Study On Multi-financing Mode Of Urban Rail Transit PPP Project

In recent years,the development of urban rail transit has not only effectively solved the problem of traffic congestion in the process of urbanization,but also has become an important link in promoting district economy development,however,the contradiction between local financial affordability and project investment is increasingly prominent.Although some projects adopt BOT,BOOT and TOT to solve the financing problem,there are still many matters,such as Increasing local invisible debt and high-cost of financing.Under the supervision of local debt risk,based on the solution of the problem of"financing cost uplift and construction management confusion" in the present Urban Rail Transit PPP project,combines the characteristics of the project with the policy and regulation direction,this paper constructs a PPP multi-financing model for the Urban Rail Transit Project,which introduces the shareholders of EPC and adopts ABS financing.This paper focuses on the four aspects of EPC shareholder's shareholding ratio,ABS financing channel,project risk sharing and project income distribution,and constructs the corresponding theory solving method and model.Through the case analysis of X City H Rail Transit Line project,the validity of PPP multi financing model is validated.The main content and research results are as follows:(1)With the comprehensive and systematic analysis of the characteristics for PPP projects,summarizing the characters of large investment quota,long project cycle and high degree of professional integration in urban rail transit project,as well as the relationship between project income factor and economic rationality,risk factor identification and project management,financing channel construction and financing cost.(2)Aiming at the problem that the ownership structure of the urban rail transit PPP project is single and the financing channel is solidified,establishing the PPP multi-mode which the EPC becoming the part of the shareholders and using the ABS financing channel.Based on the principle of engineering economy,it is verified that the EPC party will cause the shortening of the project cycle and the improvement of the income level.With the help of principal-agent theory,calculating the shareholding ratio of the EPC.According to the AHP theory,the risk preference model of the EPC party is constructed,and the three perspectives which include financial index calculation,the asset pool agreement and the policy are made support to analyze the feasibility of adopting ABS financing.(3)Aiming at the problem of risk sharing and income distribution in the multi financing model of urban rail transit PPP construction project,based on incomplete information game and cooperative game evolution,the risk sharing matrix which considers risk preference,negotiation cost and time value is calculated.Obtained by nucleolus hydrolysis,the income distribution plan containing public part,private sector and the EPC subject takes the boundary constraint of the minimum distribution of the dissatisfaction into consideration.By considering the weighted factors of the size and quantity of the actual alliance,the applicability for income distribution and boundary constraints become more extensive,which can guide the establishment of the principle for income distribution in the implementation project.(4)With the PPP multi financing model in this paper,the H urban rail transit project in X city is analyzed and compared from three aspects:equity structure,financing channels and national economy.In terms of ownership structure,compared with the traditional model,in the PPP multiple financing model,H project can reduce the investment amount about 6.213 billion;in financing channels,H project adopts ABS model,the cost of financing is reduced by about 15.67%;in the national economy,using sensitivity analysis,When the passenger flow and investment cost do not change,the PPP model is about 0.44%higher than the traditional model EIRR,and the ERBC is increased by about 0.05.When the passenger flow and investment costs occur simultaneously adverse change by 5%,the PPP model appears about 0.41%higher than the traditional model in EIRR,and the ERBC increased by about 0.04.The risk resistance of the project in the national economy was significantly improved.The multiple financing model of urban rail transit project PPP has expanded the shareholder structure and financing channel under the existing domestic investment and financing environment.It can effectively reduce the local financial pressure and project financing cost,realize the project full life cost control and investment optimization.It has a certain guiding significance for the choice of investment and financing mode of urban rail transit construction projects.