| The highway is an important part of the country’s modernization process and signs in China’s national economic development and Plays a vital role in the process of social progress. The highway is a typical capital-intensive production, and its construction and development spend a lot of financial, human and mate-rial resources; with the state to meet the growing national economy needs to nar-row the ever-increasing highway project funding gap,"Ten25planning require-ments, in-depth analysis of the regional economy on the highway project inves-tment and financing effects on the basis of the research status and project inves-tment and financing theory of Baotou to Maoming in Guangdong Section of the proposed highway indicators of the economic and financial evaluation of high-way investment and financing and risk management safeguards, investment and financing to provide a reference for other highway construction in China.This paper analyzes the economic nature of the highway and the nature of the product, investment and financing highway construction and control, analy-sis of the costs and economic benefits of highway, highway project investment and financing mode and effect factors. Brief Baotou to Maoming in Guangdong Section of highway construction, Baotou to Maoming in Guangdong Section of highway investment estimation, the full range of the total cost of10,066,152,500yuan, of which the full range of static investment of9.23737 billion yuan; dyna-mic investment part construction period interest on loans of828.79million yuan.In this paper, based on project investment estimate, design four financing model:financing models Ⅰ (market business model,25%of the self-financing+75%bank loan) the financing mode Ⅱ (mode of government subsidies, selff-inancing+bank loans+government grants), the financing model Ⅲ (increase the proportion of the capital), the financing model Ⅳ (government loan mode). Financial analysis results show that:(1) in the financing mode Ⅰ under20years and25years, total investment income of the operational phase of the pro-ject is less than the opportunity cost of capital, poor financial condition, less than the expected profitability;(2) required to obtain financing model Ⅱ, the financial internal rate of return of capital to the benchmark rate of return of4%of the total investment of19.2%government funding subsidies, subsidies amounted to1.88934billion yuan. Overall, the project is still in accordance with the loan terms repay long-term loans; viability analysis results show that the period of the operation of the project is to achieve a balance of funds, to maintain the continu-ing viability of the project financial. Overall, using appropriate government sub-sidies, market-oriented financing options for the operating mode of operation of the project is financially feasible;(3) financing model Ⅲ, the25-year operation period, if the capital ratio of35%, the project investment to achieve the desired profitability. Capital ratio of more than45%of project capital to achieve expect-ed profitability;(4) financing model Ⅳ, when the proportion of capital raised to51.7%(5.04312billion yuan), the project is basically scheduled of years to pay off the bank loan and interest. Comprehen-sive analysis of the practical and economic conditions of the project construction unit and take full account of the project construction, project financing mode Ⅱ that government investment grants+market-oriented financing model for the best financing, you can guar-antee that the project construction funding, but also improve the project econo-mics. In addition, Baotou to Maoming in Guangdong Section of highway invest-ment and financing safeguards described from three aspects of risk management, project management and fund management. |
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