| China and Malaysia have deep foundation for cooperation.In the process of promoting the “Belt and Road”Initiative,Malaysia is an important country in the“21st Century Maritime Silk Road”.Malaysia responded to participate actively.According to the statistics of the Ministry of Commerce,China's direct investment in Malaysia reached 19.7 billion ringgit,accounting for 24.5%,nearly 5 billion US dollars.Compared with 2017,it reached an increase of 410.8%.China has become the largest source of investment country of Malaysia.Malaysia is located in the cross center of two continents and two oceans,and adheres to the Straits of Malacca.Its geographical position is extremely important in the world.It is a transportation hub of the world.The annual passenger and cargo transportation volume of expressways,railways,ports and airports is huge.As Malaysia's existing transportation infrastructure has been unable to meet the long-term development of the national economy,Malaysia's “11th Malaysia Plan”(2016-2020)proposes to vigorously develop transportation infrastructure and promote economic expansion.Based on this,Malaysia has a strong demand for investment and construction of transportation infrastructure,which brings good opportunities for Chinese companies to invest in building Malaysia's transportation infrastructure.The growth rate of Chinese enterprises investing in Malaysia's transportation infrastructure projects has gradually increased,mainly focusing on construction,and actively implementing the transformation of construction and integration.The projects under construction are mainly concentrated in railways,bridges,ports and other fields.According to statistics from the Ministry of Commerce,the number of new contracts signed by Chinese companies in the field of transportation construction in Malaysia reached US$15.12 billion,a year-on-year increase of 71.6%.The scope of the project has covered the whole of East and West Malaysia,and has been in important areas such as railways,subways,highways and ports.progress.However,the transportation infrastructure project requires a large amount of capital and manpower investment,the construction period is long,the operation period after the completion of the project is also very long,and the entire project capital recovery cycle is very long.Especially for Chinese companies investing in transportation infrastructure projects in Malaysia,the scale of the project is large,the national environment is complex and varied,the stakeholders are numerous,the organizational relationships are complex,and various obstacles are encountered frequently.Many uncertainties are given to transportation infrastructure projects,bringing very high project financing risks.In particular,affected by the change of Malaysian regime in2018,projects such as the Eastern Coastal Railway Project and the Southern Railway,which were participated by Chinese companies,were once suspended.The projects were extremely uncertain and the prospects were unknown.Chinese companies faced larger projects financing risk.How to effectively identify project financing risks,establish an effective risk early warning mechanism,take preventive measures,reduce losses,and increase profitability have become key issues for Chinese companies to consider.Based on the above realistic background,this paper combines relevant academic theories to study and identify the financing risks faced by Chinese enterprises investing in Malaysia's transportation infrastructure projects,and provide Chinese companies with suggestions for project financing risk identification methods to help them establish risk early warning mechanisms to prevent risks.,put forward corresponding suggestions,and reasonably respond to the risks that may be faced.In the process of writing this article,the author has consulted a large amount of literature and related materials.Through the study of the status and development planning of Malaysia's transportation infrastructure projects,the problems and development needs of the problems have been obtained.By studying the characteristics of project financing status of Chinese enterprises investing in Malaysia's transportation infrastructure,it is found that there is a problem of insufficient risk identification capability and lack of risk early warning mechanism in the project financing process.Subsequently,the project financing risk of Malaysia's transportation infrastructure was identified,which was carried out from the perspectives of political risk,economic risk,legal risk,social risk,credit risk and completion risk.Based on the Bayesian network model,an early warning mechanism for financing risk of investment transportation infrastructure projects is constructed.The author selected China Communications Construction Co.,Ltd.to invest in the case of the eastern coastal railway project in Malaysia to conduct research.Based on the experts scored during the internship survey in Malaysia,Bayesian network analysis method was used to establish a risk early warning mechanism to model the project financing risk.According to the ranking of various risk indicators,it is found that the most important impact on project financing is political risk.Then,the various risk points facing the financing of the eastern coastal railway project are discussed,and then targeted recommendations are put forward.Finally,based on the above research results and related theories,according to the risk classification,risk type prevention measures of the six main types,political risk,economic risk,legal risk,social risk,credit risk and completion risk in the projects financing of Malaysian transportation infrastructure projects for Chinese enterprises are listed. |
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