CAJ | 학술논문

政治关联是连接企业内部治理与其所处制度环境的纽带之一。铁路债务融资能力和融资风险与其行业性质及政府管控密切相关。我国铁路债务风险在高度集权垄断的管理体制下容易演变为行业系统性的债务危机。实现政企分开是从制度层面完成时铁路风险管控的第一步，其次是规范铁路政治关联机制。具体的风险管控措施包括：规范铁路政治关联的机制，充分考虑铁路债务既有情况、渐进式的制度改革逻辑以及铁路客观经济技术属性，调整政府与铁路的关系，使其制度框架趋向合理化，促进铁路这一经济主体在市场经济体制中能够正常运转。
정치관련시련접기업내부치리여기소처제도배경적뉴대지일。철로채무융자능력화융자풍험여기행업성질급정부관공밀절상관。아국철로채무풍험재고도집권롱단적관리체제하용역연변위행업계통성적채무위궤。실현정기분개시종제도층면완성시철로풍험관공적제일보，기차시규범철로정치관련궤제。구체적풍험관공조시포괄：규범철로정치관련적궤제，충분고필철로채무기유정황、점진식적제도개혁라집이급철로객관경제기술속성，조정정부여철로적관계，사기제도광가추향합이화，촉진철로저일경제주체재시장경제체제중능구정상운전。
Political association is one of the connecting links between internal governance and the institutional environment. Ability of railway debt financing and financing risk are closely related to the nature of the industry and government regulation. Under the managing system of high centralization and monopoly, the debt risk of China＇s railway can easily evolve into the systematic debt risk of the industry. By analyzing and measuring the influence of political connection acting on the ability of railway debt financing, we find that political associated railway has the strong ability to finance. However, the risk of debt financing is enormous, and along the railway debt risk chain it can easily influence the government and financial institutions, including banks, insurance companies, thus forming a debt crisis. Some debt risk control measures and suggestions are proposed after systematic analysis of the railway debt problems forming logic and the principle of risk conduction under the perspective of political connection.