Risk Assessment On The Financing Policy Of High Speed Railway

The development of High-speed rail is an inevitable result of a certain stage of economic development. It's social benefits is much larger than the direct economic benefits. The level of modernization of a country has been reflected by the development of high-speed rail in some sense. There has been a period of large-scale construction of high-speed railway. The single investment is not suitable for the development of market economy. There are various financing methods in the world, such as PPP. BOT, etc. Most of them have been successful. We should learn from these success cases. It is an urgent need that the stiff and single system of government investment should be changed. The scholars at home have never analyzed data through the model but most in macro-based. Generally speaking, it is very necessary that establish an integrated risk assessment model to assess risk and determine the final risk aversion and risk sharing and ensure the success of the financing.The high-speed rail financing policy and risk assessment model are systemically analyzed and concluded in this paper. On the basic of this, the model is modified though the mathematical fuzzy theory and fuzzy ranking method to establish an integrated risk assessment model and attempt to assess all kinds of risk attributes. In addition, this paper verifies the correctness of the model by empirically analyzing the Taiwan High Speed Rail. Finally, the conclusion is gained by introducing the successful financing cases of foreign high-speed rail and analyzing the specific policies. The conclusions are as follows:the central government should play a leading role in raising funds and make the joint with local government continue to invest high-speed rail construction. In addition,the government should expand financing channels, select the appropriate financing tool for project financing, encourage private capital to enter and make the full use of capital markets.