Large-scale Infrastructure Project Financing Mode Diversification Researching

As has been proven by the history of world economy development, the infrastructure construction is an indispensable part for a country's economy. For every one percent of GDP growth per capita, the relative growth of infrastructure investment should be one percent or higher. The construction of large-scale infrastructure project, such as highway, port, airport, railroad, and power station, usually feature large-scale and long-time investment, slow repayment and complex fund structure. The infrastructure related products and services are conventionally regarded as public product, which should be provided by government-led investment and construction. However, government-led efforts usually face the difficulty of fund shortage and low efficiency. In this circumstance, for providing sustainable and stable fund support to large-scale infrastructure projects in addition to fiscal and loan financing, the study over how to find new financing resources and tools, raise the proportion of direct financing in the whole infrastructure financing realm, rises as an important issue of both theoretical and realistic significance.Dalian, as the important international shipping center in Northeast Asia, the construction of its new airport will significantly improve the investment environment of Dalian and enhance its competitive edge in the realm of air transport, strengthening its status as the air traffic hub in northeast China. Although the investment of this project in its setout phase is gigantic and the financing cost is high, it's still profitable on the whole. The study over the financing pattern of the new airport of Dalian is of important theoretical learning experience for the study of financing pattern concerning large-scale infrastructure projects.This paper consists of five major parts:Part one is introduction remarks including the background and value of this paper, relevant reference, its study approach and its structure. Part two concerns the relevant definition and theories, mainly including the definition and categories of infrastructure, theory of project financing, theory of public goods, theory of project distinction, theory of marketing and the financing pattern of infrastructure project, etc. Part three is the analysis on the financing situation and problems concerning large-scale infrastructure projects. Some major problems facing financing of infrastructure projects in China will be discussed, including the underdevelopment of the financing market and channels, the limitation on the project investors, the flaws of law environment and the underperformance of the government function. Part four focuses on the innovative researches of the diversified financing patterns of large-scale infrastructure projects. Firstly, in addition to the fulcrum of increasing fund supply, competitive and diversified investors should be introduced into program, in order to achieve a dynamic balance between the economic and social effects. Secondly, through the optimization, expansion and diversification of the financing channel system, a harmonious interaction should be achieved between capital structural optimization and fund supply. Thirdly, by raising the efficiency of investment and financing, through the integration and innovation of the investment and financing tools and the diversification of the investment and financing channels, the effective interaction between fund allocation and management could be achieved. Part five is the example study of the diversified financing pattern of the Dalian new airport project. Based on. the realistic requirement of the infrastructure construction financing in Dalian, through the optimization and improvement of the traditional government-led financing pattern of direct liability, and the integration of programs of low and high profits, with the precondition of government credit maintained, the problems with capital funding and repayment sources could be solved thoroughly.