Study On The Financing Mode Of Highway Project Of State-owned Enterprises Under The Guidance Of The Government

Traffic-building as an important part of modern economic activity, is the country’s leading industry for economic development and basic industries, comprehensive strength of a country’s modernization and an important symbol. However, the expressway is currently facing the situation of "can’t afford to invest, to build up, to fix, or to keep up", society’s interest in highway capital investment dropped almost to zero. Therefore, the Government and departments of transportation Highway enterprises on how to fully mobilize the enthusiasm of community to invest Highway, and building more stable financing channels to address highway financing problems, is a relevant topic.Based on A Group’s financing model of Expressway as an example, the research is launched on financing mode of highway projects in Government-led State-owned enterprises.First, analyzing through current Shandong Province Highway financing construction status, the paper found that traditional BT financing mode cannot meet Highway financing construction need in new situation; land for project financing mode has been banned by land resources department; The "using land promoting built" policy of Jinan-Qingdao High speed railway is specially approved by state council, while other highway construction cannot be supported by it. Construction of Expressway in Shandong province increasing shortage of land supply; construction safety, environmental protection and social stability requirements are more stringent, facing the situation of "can’t afford to invest, to build up, to fix, or to keep up", highway construction need to adapt to the new situation of financing models.Second, the paper takes A group as an example, compared analyzing advantages and disadvantages on highway project traditional financing mode and innovation financing mode, focusing on introducing financing mode integrated investment and construction, whose main feature is:without giving capital, company is only responsible for bank loan guarantees, achieved off balance sheet finance, and under the premise of not increasing company liabilities level, leading project implementation through peripheral funds, while the project is finished, and the fixed assets are formed, there financing will be conducted. The financing mode can earn space by time, reasonable implementation of loaning construction, generally legal, practical and efficient.Again, the paper takes Jinan Southeast Ⅱring project as an example, detailed introducing the operation process of investment integrated construction financing mode, then radiation to all projects going to started in near3 years of A group, clearing funds financing option and regulatory approach. Through the Static and dynamic comparative empirical analysis of A Group’s total investment cost on all projects, it can be seen that, from funds static level, A Group’s costs will be increased by about 9.6%, but thinking of the time costs, occupancy costs, opportunity costs of fund, A group savings will have401.59 billion capital invested in the Fund and Bank in a high yield of products (yield of about 10%), deducting additional 92.72 million interest on financing, it will make76.45 billion surplus in 6 year.Finally, by summarizing the conclusions, the following suggestions are made. For example, confronting expressway financing difficulties, governments and transportation departments should fully mobilize the enthusiasm of community investment on Highway, and establish stable and diversified financing channels to solve the highway problem. State and highway enterprises should establish sustainable, standard charging system, and perfect relevant laws and regulations, strengthen the monitoring mechanism, and promote the legalization and standardization of project financing.