Based on 1987 privatization reform of Japanese railways, the management system of Shinkansen construction in Japan is clearly divided into two stages: the pre-privatization stage and the post-privatization stage. Historically, the investigation, project establishment, design, planning, financing, construction and management of Japan's first Shinkansen (Tokaido Shinkansen) were entirely undertaken by Japan Railway. During the period of 1964, there were a large number of red letters (losses) in Japanese railways, and they were unable to continue to undertake the construction and operation of Shinkansen alone. In view of this situation, 1964 passed the Japan Railway Construction Company Law in February, which separated the responsibility of Shinkansen construction from the national railway in the form of law and gave Japan Railway Construction Company the right and responsibility to build Shinkansen.

After 1964, the planning, design, financing, construction and management of Shinkansen were jointly undertaken by China Railway and Japan Railway Construction Corporation. Part of the funds needed by Japan Railway Construction Corporation to build Shinkansen comes from low-interest loans from the Ministry of Finance, and most of them are raised by issuing railway bonds. The management of the Shinkansen built before 1987 is basically managed by China Railway and China Railway Construction Company, which is similar to the railway engineering construction headquarters in China, resulting in the lack of cost constraints of China Railway Construction Company, which only pays attention to construction without considering the cost, thus making the debt and profitability of China Railway and Japan Railway Construction Company deteriorate continuously.

1970 in may, the Japanese government promulgated the national shinkansen railway maintenance law (hereinafter referred to as the maintenance law) to promote the formation and development of the high-speed railway network. With the basic formation of Japan's high-speed railway backbone network, other Shinkansen are more public welfare, and the amount of funds needed by Japanese railway construction legal persons is increasing. On the one hand, China Railway should jointly raise construction funds with railway construction companies, on the other hand, it should operate public welfare loss-making lines. By the time of 1987 privatization reform, the long-term liabilities of Japanese state-owned railways were $227 billion, of which the liabilities of Shinkansen were $36 billion; Japan Railway Construction Corporation (JRCPC) has a debt of $4 1 billion, of which the debt of Shinkansen is $010.6 billion.

1987 After the privatization of China Railway, the management system of Japanese Shinkansen construction has undergone profound changes, which are manifested in three aspects. First, China Railway has been divided into the main bodies with clear interests, and six new railway passenger transport joint-stock companies, Shinkansen holding institutions, railway freight joint-stock companies, railway communication joint-stock companies, railway information system joint-stock companies and railway comprehensive technology research institutes have been established. At this time, there is a clear market transaction relationship between Japan Railway Construction Company and various railway passenger transport companies. Second, Japan Railway Construction Company has truly achieved complete control over the construction, ownership and entrusted operation of Shinkansen, and the reorganized passenger transport company will no longer bear any financing responsibility or management responsibility for Shinkansen construction. Thirdly, the position and role of the government in the management system of Shinkansen construction are clarified. The Japanese government raised part of the construction funds from the railway construction company through the Shinkansen holding company (later gradually evolved into the railway maintenance fund and the traffic facilities maintenance enterprise group), and the Japanese railway construction company transferred the completed railway lease to other Shinkansen operators. So far, Japan Railway Construction Company only owns the Shang Yue (Omiya-Niigata) Shinkansen, and adopts the entrusted lease operation mode.

In fact, after the completion of Japan's high-speed railway, other Shinkansen are basically small high-speed railways with strong public welfare, and the government's responsibilities have been strengthened accordingly. The Japanese government (including the central government and local governments) has increased the proportion of government investment in the construction cost of the Shinkansen. At the same time, the main body of Shinkansen construction has gradually changed into the integration of railway legal persons, and its construction system adopts the "double entrustment mode", that is, the government transfers or accommodates funds to the railway legal persons through the traffic facilities maintenance legal persons (developed from the original Shinkansen maintenance institutions and railway maintenance funds), and entrusts the Japanese railway construction legal persons to carry out Shinkansen construction; Railway Construction Company owns the ownership of Shinkansen, but in nature, Japan Railway Construction Company is the third kind of railway enterprise, that is, it builds Shinkansen for other railway enterprises, does not directly operate Shinkansen, but adopts the mode of entrusted lease operation, and of course it can be transferred.