The Choice Of Financing Mode Of Jiangxi Expressway Investment Group

Highway traffic is the main artery of national economy, the highway has become the social and economic development of the "propeller". Jiangxi province to implement the rise in the middle of the traffic must first. Therefore, the highway construction in Jiangxi province should also keep pace with the times.Highway as the infrastructure of the country, it has obvious network, public welfare and natural monopoly characteristics, is a capital intensive industry,investment high sunk cost, revenue has significant difference, the ultimate ownership of assets belongs to the state. The pattern and characteristics of financing of highway construction are introduced in this paper, the situation and problems of the highway financing has faced in recent years macroeconomic, fiscal and financial policy analysis, from the highway economic attribute and the needs of economic and social development of study of highway construction design of financing mode and mechanism, to better promote the sustainable development of highway rapid and healthy.Jiangxi Province in recent years, expressway has been the rapid development,but still can not keep up the need of economic development, and Jiangxi transportation infrastructure is weak, the financial comprehensive strength of weak in other neighboring provinces, so in the highway construction, capital is more nervous.This paper is divided into five parts. The first part is introduction. Mainly elaborated this article research background and the research significance, and briefly introduces this article research mentality, the choice method, carries on the reasonable arrangement to the article content and the structure, and points out the innovation of this article. The second part, research status. At first, the paper reviews and comments on the main financing methods of Expressway in our country and foreign countries,and then analyzes the choice of the financing way of the expressway, looking for the breakthrough point of this paper. The TOPSIS in the end of this paper, using the method of concept. The third part, analysis of highway development in Jiangxi province and the existing mode of financing. This part expounds the present situationof development and financing situation of Expressway in Jiangxi Province, and the main problems of Expressway Financing in Jiangxi province. And the characteristics of several common ways of financing of Expressway in Jiangxi province for evaluation, analysis of the advantages and disadvantages, which leads to the following suggestions. The fourth part, the choice of financing efficiency and financing way.This part first through the financing cost, financing risk cost volatility and financing can repay the risk of Expressway in the past a variety of financing models for analysis and interpretation, then analyzes the various channels of financing efficiency, finally using TOPSIS method to the single way of financing and a variety of financing portfolio are calculated, and the obtained numerical evaluation is made. The fifth part,the summary and prospect. Summarized in the previous four chapters, the conclusion of this thesis, and put forward the direction in the future.According to the content of this paper draws the following conclusions:(1) if traffic transportation enterprises only consider a way of financing, equity financing,followed by 10 years period of the ticket, 7-10 years in the ticket, the 10-year bond,5-7 years in the ticket, 7 to 10 years of local government debt is a better choice.(2) in real life, a single creditor financing costs, although low, but will make the enterprise of the financial leverage is too high and later unable to borrow loans.(3) when only two financing available, single financing efficiency scores higher financing proportion is large, the better efficiency of financing portfolio. We based on the MATLAB software make the weights of different financing ways, namely 20.60% 5-year loans,4.52% of the one-year Shibor, 25.92% of more than 10 years of business debt, 28.37%for the duration of 7-10 years ticket, 20.60% of 7 to 10 years local government debt.If Jiangxi Province transportation enterprises during the "45" the amount of financing is expected to 250 billion yuan, then traffic transportation enterprises is expected to issue 496 billion yuan for a period of 5 years or more loans, 102 billion of one-year Shibor, for more than ten years 605.75 billion yuan of debt, 7-10 years 819.75 billion yuan tickets and 47.65 billion yuan of 7-10 years period to political debt financing.The combination is not only from the three angles of financing costs, financing risk and maturity matching degree of TOPSIS score is very high, but also contains a variety of possible financing methods.