Study On Infrastructure Project Financing And Capital Structure For Optimization

Railway is not only an important national infrastructure but also the popularization of transport. Railway plays an important role in the transport infrastructure projects. Railways play a more effective role in promoting the economic and social comprehensive, coordinated and sustainable development. Railway construction has relied on the government sector investment and bank loans as the main sources. It is difficult to meet the capital requirements. There is serious gap in funding. Currently railway faced with a series of problems, such as single investors, financing channel scarcity and structural imbalance, which seriously hampered the construction and development of railway projects.This paper attempts to start from the essence of project financing mode, construct the project financing model with the innovative design process. It get rid of the constraints of traditional project financing mode selection, and regard project financing model as a dynamic design process, to the origin of project financing models for essential starting point, namely project finance model is considered the characteristics of the project, project existing in the operation of all kinds of risk factors and may risk allocation methods, financing source and so on many items based on the characteristics and requirements of project financing, in each element of the organic integration and establishment. This article mainly from the following several aspects of the thorough discussion:Firstly, using stakeholder theory classifies the railway project financing participants, facing the project finance problems as an open system, from a system point of view, using the method of coordination constructs project finance participants'interactive coordination mechanism. Project financing mode design problem is essentially combine each project financing participants, and integrate each project financing participants mastery of the resources, so as to provide the resources required to project. Between participants in project financing through constructing harmonious mechanism, make each participants in project financing system harmony, then transferred each participant's enthusiasm for the project, provide a mechanism for the protection of project implementation.Secondly, constructed based on the time dimension, the risk category dimension and the risk effection of the risk matrix assessment model, and assess the risks of project financing. Finally, combined with literature review of project financing risk was constructed frame structure.Third, in analyzed the influence factors of project financing pattern design, take DEMATEL method into the design of the project financing model, and explore the main influencing factors for the design of the infrastructure project financing pattern. As the basis for combining the stakeholder demands and the possible risk-sharing strategy, design the railway project finance pattern. Finally, use of coordination mechanisms for financing the system participants the opportunity to build the project financing model mechanism for the effective operation of the protection.Finally, based on the capital structure that is shown by project financing model, taken four targets in a balanced as optimization criterion, the targets including project viability, project value, project financing cost, project financing risk, the paper establishes optimal evaluation index system of railway project from five aspects of the project viability, financing costs, financing risk, project solvency and profitability. The multi-objectives model is built based on the method of Grey Evaluation and AHP to carry on the optimal evaluation for financing structure of railway project, at the same time prove the practical and validity of the model using the case, in order to provide a viable capital structure optimal evaluation model for the railway project financing.