Study On Sustainable Mode Of Investment And Financing Of High Speed Railway In China

With the development of economy in China, railway transportation is becoming a restraint of better and faster development. China has described an enormous development plan of high-speed railway (HSR) in the Railway Middle to Long-term Development Plan and the Eleventh Five Years Development Plan. It loomed large that how to attract the private capital to invest the HSR.First, after introducing the definition and characteristics of HSR, and analyzing the controversy of the HSR, the dissertation then pointed that innovating the mode of investment and financing is the key to the enormous development of HSR.Second, referred the operation experience and lesson of foreign countries, and the problems in railway management system in China, the dissertation found the operation mode unified railway network and train transportation is a practical choice. Based on this operation mode, the existent system of investing and financing in China, and the investor's attitude to property right, the dissertation summarized the investment and financing mode—Closer Public Private Partnership(CPPP), which is joint investing, subsidized in operation and impeccable title controlled by government. CPPP's expression is B-SO-O, and its essence is closer partnership between public and private investors.Third, the dissertation deducted the profit function of HSR project, analyzed the relationship between profit and fare, volume and gross investment according to the function. The dissertation then analyzed the impact of HSR on local area economy, quantified the indirect yields of local government and the Department of Railway, summed up the total yields, which formed the interest sharing scope and system of the HSR strategic alliance. Then, from the point of view that how to build the closer relationship, based on the theory of strategic alliance and the Bargaining Model, the article set up the interest allocation system and compensation system among investors in order to achieve closer partnership between public and private investors.The article then studied the case of Shi-Tai HSR, calculated its total yields and allocated to investors, and found the enforceable compensation way and suggestions which can make the mode of investment and financing sustainable, so as to achieve the enormous development of HSR.Last, from the fields of economic sustainability and closer partnership, the dissertation tried to set up the evaluation frame of sustainable CPPP of HSR.