Research On Highway Construction Capital And On Policy Of Investment And Financing

With the expansion of the channels and forms for financing and the efficient cooperation of government leading capital and market capital, the national road infrastructure construction grew huge achievement. At present, a new pattern of Chinese road construction investment and financing are formed. This new pattern has government funds as foundation, loan funds as principal and private capital as complement. In order to expand domestic demand, the state department proposed the financing needs corresponding to the yearly average 10,000 billion RMB capital investment scale for the road transportation. However, the conflict between the fund supply and demand in road construction is standing out. The current financing capability is limited. The funding compositions are not ideal yet. The financial channels and formations seem to be narrow and monotony. For continuous development of the road infrastructure construction, there is very important to deepen the investment and financing reform, to research for the policy implication, to seek for multi-channel and creative financing methods according with the market economy operation.This dissertation has mainly researched seven aspects as follows: (1) based on deep analysis of the characters and the function for investment financing theories, the fiscal financing and the theory that discussing the role of the government playing in a market economy, this paper put forward the"government-led market financing " mode that the construction of road infrastructure should be fundamental to comply with. (2) Comparing with the difference of construction of road infrastructure between China and overseas based on the funding resource, the structure, stability, durability, dependency and legal issues, it proposed the methods and measures for solving the resources and the stability of China's road construction. (3) Based on China's road development goals and national long-term plan for the construction of road network, considering the main power factors for the rapid development of highway construction, combining with the current economic and financial situation ,the demand and supply of China's highway construction funds in the future were analysied and predicted; (4) The author comparative analysis on the factors of highway construction financing styles, such as features, adaptability, risk, operability, practicality , the use of funds requirements, the cost of capital and so on, comprehensive evaluation of the advantages and disadvantages and the roles in road construction of these styles, and pointed the problems and difficulties of the market financing models.(5)From the government, finance and industry and other views, the paper comprehensive analysis of the status quo, existing problems and future development trends of road infrastructure investment and financing ; thought studing on the liabilities of borrowing with static and dynamic debt rate , the capacity of policy measures which enhanced financing capability for highway construction were poprosed. (6) Analysis of the characteristics of the scale of China's road stock assets, according to the characteristics of long-term, stable cash flow of toll highway, combining with studing on asset securitization, leasing and financing models, it proofed the maneuverability for moving road stock assets with the marketization and put forward the corresponding proposals. (7)Aim at the lack of the funds and finance solutions, this pater provided some suggestions such as helps from the government and financing from the open market.