Study On Methods Of Synthetical Appraisement Of Project Financing Capability And Its Risk Management

The project has become the key which an enterprise develops; it is carries on in the complex nature and the social environment, influenced by multitudinous factor. With our national economy rapid development, take the energy, the transportation, the communication expands unceasingly as representative's infrastructure construction investment scale, the technology for project is more complex and more, the engineering construction uncertainty increases, as well as the domestic priority project market is opening to the international, the construction market internationalization trend already forms the serious challenge to the field of our project management science and the engineering construction enterprise. It was very difficult to satisfy the call for growing fund of project through merely the traditional financing way In order to adapt the project management practice development, project financing took one new financing way emerges rapidly in the worldwide, attached much weighty by people. Project financing is one kind of special financing way taking the project property and the anticipated income as the guarantee, with the limited recourse or without recourse. Whether the investment plan feasible as well as whether does implement smoothly, is decided to a great extent by the project financing success or not. Especially for the large-scale construction and the infrastructure project, with the construction cycle long, and the risk high, and the fund big demand, requesting very high capability of project financing, it is the key how to collect the full large amount fund for the project smooth implementation. If there is the problem in the project financing aspect, the project is difficult to implement even if the project with the technology feasible and the economical reasonable. However, if the project selects the correct financing method, and puts into practice according to the standard reasonable procedure, then it is entirely possible to achieve the enormous success. Summarizes the domestic and foreign project financing practice, success ratio is quite high in the developed country, but is low in the developing nation as a result of the project financing operation complex degree.This dissertation, based on tracking project financing international front research results, summarizes the experience and the prominent question of project financing to practice and to study the aspect in our country. Taking the theory of the system integration, the financial engineering and the project management and so on as the foundation, it researches the inner link between the method and the tool which project finances applies in the entire process, in order to realize the project financing the entire process assessment method's metasynthesis. This dissertation research results have the important theory significance and the practical application value to enhance the project investment decision-making the reliability and the serviceability, to realize investment system design and the overall management philosophy, to use reasonable limited manpower and the physical resource, and the financial resource, to reduce the item cost, to enhance the investment benefit, to avoid investment blindness.This dissertation core part has six chapters, first chapter of, the introduction, second chapter of, the project financing theory and the practice analysis, third chapter of, the project financing risk management research, fourth chapter of, the project financing risk quality synthetic evaluation method, fifth chapter of, the project financing capability metasynthesis assessment method model study, sixth chapter of, the project financing risk countermeasure strategy research, seventh chapter of, the empirical research.The first chapter mainly introduces paper selected topic basis and studies the significance, as well as this dissertation research method and the content, summarizes main innovations of this dissertation.Second chapter is this article foundation part, mainly starting with the project financing concept, the characteristic as well as operation procedure, makes a simple analysis to project financing, in order to has an overall assurance to the project financing important question - - project financing structure and the pattern. And analyze and summary project financing in the international and domestic practice, builds the foundation for as follows to the project risk management and the financing capability appraisal research.Third chapter researches on the project financing risk management questions, beginning with the research project financing risk management implication, discusses its significance, the characteristic and the base program. It summarized existence question in the practice and the theory of the project financing risk management aspect in domestic and foreign, proposed the method and the tool of the project financing risk recognition, the appraisal and the control in its entire process, and countermeasures to risk.Fourth chapter is studying in a deep going way of third chapter; it has emphatically studied the project financing risk assessment method. First aiming at project financing participators, it has established the project financing participators'risk assessment index system, has constructed the financing risk multistage fuzzy recognition synthesis judgment model; Next in view of the entire process risk of the project financing, it has constructed the gray fuzzy quality synthetic evaluation model. Finally used these two risk assessment unified model separately to conduct the empirical research to two project financing example in our country.Fifth chapter is this article core, based on analysis project financing risk of third, fourth chapter, has firstly studied the influence project financing capability fundamental factor, has established the project financing capability integration synthetic evaluation index system, carries on the appraisal using the gray fuzzy synthetic evaluation model method through considering the project reality; Next, embarking from the project's stakeholder, using the multi-objective programming decision-making model, it has established based on the project's stakeholder project financing capability metasynthesis appraisal model. Sixth chapter is empirical research. Shenzhen-Hongkong x road channel project is chosen through the investigation. This project, from 1996 proposed the project concept, began officially to 2003, and spent more than five years to carry on the proof. Began from the project financing structural design, this project financing entire process is analyzed, the project cash current capacity model is constructed; According to index of system and method, uses the gray fuzzy quality synthetic evaluation model, through the expert investigation method, to appraised the target from the quota and the qualitative two aspects to determine a value, finally has obtained this project financing capability level.