| Guangdong Province is the frontier of reform and opening up,the Pearl River Delta is the core area of Guangdong’s economic development,and then the national policy has promulgated relevant policies to promote the reform and development of the Pearl River Delta region,building a world-class city cluster in the Guangdong-Hong Kong-Macao Greater Bay Area.The highway network construction in the Pearl River Delta region is the key infrastructure projects,so the demand for intercity highway construction has further increased,which has been reached the world level in recent years.However,there are many problems have tested the government financing models,including huge demand for funds,insufficient construction funds,low short-term profitability,long payback period,huge debt pressure and different financial resources in various cities.With the reform and opening up and the development of the market economy,the government financing system for the construction of intercity highways in the Pearl River Delta region has also been reformed.In addition to the direct government financing model,market-oriented multiple capital has also been attracted in financing.But government investment is still the current government financing model of the Pearl River Delta intercity highway,the construction funds including financial capital,bank loans and issuing highway bonds.Diversified capital participation is limited.There are not many cases of project financing mode have used in the financing of construction of the Pearl River Delta intercity highway,such as BOT,PPP,etc.Due to the large amount of intercity highway construction in the Pearl River Delta,the large amount of funds required,and the single investment entity,the inflexible use of financing models,and the total financing limited,it is difficult for government finances to meet the short-term large-scale construction demand of intercity highways,affecting the achievement of the construction task.Therefore,how to expand financing channels,optimize the combination of financing modes,choose a reasonable and efficient government financing mode and raise construction funds for intercity highway construction are the research directions of this paper.From the perspective of public management,this article combines the concept of intercity highway and government financing,based on the theory of public products andproject financing,and adopts the methods of literature analysis,comparative analysis and case analysis.By focusing on the analysis of the current construction and the main government financing mode of intercity highway in the Pearl River Delta,it probes the existing problems and analyzes the corresponding causes.Taking the government financing model of domestic intercity highway construction as a reference,and according to the actual situation of intercity highways in the Pearl River Delta region,the government will take government financing and market-oriented investment into account to make full use of social capital,enrich government financing channels,and innovate the combined financing mode so that puts forward countermeasures and suggestions for a perfect government financing mode.It can alleviate the local government ’s funding constraints and pressures on operating deficit,resolve capital bottlenecks,get a win-win achievement,and guarantee the sustainable development of the Pearl River Delta intercity highway construction. |
