Research On The DBFOT Financing Structure Of Port Construction Project

The Taipingwan Port is an important part of the Dalian Shipping Hub,and it is also one of the critical projects to connect the "Belt and Road" and the China(Liaoning)Pilot Free Trade Zone.With the Dalian Northeast Asia International Shipping Center officially incorporated into the national strategy,the Taipingwan Port Construction Project has entered a critical period of revolution.After the reorganization,the Liaoning Port Group has actively explored the Public-Private Partnership(PPP)on the Taipingwan Port Construction Project.By closely integrating the development status of the project,it has made overall planning of the port-based industries and financing difficulties.Presently,the reform of the financing arrangement of the Project has aroused the attention of the industry and academia,but there are few systematic studies on its financing structure.Therefore,it is necessary to sort out the financing factors,find a suitable financing mode,and build a reasonable financing structure to improve the efficiency of project operations and achieve the best value for all participants.First,based on documentary research and typical cases research,the paper has concluded the researching background of the project and status of financing mode selection problems.Meanwhile,it has summarized the asset characteristics and financing demands of the Taipingwan Port Construction Projects.And then by conducting theoretical analysis,it has sorted out the framework elements that should be considered in port project financing under the PPP mode.Based on this,the idea of simulating the operation of the port project by constructing a system dynamics model is proposed.In addition,this research aims at evaluating the value of the project by the Economic Value Added(EVA)calculation.Secondly,the paper has analyzed the environment of Taipingwan Port Construction Project at the macro,industrial levels by the means of documentary research,expert interviews,and cases analysis.Based on the available data and information,the comprehensive conditions for the establishment of the port,the function planning of the port infrastructure.Meanwhile,the development dilemma has been comprehensively sorted out.For instance,the existing financing deficiencies like financing mode limitation,irrational financing structure,and the lack of responsibilities distribution have been highlighted.These conclusions have arranged the foundation for the follow-up research on the choice of appropriate financing mode and the design of financing structure for the Taipingwan Port Construction Project.After that,the thesis focused on two phases of the Taipingwan Port Construction Project,which consists of the‘Financing Mode Selection’and the‘Financing Structure Designing’.Using the public product theory and principal-agent theory,the financing elements of this case were analyzed,and the DBFOT mode was deduced to suit the current construction situation.At the same time,five basic elements were listed out to match the construction requirements of the project:the characteristics of the project assets,the composition of the project initiators,the rights and responsibilities of the initiators,the structure of the equity and debt structure,and the return mechanism of the project,which also triggers ’Four Main Steps’ of ’Structure Designing’.Based on Project Financing Theory,the ’Design Work’ is supposed rationally construct the asset characteristics of the project,the composition of the initiators,and the rights and responsibilities,and the arrangement of the equity and debt structure,and the return mechanism of the project.Finally,based on the theory of financial analysis,the thesis divides the Project System into four subsystems:Cost,Revenue,Capital Cost,and Environmental Impact.It also constructs an economic calculation model covering the entire project cycle based on the analysis results.The basic parameters of the project were qualitatively and quantitatively analyzed with Vensim PLE software,which aims to verify the economic feasibility and rationality of the financing structure of the Project under the DBFOT mode.And this thesis also provides a certain reference value for the follow-up research of the project.