, the main business in the true sense of the changes, investment projects involving high-tech, securities, real estate, utilities and other industries, to participate in its profits averaged. This part of the highway listed company has lost its original meaning, ventures into a general sense.
The above three trends is the inevitable result of the development of highway listed company management practice. It follows the natural law of the market economy "survival of the fittest".
practical significance, the road listed companies sustainable development
Highway listed companies of highway development financing channels shift from indirect financing to direct financing, road construction, management planned behavior to market behavior, the highway property rights curing into the flow of equity to achieve the sustainable development of highway listed companies its far-reaching significance and role.
First, the road of listed companies to break the pattern of the national turnkey construction, to encourage local initiatives in public ownership in the form of infrastructure industries, a useful exploration. A longer period of time since the national plan for the construction of highway funds local highway needs has been in a more prominent contradiction, both extremely uneven. Especially in the coastal economically developed areas, there is strong demand and enthusiasm. The establishment of the roads listed companies, and ultimately become autonomous, self-financing, self-discipline and the growth of corporate entities, play the enthusiasm of local investment, this contradiction can be resolved to a large extent, to accelerate the development of highway construction.
Secondly, the road listed companies sustainable development is conducive to raise funds for construction in a wider range, policy-oriented, activate social, residents of the savings and idle funds to achieve the optimal allocation of resources. As an industry, highway facilities has good social benefits, and also contains good economic benefits. The highway construction market, the use of market mechanisms to allocate resources and can raise funds to achieve the optimal allocation of social resources, improve economic efficiency and welfare of society as a whole.
Again, the road listed companies sustainable development is conducive to the protection of the interests of investors in all aspects. The highway listed company is a separate legal entity, the main local government investment or other investment earnings subject to the social benefits of the primary purposes while fully consider the preservation and appreciation of the investment funds.
The one hand, you can cultivate more, greater investment in the main, highway construction "virtuous circle" and "sustainable development"; the other hand, is also an effective way to protect the investment in all aspects of the main. Banks as creditors and "self-financing" of corporate loans, must be considered a risk. The operation of the company's road listed companies rationalize borrowing mechanism, the more secure the loan funds. National or state-owned legal person shares of the country converted into monetary form and physical form of management of highway assets management, make an inventory of state-owned assets to promote increase the value of state-owned assets and the station manager configuration
Finally, the road listed companies sustainable development is conducive to the development of China's road transport undertakings. China's economic development needs of the transportation infrastructure and highway construction funding sources insufficient is an indisputable fact. Highway listed companies in the capital market in the form of financing is an important way to solve the road construction a huge source of funding gap. Idle capital for sustainable development of highway listed companies in the domestic and foreign markets, the construction of a regional and even national highway network, is the ultimate goal of public financing of highway construction.
three the road listed companies to achieve sustainable development of the concept
At present, China is still in the market economy during the transition period, the instability of the various economic factors and the development of things regularity decided that nothing be done overnight, the road listed companies sustainable development is no exception. Sustainable development in accordance with the development status of the listed companies in China's highways, roads listed companies can be considered in three steps:
1, at this stage, "Zhengqigeyi" operating system the practicality and operating background to play a certain role in promoting the development of highway construction, and we can not totally deny. However, with the progress of investment diversification and market development and technology, its drawbacks become more apparent. Existing highway listed companies should be completely in accordance with the provisions of the Companies Act and the requirements of the modern enterprise system management of highways, and separates the implementation of the normative sense highway concession system.
At this stage, the highway listed companies should be completely decoupled with the government, highway concession system is not just ... kind of concession behavior chartered domestic and international economic organizations established by law but by the government or government department in charge of road management enterprises with legal personality, within a certain period of time building and operating within the provisions of the whole or part of the highway a road operation and management system. The perfect franchise system will be state highway management of listed companies qualitative change. Countries do not need to rely on administrative intervention, holding shares or to regulate road behavior of listed companies, franchise agreements for scientific, rigorous, comprehensive implementation of this framework to ensure that enterprises pay operating activities. The reduction in the proportion of State-owned shares will increase foreign or private equity of the Group, to raise more funds for road-building, but also conducive to the introduction of advanced management experience of Western countries, to bring new vitality to the development of roads listed companies.
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