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由于政府在极高程度上利用融资杠杆进行铁路建设,1987年民营化之前日本国铁已经累积了数量巨大的恶性债务,债务压力成为其被迫改革的主要原因之一。国铁的债务除了由民营化后的JR公司接承担部分之外,还计划通过出售国铁土地与JR公司股份等资产偿还,剩余则由财政兜底。财政清偿部分由于政府一度态度消极导致债务余额反弹,迫使政府调整偿债框架并切实安排偿债预算资金。国铁财务自生能力丧失导致其债务余额超过GDP的7%,国家难以承受,债务处理代价和所需要的时间大大超出预计,处理难度也远远超过国铁本身的商业化和民营化。日本国铁债务失控的教训值得认真汲取。
Since the government used the financing leverage to build the railway to a very high degree, the Japanese National Railways had already accumulated huge amounts of malignant debts before privatization in 1987. Debt pressure became one of the major reasons for its forced reform. In addition to the debts of privatized JR Corporation, Guo Tie’s debt is also planned to be repaid through the sale of assets such as the shares of State-owned Land and JR Co., while the rest is financed by the government. Part of the fiscal repayment due to the negative attitude of the government led to the debt balance rebound, forcing the government to adjust the debt service framework and earnestly arrange the debt service budget funds. The loss of financial self-sustainment of the state-owned railways led to its debts exceeding 7% of GDP and the state’s unbearable. The cost of debt disposal and the time required exceeded the expectations and the difficulty in handling it far exceeded the commercialization and privatization of the National Rail. The lessons of Japan’s uncontrolled debts of the country’s railways need to be carefully drawn.