The Study On The Financing Risk Of Expressway Project Based On PPP

At the initial stage of the founding of New China,the development of the expressway in our country started to take off.At that time,the foundation of China's national economy was poor.The government did not have enough understanding of the basic and leading role of infrastructure construction.The long-term lag of the expressway also hindered the society and the development of national economy.After decades of continuous exploration and development,our country's expressway has also entered a golden period of vigorous and rapid development.As a high-input and socially-efficient modern transportation infrastructure,the expressway mainly relies on the financial assistance of the state and the government to carry out the project construction.However,with the continuous construction period,the cost of expressway is constantly increasing,and the construction period is long,the construction environment is complex and the technical content is high.The financial subsidy can not cover the increasing demand for funds during the construction period.When a fruitful financing model is particularly important,PPP stands out from a multitude of financing models.The scale of PPP project investment involves a large number of stakeholders such as social non-governmental capital,government,banks and bond funds,and there is no relevant practical experience in the country.Therefore,it is necessary to feel the stones across the river and face many financing risks in actual operation.Therefore,research on financing risk of expressway in PPP mode is especially important.Based on the project financing theories and the characteristics of our country's expressway and the financing ability,this paper studies the financing problem of expressway construction project on the basis of full reference of the relevant theoretical results based on the project financing theory and other research methods.To ease the financial pressure on the highway.This paper first introduces the PPP model and its related theory of financing risk,followed by a brief analysis and review of the development process of the expressway in our country.After that is the financing analysis of the expressway project.By comparing the traditional financing model and PPP model,The project adopts PPP financing mode to relieve government financial pressure,broaden social capital and reduce the importance of construction and operation costs and risks.And through the expressway in the early decision-making,mid-term construction,the latter part of the operation arid transfer of the three stages of the project were carried out financing risk analysis.Thirdly,starting from the concrete case,it mainly elaborates the necessity of using PPP mode,project overview,investment and financing,economic benefits,financing risk and so on in Quanzhou section expressway project of Quan-Xia-Zhang city Union Road.Finally,based on the successful case experiences and references both at home and abroad,the writer puts forward some suggestions on how to circumvent the financing risk for the PPP expressway project.