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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。
Starting from the market performance of railway transportation companies listed on the New York Stock Exchange, the paper analyzes the market performance and financial performance of the companies, comparing the GSH of Shanghai Railway Co., Ltd. (GSH) listed in Shanghai, Hong Kong and New York, Five listed North American railway companies, GSH’s return on net assets is much lower than the North American railway company. The reason for this is that GSH has a high net sales margin, an equity multiplier, and a significantly lower total asset turnover than North American railroad companies. The main reason is that GSH enjoyed a special tariff policy with a low debt financing ratio and the proportion of construction in progress Daiwa’s cash management is inefficient. Through the analysis, it puts forward some suggestions on the pricing of railway freight, the listing and financing of railway enterprises and the management of listed companies.