Study On Reasonable Operational Period Of Operating Highway

Highway is important infrastructure to the national economy, the highway development should be faster than the economy development. In the circumstances that the development of national economy demand for the transport infrastructure grows rapidly and the government's financial capital is extremely limited, the state promulgated the policy of "repair loans, loan fees". In order to enable traffic play a leading role in the development of the national economy and to avoid becoming a "bottleneck", social capital investment must be brought into the highway construction, the operational highway arise in such circumstances. The funding channels of transport infrastructure are widened, the construction of highway and the development of the national economy are stimulated and promoted by the development of operational highway. However, due to a profit of social capital - the need to recover their investments and gain a reasonable return, which makes the operational period of the operational highway longer than the government loan highway's, increases the burden on the public virtually, and also restricts economic development to a certain extent. Therefore, the study on the reasonable operational period of operational highway has important practical significance.Firstly, the definition, basic attributes and industry features of the operational highway ars analyzed.Secondly, the influencing factors of the reasonable operational period of the operating highway are analyzed, the traffic of the road and the fair return rate of investor are important factors, which is pointed out in this paper. On this basis, the traffic demand forecasting methods,the reason of inaccurate forecasting traffic and the adaptability of each method are analyzed. In addition, the connotation and influencing factors as well as calculation methods of the fair return rate of the operational highway industries are studied, and the fair return rate of equity investment and all investment of operational highway industries are calculated separately by using the combination of two methods, which are capital asset pricing model (CAPM) and the weighted average cost of capital (WACC) .Thirdly, the connotation of the reasonable return of the operational highway industries is defined, the influencing factor of reasonable return and the calculation methods of the up limit and low limit of the reasonable return are studied. The criterion of the lower limit of reasonable return is the risk-free rate of return, the up limit is calculated by the method of which the service level of the highway is reduced by one grade.Finally, based on this study, the calculational methods of reasonable operational period of the operating highway is proposed. Also, the reasonable operational period of a new-built operational highway in one province is calculated by the calculation method which is proposed in this paper.