An Investigation Into Structures And Strategies Of Financing Of Highway Projects In China

The dissertation is a study of the financing of highway projects based on the theories of the financing structure, together with positivist component analysis and correlation analysis. From the multiple perspectives—the level of corporations, of projects, and of capital income rate, the main factors influencing the financing structure of highway enterprises and of highway projects are highlighted respectively, and the different financing structures for highway projects with different capital income rate are designed to reduce the financing cost.In the level of corporations, with the focus on the 21 listed highway enterprises in China, 5 major factors are identified via component analysis, which will influence the financing structure of the listed highway corporations. They are the corporative scale and structure of the shareholding, non-debt tax shield, feasibility of the development, ability to gain profits and to pay off the debts in the short term. Through correlation analysis, it's discovered how the 5 factors influence the financing structure, and that there exists the obvious negative correlation between the corporative scale and structure of the shareholding, non-debt tax shield, ability to pay off the debts in the short term and the financing structure.In the level of projects, the theories of financing structures relevant to the study of corporations are applied to the study of highway projects because of the special attributes of the sum of the capital, operating patterns and time limits of the existence of highway projects. It's concluded through component analysis that for the projects, their ability to pay off the debts in the short term, to gain profits , to develop and to operateted well are very important. Among all of these, to gain profits have profound impact on and have the positive correlation with the financing structure of highway projects. The projects with adequate capital income rate should have much higher debt rate.From the perspective of the capital income rate of the projects, it's discussed how the highway projects with different capital income rate plot their financing structure to reduce the financing cost. The highway projects with higher capital income rate are advised to increase capital debt rate and those with average capital income rate just to decrease capital debt rate. And the highway projects for the public welfare with much lower capital income rate should also reduce their capital debt rate to raise the proportion of their own capital to cut down the financing cost.