The Research On The Investment And Financing Model Optimization Of WX Intercity Railway Construction Project

With the rapid development of urbanization, the significantly improved urban dependence degree and cooperation degree, at present, several national urban agglomeration has been basically completed in our country, such as Yangtze River Delta city group, Pearl River Delta city group, Beijing and Tianjin city group, Chengdu Chongqing city group and the middle reaches of the Yangtze River City Group etc. The fast intercity transportation network is essential to promote the free flow of urban agglomeration resources, accelerate the agglomeration and diffusion of urban agglomeration, and guide the development and improvement of the network spatial structure of urban agglomeration. However, the construction of the intercity transportation network need sustained money investment and carries a strong public welfare. Under the current economic situation, this kind of public infrastructure projects are difficult to continue, as they rely on the traditional infrastructure investment and financing mode. Therefore, to develop a scientific and reasonable investment financing model to attract social capital to enter is of great significance for speeding up the intercity transportation network formation and promoting urbanization.According to the public product theory and the characteristics of intercity railway, this paper defines the intercity railway as the public product of the quasi public goods. At the same time, the article has carried out the analysis of the relevant investment and financing mode, which means that the product is suitable for the government and social capital to participate in the diversified investment and financing mode. Then, this paper summarizes the main investment and financing modes of the current domestic intercity railway construction projects. Based on the above investment and financing modes, this study analyzes the common mode of investment and financing in the domestic intercity railway construction projects:ministry and province joint capital injection, local governments in full investment, PPP financing mode, ABS financing model, especially focusing on the analysis of the two most important types:BOT and TOT. The former applies to the planned but unfinished intercity railway project, while the later applies to the existing intercity rail facilities.On this basis, taking the WX intercity railway construction project as an example, this paper describes the construction background, the specific planning and the economic and social impacts in detail, and deeply analyzes the current financing mode -- ministry and province joint capital injection and it’s several major drawbacks. Based on this thoughtfulness, this paper analyzes the conversion ideas of WX intercity railway project from government investment and financing mode to the franchise PPP mode, and proposes the BOT+land development financing plan. The key to the mode is to combine urban distribution planning and construction of urban rail traffic, both benign and mutually promote, namely combining the related land development of the intercity railway and the construction of the intercity railway line. The model strictly controls the transfer of the related land of the intercity railway, meanwhile chooses a reasonable site surrounding land intensive development model for the project features, thus enhance the overall profit of returns from the intercity rail project, attract social capital to enter, and enhance the construction, operation and management level of Urban Rail Transit.