Research On Management Of Expressway Concession Project Investment & Financing

Express way is the national infrastructure of heavy investment and long-term construction, which pays back significantly to the society. For such capital intensive industries, the key issue for the development is investment and financing. However, to raise enough construction fund and then to use it safely and efficiently, an effective investment and financing system is a must. As the national and local finance will be insufficient for a long period in the future, which is not likely to meet the demand of the express way construction, the government-franchising express way construction has come into being and made great contributions to the construction and development of the national express way. Nonetheless many new problems, such as the investment and financing factors, the rights and obligations of the main bodies of franchise, the framework of the investment and financing system, classification of investment and financing modes, assessment and management of investment and financing, have risen in the actual practice, and have become the hot issues of express way franchising investment and financing management. This paper is of great significance both theoretically and practically to study the management of investment and financing of ECP (Expressway Concession Project). The main research and originality is as follows:(1) Heavy investment is needed in express way project, so the key to carry out project successfully is to solve the problem of investment and financing. There is a comparative analysis from financing formation theory, the effect of capital in economic growth, financing institution and financing structure theory etc, and the paper researches the concept and theory of express way economic attribute. Because of the quasi-public goods characteristic of express way, capital should be supply by government and the production may not necessarily be organized by government, which laid a theoretical foundation for the rationality of express way project franchise.(2) The paper analyzes influence factor from macroscopy and microcosmic thoroughly, and builds Hierarchical structure model about influence factor of express way investment and financing mode. From the macroscopic level, the development of science and technology affects the economic attribute of expressway, total social and economic status affects the supply and demand of expressway, besides, social economic, political and legal system also affect expressway. From the micro perspective, due to identical character and motivation, many stakeholders such as the government, the project sponsor, project company and creditor, play different roles in the process of investment and financing of ECP.(3) the article comparatives the process of investment and financing of expressway, analysis the problems of investment and financing of expressway, puts forward that due to adapt to the social and economic development to expressway of our country, we should construct a dominated government investment, multi-level and multi-channel highway financing system framework.(4) Using the theory of ideology, the article analysis the relationships of franchisor and franchise in the selection of investment and financing of expressway, puts forward the design concept of the BOT-TOT (mixed) franchise financing mode, confirms relationships of each other in assorted mode by description of the concept of generalized function, and predicts variables of generalized function by supporting vector machine forecasting methods, provides the gist of BOT-TOT mode.(5) By identifying and classifying the risk of ECP, the article analysis the risk in different subjects and stages, evaluates the risk of ECP by comprehensive using evaluation method and triangular fuzzy number sequence method, and constructs corresponding risk management strategy for replying different types of risks.(6) Based on a concrete case of expressway concession project, the article analysis construction of its risk factors, does some quantitative calculation by analytic hierarchy process, educes the order of various risk influence, and provides corresponding measures and countermeasures to reply some relative large risks.