Research On Financing Risk Evaluating System For Expressway Company

Expressway is one of the essential infrastructures that promote China's rapid economic development. Although the reform and opening-up made the expressway develop rapidly, it is still difficult to meet the needs of economic development. The very important factor which Constraints the development of expressway is the financing. Expressway construction, operation, maintenance and so on required the large amount of money. So the expressway company needs a high degree of attention of financing risk.Studying a wide range of literature and the basis results, firstly this paper presented on the issues about the expressway company financing risk in our country in depth, including the financing channels, the financing status, risk identification and so on. At this stage, Chinese expressway's financing channels included government investment, bank loans, transferring the right of operating, BOT financing, equity and bond financing. The choices of expressway financing methods are diversified, and the number and proportion of financing is increasing. The same to the other companies, the expressway company's financing risk can be attributed to the financial risks and the financial leverage. According to the different reasons, the expressway company's financing risks can be divided into companies manage risk, the size of the risk of debt, debt structure risk, stock and bond risks.Secondly, the paper proposed a three-dimensional expressway corporate finance risk evaluation system, according to the specific operating target and process. In this paper, the expressway's operating process is divided into four stages, including pre-development phase, construction phase, test operation and the operation phase, as a vertical structure of the evaluation system. The article pointed out that in pre-development phase capital has been invested, and many uncertainties exist; capital investment will be increasing during the construction phase, and revenue does not exist during this period, so the company must face to larger and larger financing risks; in test operation and the operational phase, expressway operating income is increasing, expressway company also began to pay the debt, the financing of risk during this period depends on the operational risks. The horizontal structure is made by the external factors of impacting finance risk, including financial environment, political factors, market environment, factors such as force majors. The Z-axis structure is made by evaluation indicators, using these indicators to evaluate the stage of the expressway company's financing risk.Finally, according to the introduction about the three-dimensional financing risk evaluation system of the expressway company in Chapter IV, the paper discussed the risk evaluation method during all stages of the expressway company operating. In the pre-development phase, internal rate of return and investment recovery period is used to set up to evaluate the single-variable model. During the construction phase, AHP and the expert scoring method is used to quantify the risk. In the test operation and the operational phase, the efficacy coefficient method is used to analysis the financial indicators for a comprehensive characterization of the effectiveness of the financing risk factor, and the effectiveness of the integrated form of coefficient interval is divided into five levels to measure the financial risks.