| Over the past two decades or so,China has invested huge amounts of money on the construction of expressways and has brought remarkable results to China’s economic development.After the reform and opening up,in order to attract investors to China,the state attaches great importance on the construction of highway infrastructure and started building high-grade highways from the late 1980 s.By the end of July 2017,the national expressway mileage has reached 131,000 kilometers,the total mileage has jumped to the first place in the world.Jiangxi Provincial Expressway has reached a total mileage of 5,908 kilometers.The total mileage of the Company’s expressways is 5,112 kilometers,accounting for 86.53% of the total mileage of the expressways in Jiangxi Province.Various provinces and cities are constantly expanding the highway infrastructure.The cost of construction of expressways is very large.It is a typical capital-intensive industry.Under the condition of limited financial capacity,the method of injecting expressway assets into enterprises has become the main mode for the development of expressways.Due to the continuous increase in construction and construction costs and labor costs,the single-kilometer cost of expressways is on the rise.From 2014 to the end of 2016,the single-kilometer cost of toll roads in the country amounts 37.79 million yuan,42.25 million yuan and 44.33 million yuan respectively,and it is expected that the cost of toll roads in the future will be further increased.However,the source of the lack of funds in expressway construction is the most important issue faced by high-speed enterprises across the country.Due to financing difficulties,the source of funds could not be kept up in time,making the funding gap of the project increased day by day,impeding the rapid and healthy development of the expressway industry.How to integrate the required funds with high efficiency and low cost has become a real problem faced by various high-speed enterprises across the country.Given that Jiangxi Express Group has always been at the forefront of the industry in terms of financing innovation,this article focuses on the research of Jiangxi Express Group’s innovation in financing,with the aim of bringing inspiration and lessons for companies in the same industry.This article is divided into five chapters.The first chapter is about the background and significance of the research.It introduces the research ideas,selection methods,and reasonably arranges the content and structure of the article.The second chapter is the research status and theory at home and abroad.Explain the financing costs,financing priorities,and net income financing theory.Summarize the main financing methods of China’s and foreign highways,provide a reference for the paper to study the choice of highway financing methods,and find the breakthrough point of this paper.The third chapter reviews the effectiveness of the financing of Jiangxi Expressway Group,raises the issues faced by financing,and analyzes the causes of commonality and personality.The fourth chapter elaborates and analyzes the main measures of the financing innovation of Jiangxi High Speed Group.The fifth chapter draws the inspiration from the financing innovation of Jiangxi Express Group.At the end of this paper,high-speed enterprises must pay attention to credit qualifications and improve corporate credit ratings;they must formulate targeted financing methods according to the differences in resource endowments of financial institutions;they must integrate state-owned enterprise financing platforms,and implement transformation and upgrades from asset management to capital management.We must learn to “go global” and go to other regions and industries;we must accelerate the introduction of private capital,promote the implementation of PPP projects,and give full play to the vitality of social capital investment.Only in this way can an effective and effective solution be provided for all-round capital guarantee for expressway projects. |
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