Study On Mode Of China’s Railway Project Investment And Financing On The Basis Of PPP

As an important national infrastructure, railway plays an important role in economic and social development. In accordance with the Middle to Long-term railway’s development plan and the twelve five years development plan, the average annual investment on railway construction is about600billion Yuan. Currently China Railway Corporation may have to bear a huge debt of3trillion yuan. Therefore, the most important issue is to guide the social capital to railway construction.The dissertation analyzing the investment and financing conditions of the former Ministry of Railways, finding a lack of investment resources, insufficient to attract private capital and a huge debt problem of former MOR. Therefore, China’s railway investment and financing system reform must be carried, and the idea of which is discussed.Then analyzing the current situation of China’s railway, pointing out that China’s railway construction must rely on innovative financing modes. Then studying the operating modes of the joint venture railway, pointing out that self-management model can effectively ensure Shareholders’ equity, which is suitable for the joint railway.After comparing several financing modes such as BOT, PPP, ABS and PFI, and based on the current situation of China’s railway investment and financing, the PPP railway project investment and financing mode is proposed.The paper discusses the operational mechanism in detail. Analyzing the interests of stakeholders and contract structure of PPP railway projects, and analyzing the optimal equity ratio of public and private. And from the perspective of the cost of capital, studying the capital structure of railway PPP project.Analyzing the income situation of China’s railway as well as China’s railway revenues. Multiple regression analysis is used to find the railway traffic demand function and Revenue demand function.Under the principle of the distribution of PPP projects, the PPP project revenue allocation model is based on the corrected Shapley. This allocation mechanism not only considers the contribution of each investor but also considers their own risk, the proportion of investment and the implementation of the contract.After analyzing the economic evaluation and social evaluation of PPP railway project, a VFM-based railway project evaluation system is established.Finally, this article studies the case of Meng-Hua coal channel, analyzing the interests of stakeholders, project financing structure and capital structure, calculating the income distributed by PPP project on the method of corrected Shapley.