Research On The Risk Of Diversified Financing For Highway Projects In The Context Of New Infrastructure,New Urbanization Initiatives And Major Projects

With the rapid development of China’s economy and society,the demand for national highway construction continues to grow.Premier Li Keqiang proposed in the "Government Work Report" that "two new and one major" which included the construction of transportation,water conservancy and other major projects was the key construction content of the next phase of work.The highway industry is a capital-intensive industry,and the construction of major highway projects is even more so.Highway industry has traditionally had the characteristics of heavy debt burdens and large capital requirements.To solve the financing problem of highway projects,the state also put forward a series of policies to broaden the financing channels of highway projects and promote the diversified development of highway financing.Special bonds for toll roads,infrastructure REITs and other financing channels are launched in the highway field on a pilot basis.By analyzing the current situation of highway construction and financing,diversified financing combinations are proposed under the new situation for two types of highway projects,and a risk study with two diversified financing combinations are conducted as examples.Firstly,the existing main financing channels for highway projects are analyzed from the perspectives of definition,application status,characteristics and transaction structure.The applicability of diversified financing for highway projects is analyzed from three aspects: the current situation of construction investment,problems faced in financing and advantages of diversified financing for highway projects.Based on the analysis of main financing channels and applicability of diversified financing,three kinds of diversified financing combinations for the government repayment and operating highway are constructed.Secondly,the diversified financing portfolio of "government investment + toll road special bonds(debt funds)" is used as an example to analyze the risk of diversified financing of government repayment highways.The risk identification is carried out from the perspective of local government,and the hierarchy of risk factors is obtained by using interpretative structural modeling method(ISM),based on which the risk factors are analyzed and risk response suggestions are made.Again,the risk evaluation model of the diversified financing portfolio of "social capital/government investment + bank loan + infrastructure REITs" is constructed as an example.The risk factors of "social capital/government investment + bank loan +infrastructure REITs" are identified,the risk evaluation index system is constructed.The evaluation model is constructed by the grey comprehensive evaluation method,and the index weights are determined by the expert scoring method and decision making and trial evaluation laboratory(DEMATEL).Finally,the theoretical verification of the risk evaluation of diversified financing of "social capital/government investment + bank loan + infrastructure REITs" is carried out in the context of the Hang Shaotai Highway(Taizhou section)project.And response strategies are proposed in response to the risk evaluation results.The study of diversified financing mode for major highway projects is enriched by introducing the financing channels such as toll road special bonds and infrastructure REITs in the diversified financing mode for highway projects.A theoretical basis is provided for diversified financing risk management.The theoretical research on diversified financing risks of highway projects and financing risks of special bonds and infrastructure REITs in the highway field is enriched.