基于铁路金融企业视角的
铁路项目银团贷款创新与实践
刘昊洋1，海泉涌2，杜 爽2，王赛南1，徐 微3
（1.中国铁路财务有限责任公司 信贷票据业务部，北京 100038；2.中国铁路沈阳局集团有限公司 财务部（收入部），辽宁 沈阳 110000；3.中国铁路财务有限责任公司 风险控制部，北京 100038）
摘要：铁路作为支撑中国式现代化建设的关键基础设施，其建设运营具有“高投资规模、高建设难度、高运营专业性、长投资回收期”（“三高一长”） 的特征，融资需求呈现规模大、周期长、稳定性要求高的特点。“十四五”期间，我国铁路年均固定资产投资超 8 000亿元。随着传统融资渠道局限性的逐渐凸显，叠加绿色转型与数字化升级的新需求，铁路建设运营亟需多元化融资渠道的支撑。
银团贷款凭借联合授信、风险共担、协同运作的核心优势，与铁路融资需求高度适配，成为支持铁路发展的重要金融工具。首先，通过梳理银团贷款发展脉络，追溯其从19世纪欧洲铁路融资雏形到20世纪60年代美国现代模式的演变，分析国际市场证券化转型、主体多元化等趋势，以及国内市场从1986年首笔银团贷款到2024年 《银团贷款业务管理办法》 修订的规范化进程。其次，聚焦银团贷款与铁路项目的适配性，从铁路“三高一长”特征出发，剖析建设期大额资金供给、运营期灵活还款、全周期债务管理三大融资需求与银团贷款优势的契合点。最后，通过对银团贷款与单一银行贷款、联合贷款在融资机构、规模、期限等维度的对比分析，选取西延高速铁路、焦洛平高速铁路等5个典型案例，剖析银团贷款在规模、期限、运作模式等方面的实践经验，系统梳理银团贷款在铁路建设期资金保障、运营期现金流优化、债务管理阶段风险防控的应用机制，深入探讨铁路财务公司作为国铁集团内部金融机构的业务创新与风险管控路径，形成“发展历程—适配性分析—实践应用—创新探索”的融资逻辑。
通过典型案例分析总结铁路银团贷款聚焦国家战略、规模集中、期限超长等特征，基于铁路财务公司银团贷款筹组经验，提炼个性化融资方案设计、内外部资源整合等创新做法。研究表明，铁路财务公司银团贷款凭借资金供给效能、风险分散、同业协同及借款人赋能四大优势，精准对接需求、高效整合资源、强化资金监控等创新实践，成为适配铁路融资需求的优质金融工具，可以有效破解铁路融资难题，实现铁路内外部金融资源深度融合。未来，随着行业标准完善与数智化转型推进，铁路财务公司需要进一步完善银团贷款运行机制，深化产融协同，推进数字化风险防控平台建设，强化绿色金融布局，为铁路重大战略实施与高质量发展提供更坚实的金融支撑。
关键词：银团贷款；铁路项目；财务公司；实践创新；风险管控
Innovation and Practice of Syndicated Loans for Railway Projects from the Perspective of Railway Financial Enterprises
LIU Haoyang 1，HAI Quanyong2，DU Shuang2，WANG Sainan1，XU Wei1
(1.Credit and Bill Business Department, China Railway Finance Co., Ltd., Beijing100038,China; 2.Finance Department(Revenue Division), China Railway Shenyang Group Co., Ltd., Shenyang 110000, Liaoning, China; 3.Risk Control Department,China RailwayFinance Co., Ltd., Beijing 100038, China)
Abstract:As a key infrastructure supporting the construction of Chinese-style modernization, railway construction and operation are characterized by high investment scale, high construction difficulty, high operational professionalism, and long investment recovery period(the "three highs and one long"), with financing needs featuring large scale, long cycles, and high stability requirements. During the 14th Five-Year Plan period, China's annual average fixed-asset investment in railways exceeded 800 billion yuan. As the limitations of traditional financing channels have become increasingly prominent, coupled with new demands for green transformation and digital upgrading, railway construction and operation are in urgent need of support from diversified financing channels.
Syndicated loans, with core advantages of joint credit granting, risk sharing and collaborative operation, are highly compatible with railway financing needs and have become an important financial instrument supporting railway development. First,this paper reviews the development of syndicated loans, tracing their evolution from the early forms of railway financing in 19th-century Europe to the modern model in the United States in the 1960s, and analyzes trends such as securitization transformation and participant diversification in the international market, as well as the standardization process of the domestic market from China's first syndicated loan in 1986 to the revision of the Administrative Measures for Syndicated Loan Business in 2024. Second, focusing on the compatibility between syndicated loans and railway projects, based on the"three highs and one long" characteristics of railways, it analyzes the alignment between the three major financing needs—large-scale capital supply during the construction period, flexible repayment during the operation period, and full-cycle debt management—and the advantages of syndicated loans. Finally, through a comparative analysis of syndicated loans, single-bank loans and cooperative loans in terms of financing institutions, scale, tenor, and other dimensions, and by selecting six typical cases including the Xi'an-Yan'an High Speed Railway and Jiaozuo-Luoyang-Pingdingshan High Speed Railway, this paper explores the practical experience of syndicated loans in scale, maturity, operation models and other aspects. It systematically analyzes the application mechanisms of syndicated loans in capital guarantee during railway construction, cash flow optimization during operation, and risk prevention and control in debt management stage, and explores business innovation and risk control pathways for China Railway Finance Co., Ltd. (CRFC) as an internal financial institution of China State Railway Group, thus forming a financing logic of "development history-compatibility analysis-practical application-innovation exploration".
Based on typical case analysis, this study summarizes the characteristics of railway syndicated loans,including alignment with national strategies, concentrated scale, and ultra-long tenors. Drawing on the experience of syndicated loan arrangement by CRFC, it extracts innovative practices such as designing customized financing schemes and integrating internal and external resources. Research shows that syndicated loans organized by CRFC have four core advantages: efficient capital supply, risk diversification, interbank collaboration, and borrower empowerment. With innovative practices including precise demand matching, efficient resource integration, and enhanced fund supervision, such loans have become a high-quality financial instrument adapted to railway financing needs, which can effectively address railway financing challenges and achieve deep integration of internal and external financial resources in the railway sector. In the future, with the improvement of industry standards and the advancement of digital and intelligent transformation, CRFC needs to further improve syndicated loan operation mechanisms, deepen industry-finance coordination, promote the development of digital risk prevention and control platforms, and strengthen the layout of green finance to provide more solid financial support for the implementation of major railway strategies and high-quality development of the railway industry.
Keywords: syndicated loans; railway projects; finance companies; practical innovation; risk management and control
引用格式：
刘昊洋，海泉涌，杜爽，等.基于铁路金融企业视角的铁路项目银团贷款创新与实践[J].铁道经济研究，2026（2）：34-45.
LIU Haoyang，HAI Quanyong，DU Shuang, et al.Innovation and Practice of Syndicated Loans for Railway Projects from the Perspective of Railway Financial Enterprises[J].Railway Economics Research，2026（2）：34-45.
原文阅读
