Research On Financing Plan Design Of JD Expressway Construction Project

In 1988,the first expressway in mainland China,Hujia Expressway,was completed and opened to traffic.Today,the expressway in China has developed for more than 30 years.By the end of 2018,the total mileage of Expressway in China has reached 142.6 thousand kilometers,ranking first in the world.The rapid development of expressways has greatly improved the capacity and efficiency of highway transportation in China,accelerated the development of logistics industry,and promoted the rapid and healthy development of China's economy.At present,the scale of Expressway to be built in China is still very large,and most of them are in mountainous,hilly and other areas with complex terrain.The construction is difficult,and the unit mileage cost is high.To continue to use financial funds to loan for road construction is bound to further increase the financial pressure of the government and improve the financial risk.In the last century,the construction and operation mode of social capital entering into social infrastructure has had practical cases in Britain,the United States and France.The first project using this mode in China is the Shajiao thermal power plant project in Shenzhen,which was started in 1985 and formally transferred to the government after the operation period in 1999.The introduction of social capital into highway construction projects has been a hot issue in the past decade,and some pilot projects have emerged in various regions to explore the financing mode suitable for the region.The construction project of JD expressway is located in the planning of national high speed network.The completion of the project can significantly improve the local traffic capacity and stimulate the development of local tourism economy.Based on the relevant theory and the actual project,this paper designs three financing modes,namely,government charging and loan repayment,BOT,BOT + government subsidy.By comparing the internal rate of return,net present value,investment payback period and other financial indicators under different schemes,it evaluates the better scheme,and finally puts forward corresponding countermeasures and suggestions for the possible risks in the project.