Research On Debt Risk Management Of KMHM Highway Projec

Since the first expressway was built in Y province in 1996,after 26 years of development,the construction of its expressway project has achieved great results.The convenience of traffic has effectively built a high-speed road network leading to South Asia and Southeast Asia.However,with the rapid progress of expressway projects,it’s unavoidable that expressway investment companies began borrowing on large-scale.Due to the complex and diverse topography of the Y province,which is dominated by plateaus and mountains,the expressway project has the characteristics of large total investment,long construction period and high maintenance and maintenance costs.At the same time,the expressway project in Y province is still mainly invested and constructed independently,and the construction and operation of local state-owned enterprises are mainly apportioned by the provincial and municipal governments at all levels.Therefore,the debt risk in expressway operation is still largely concentrated at the local government level,which often occurs the state-owned enterprises affiliated to local governments have difficulties such as high debt scale,prominent repeated financing and huge refinancing pressure.Therefore,this paper analyzes the factors affecting the risk of expressway debt,and proposes targeted preventive countermeasures to ensure the stable operation and sustainable development of state-owned enterprises.This paper takes the KMHM expressway project as the research object.Through literature research and field research,based on the basic situation of the KMHM expressway project,the profile of the investment and operation entities,and the existing debts borne by the project,a preliminary list of KMHM expressway debt risks is obtained.Then,through the Delphi method and the use of expert experience to further supplement and amend,the final KMHM expressway project has a total of 22 debt risk factors in 7categories.And use the AHP to construct a risk matrix of different debt risk factors,and find out the main factors that lead to the debt risk of the KMHM expressway project,namely: shareholder debt default,financing scale reduction,limited financing channels,creditors requiring early repayment,breach of debt contract and increased future debt repayment expenses.Finally,according to the main influencing factors of debt risk,specific and feasible measures are proposed one by one,so as to improve the refinancing ability,endogenous development momentum and reduce the debt burden of the investment and operation entities of the expressway.