都市快交通·第30卷第6期2017年12月 doi : 10. 3969/j. issn. 1672 - 6073. 2017, 06. 008
基于价值链分析的地铁公司价值提升
李波
（深圳市地铁集团有限公司，广东深圳518042）
《学术探讨
摘要：目前，地铁公司普遍尚未意识到打造企业总体价值的重要性，企业总体发展战略欠清晰，重建设轻运营，重当前轻长远，重局部轻全局的现象较为普遍，地铁公司价值难以体现。立足地铁公司，从价值链视角分析地铁公司的价值活动，提出地铁公司应打造设计管理能力并强化其引领作用，同时通过综合运作投融资业务，以PPP模式推动产业合作，在建设及运营环节培育核心资源、盈利能力，推动业务规模化发展；在时机成熟时地铁公司应积极实施走出去战略，提升公司品牌价值，最终通过剥离优质资产实现IPO（initialpublicoffer-ing，首次公开发行股票）上市，逐步实现整体上市。通过上述措施的相互协同，共同促进地铁公司的整体价值提升，促进地铁公司可持续发展。
关键词：城市轨道交通；地铁公司；价值提升；PPP；轨道+物业
中图分类号：U231;F530.7
文献标志码：A
文章编号：1672-6073(2017)06-0047-04
ValueEnhancementofMTRCsBasedonValueChainAnalysis
LI Bo
(Shenzhen Metro Group Co-, Ltd., Shenzhen 518042)
Abstract : At present, most metro corporations( MTRCs) have not yet realized the importance of building on the overall value of their corporations, having not set up a clear and integrated development strategy for the companies, They have attached impor-tance to construction but have underrated operation; they have paid more attention to the present benefits but ignored the long-term effects; they have been focusing on local instead of intermational development. As a consequence, the value of MTRCs is difficult to be reflected. This article analyzed the value activities of MTRCs in terms of value chains. Results show that MTRCs should foster design management capabilities and strengthen the leading role of design management. In addition, investment and financing business should be used comprehensively. Public-private-partnership should be adopted to promote industrial coopera-tion. Core resources and profitability should be cultivated in construction and operation to promote the scale of business develop-ment. Besides, "rail transportation + property" is also nceded to solve the financial problem. For MTRCs, “ going global* strategy is necessary to enhance the brand value. Finally divestiture of high-quality assets can be adopted to achieve IPO. All
these measures mentioned above constitute the fundamental mechanism of sustainable development of MTRCs Keywords: urban rail transit; MTRC; value promotion; PPP; rail transportation + property
1我国地铁行业的经营现状
加大地铁的投资建设力度，可满足老百姓的出行需求，短期内消化国内钢铁、水泥等传统产业的过剩产能，长期则有利于城市内生产要素的高效流转、引导城
收稿日期：2017-01-05
5修回日期：2017-02-16
作者篇介：李液，男，金融学硕士，财务金融方向MBA，经济师，长期
从事企业战略管理及投融资实务工作，alexi0526@ qq.com
市人口布局和产业布局优化调整，推动城市快速、可持续发展。自1969年北京地铁一期工程建设完成，经过近50年发展，伴随着我国综合国力的提升，工程装备制造业迅猛发展，我国地铁行业实现了跨越式发展。截至2015年末，中国大陆共26座城市开通城轨交通，共计116条运营线路，总长度达3618km。其中，地铁 2 658 km,占 73.4%[1]。
我国地铁行业已经积累了丰富的设计与建设经验，施工技术日臻成熟，但投融资及经营模式则长期较
URBAN RAPID RAIL TRANSIT
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