Research On The Relative Problems Of Financing Of China Railway Passenger-Dedicated Lines Construction

To solve the bottleneck of development made by old network ofrailway, and to develop our railway faster, Ministry of Railway ispreparing to construct passenger-dedicated lines large-scale, which hasbeen written in the long-term railway network programming announcedin 2004. If use the traditional financing methods of railway, the hugecapital investment will be the biggest obstacle of this great plan. So, aseries of relative problems such as how to develop financing channel, tocarry on the multiplication finance, to reduce the financing cost and tooptimize financing structure have become a significant topic forpassenger-dedicated lines in beginning of this century. And it alsobecomes the historic task which must be completed for the railway's hugedevelopment.According to this situation, the thesis made a systemic study on therelative problems of passenger-dedicated lines. The main research workare as follows:Firstly, after conducting a broad investigation on the internal andforeign research fruits, this thesis analyzed financing method andfinancing structure systematically. All the work provided an appropriateentry for this thesis.Secondly, based on Chinese circumstance and the characterisitics ofrailway construction projects, the thesis indicated the basic requirementof financing for Chinese passenger-dedicated lines, then presented thefinancing method and financing resource.Thirdly, the thesis indicated that the key to financing of Chinesepassenger-dedicated lines is attracting non-governmental directinvestment for the construction. On this basis, the paper studied severalmodels for the variety of financing of Chinese passenger-dedicated lines.The implication of market financing in this thesis is the marketing ofcapital and project. Among them, stock financing and bond financingwere included in the method of marketing of capital, while the method ofmarketing of project contains BOT,TOT,TBT,ABS and so on. Thepaper analyzed the feasibility of these financing methods in Chinese passenger-dedicated lines construction, and put forward the realizingmethod and the corresponding systemic innovation.Fourthly, financing cost of passenger-dedicated lines was researchedin this thesis. According to the qualitative and quantitative analysis tomain financing cost of passenger-dedicated lines, some effective methodsfor declining financing cost have been proposed.Fifthly, affecting factors of financing structure of Chinesepassenger-dedicated lines were analyzed in this paper from two levels,macro and micro. The index and decision-making model of financingstructure optimization for passenger-dedicated railway construction wereset up using AHP of system engineering theory. The simple case vertifiedthat the model could obtain a satisfying result.Sixthly, on the basis of prior study, the concept of syntheticalevaluation of financing scheme was presented; the relationship of everyindex of synthetical evaluation of financing scheme forpassenger-dedicated railway construction was analyzed adopting theimproved analytic hierarchy process-fuzzy associated coefficient method;the model of synthetical evaluation Of financing scheme forpassenger-dedicated lines was set up and then the correspondingprocedures were compiled.The main research fruits were applied to the case OfZhengzhou-Wuhan passenger-dedicated line construction in a positiveway in the final part of this thesis.