The Research On The Operation Mode Of Financing Vehicles Of Binhai Tourism Area

With the rapid economic development, the pace of China’s urbanization and domestic local construction has accelerated. The local government has speeded up infrastructure construction, and in which process local government financing vehicles has played a huge role in helping to solve fund shortage and lack of accesses to fund raising. Its role was especailly prominent after the 2008 financial crisis, with the help of local government financing vehicles, the local government make use of the raised social capital to the city infrastructure construction.Binhai Tourism Area State-owned Assets Development Co. Ltd.(BHTASADC), as the local government financing vehicles, has done so much help to the area development. However, in practical work, the author found that ambiguity of power and duties, single financing means, inefficient financing existed in the operation of the company due to its subject to the current regime. The potential operation risk expanded, the company_s management mode, investment and financing ways has become bottleneck that restricted the development of the company.Under this context, from the current situation of BHTASADC, drawing lessons from enterprises both at home and abroad on financing, risk control, project investment aspects, combined with good financing ways from the domestic advanced region, this paper ananlyzes deeply the problems showed in the companys development process and proposes a set of investment and financing mode in accordance with the regional actual conditions, through which realize the healthy sustainable development and then promote the benign development of the regional economy.The paper describes the related theories on government, enterprise and infrastructure construction financing, and analyzes the operation mode of BHTASADC from the cost of government investment and financing, effiency and risk,then point out the main problems of company operating.Using comparative analysis approach Instance summary approach, the author proposes the appropriate improvement patterns on local government public infrastructure and company Investment and financing situation. Specific ways are through the primary land developing authorized by the government to set up specialized management department and cooperate with local government. Each year the company establishes the feasible tax on land revenue balance plan. On this basis, the paper introduce the city investment financing means and the operation mode of the fund. At last, the paper prompt the supporting measures to the improvement, and wish the company could make more contribution as a government financing platform.