S. Zhou, Q. Zhang

Pages: 33-40

Abstract
With the introduction of private capital to meet the construction needs, a commission to transport taken by joint venture railway company builds agency relationship between the joint venture railway companies and the state-owned railway companies, which leads to the conflict of commissioned transport transaction price. This article studies the principles of the trading price from the stakeholders’ perspective. After analysis of the interests of the stakeholders in the transaction price, it firstly draws the conclusion that under the commissioned transport mode, the main stakeholders include government, China Railway Corporation, state-owned railway company, joint-venture Railway Company and its social shareholders. The principle for determining the transaction price is necessary to ensure the agent of its cost to get compensation, and the principal of achieving a modest profit. The study will provide support for the smooth introduction of social capital into China Railway and the development of joint venture railway companies.

Keywords: commissioned transport management; transaction price; stakeholders; structure of property rights