在绝大多数情况下,一条线路是否值得投资,取决于投资者对线路所产生的网络协同价值是否拥有相应的索取权。而铁路的调度指挥模式和收入分配模式使国有铁路不仅在事实上拥有决定协同价值大小的能力,而且拥有单方面制订协同价值分配规则的权利,进而拥有占有全部协同价值的实际能力。因而,外部资本远离铁路市场的真正原因在于无法分享协同价值。 In the vast majority of cases, whether a route is worth investing depends on whether investors have corresponding claims on the network’s synergistic value generated by the route. However, the mode of railway dispatching command and the mode of income distribution make the state-owned railways not only have the ability to determine the value of the synergistic value in fact, but also have the unilaterally right to formulate the rules for the distribution of the synergy value so as to have the actual capacity of possessing the full synergy value. Therefore, the real reason why external capital is far away from the railway market is the inability to share synergies.