A Study On Financing Programs Of ZL Highway Optimal Projects

The construction of transport infrastructure plays an important role in supporting and promoting the national economy and social development.However,at present,the construction of highways,especially expressways,is facing the problem of "unable to build up and maintenance ",and social capital has a low interest in highway investment.Therefore,how to fully and effectively attract social investment into the field of highway construction and management operations,further innovate the financing model of the expressway,and broaden its financing channels is a realistic and important issue.This paper takes the ZL expressway financing model as an example to study the financing model of the expressway construction of state-owned expressway enterprises.This paper first sorts out related research literature at home and abroad,summarizes the research status,and defines the concepts related to highway financing,such as project financing,project financing methods,project financing model,and project financing structure.This paper also made a theoretical analysis from the highway economic theory and capital structure in two aspects.After reviewing the literature and expounding the theoretical basis,this paper analyzes the current status of highway project financing construction,summarizes the problems existing in highway project financing.The analysis shows that highway project financing mainly includes poor investment and financing environment,single source of financing,continuous increase of debt scale,continuous increase of income and expenditure gap,and inflexible financing mode.On this basis,this article introduced the basic situation of the ZL highway project,elaborated on the necessity of project construction,and briefly introduced the economic and social development status of the Z and L cities related to the ZL expressway,and estimates the investment of ZL expressway project.After theoretical explanation and practical analysis,this paper introduced the design,analysis and evaluation of different financing schemes of ZL expressway.First,according to the actual situation of the ZL expressway project,three kinds of different financing modes such as traditional investment mode,BOT mode and “integration + ABS+ project loan” model are proposed.Secondly,the three models were analyzed and evaluated from the qualitative and quantitative perspectives.The evaluation results showed that the "integrated + ABS + project loan" model was superior to the other two models.Finally,according to the “penetration principle” put forward in the Ministry of Finance [2018] No.23 document,strengthening the fund review,and not having the “Nominally an equity,actually a claim” and other specific requirements,the “integration + ABS+ project loan” model was revised and finally put forward an alternative plan of "integration + financing lease + project loan".This will provide a replicable and scalable new financing model for expressway companies that not only meets the new regulations of the Ministry of Finance,but also reduces the financing pressure of enterprises.