中美铁路上市公司绩效比较及政策含义

从在纽约证券交易所上市的铁路运输公司的市场表现入手，对其市场绩效、财务绩效进行分析，对比在上海、香港、纽约三地上市的广深铁路股份有限公司（简称GSH）与在纽约上市的北美五家铁路上市公司，GSH的净资产报酬率大大低于北美铁路上市公司。其原因是GSH的销售净利润率较高，权益乘数、总资产周转率大大低于北美铁路上市公司，其成因主要是GSH享受了特殊运价政策、债务性融资比例低、在建工程比例大和现金资产管理效率低。通过分析，对铁路运价定价、铁路企业上市融资、上市公司管理提出建议。

Comparison of performance and policy meaning of the railroad listed companies between China and US

Starting from performance of the railway transport companies listed in the New York Stock Exchange, analyzed the market performance and financial performance of these companies, compared the Guangshen Railway Co., Ltd. （GSH） listed in Shanghai, Hong Kong, New York to the five north America listed railroad companies. Return on net assets of GSH was much lower than that of the north America listed railroad companies. The reason is that the re- turn on net assets of GSH, Rights and interests of the multiplier, Total Asset Turnover Ratio are better than the north America listed railroad companies. The main causes are that GSH can enjoy special tariff policy, the ratios of debt finance were lower, the ratios of project under construction were higher, cash assets management efficiency was lower. Through analyzing, we can obtain some useful enlightenment of the railway tariff and the investment and financing reform, we can put forward some suggestions on railroad＇s pricing, railway enterprise＇s listing financing and management of Listed Company.