Study On The Investing And Financing Mode Of Comprehensive Transportation Hub In China

With the acceleration of developing the comprehensive transportation hub in China,the traditional investment and financing model,which contains fiscal fund "plus" bank loans by the government as a subject,couldn't meet the needs of increasing projects of the comprehensive transportation hub.Although the policies for investment and financing in comprehensive transportation hub are becoming more and more perfect,the social capitals are still restricted by several ways.Moreover,the investment operating should be increased efficiency,due to the inefficient investment and financing mode,imperfect incentive mechanism,inefficient information transportation and uncoordinated relationship among the participants.It is one of the issues central to determine its development of the investment and financing in the comprehensive transportation hub.As a complex system,investment and financing for comprehensive transportation hub possess the characteristic as follows:Information separating and asymmetry,independent decision-making,freed choice and free trade,and there are many participants with different individual goals which exist couplings and conflicts.The mechanism design theory is just to study how to design a suitable mechanism to achieving both public and individual goals,based on the components and objectives of the system,in the case of information dispersion and information asymmetry.The mechanism design theory is a kind of methodology,which provides a new way to solve the problem of investing and financing the comprehensive transportation hub.It was researched on a new mode and operating mechanism of investment and financing for comprehensive transportation hub,taken the mechanism design theory as a guidance,taken the incentive compatibility and information efficiency as a core,planed the government and markets as a whole,considered individual and overall objectives as a balance.The main research contents and conclusions are as follows:(1)Based on the economic attribute of the comprehensive transportation hub and the actual situation of Chinese development,both the government and the social investors could be the subjects of the investing and financing activities.Between them,the government departments were divided into two categories of central government and local government.The national transportation authorities which represent central government is the functional departments in the field of national transportation which thoroughly implements the national decision-makings and arrangements,as well the main responsibility of the external transport,such as the China Railway Corporation and the Ministry of transport.The local government is responsible for the local transport mode.There are not only the couplings but also the conflicts between the investing and financing objectives from different investment and financing subjects.(2)The research on the game of the investing and financing between the national transportation authorities and the local governments was essentially a game between the subjects form different modes of transportation.The gambling result was that both sides tend to be independent investment,as the different subjects were on their own ways to investing and financing.When the subject for one mode of transportation played a dominant part,its income was larger,and the subordinate' s preferences would depend on both sides of the marginal revenue.The cooperation between the two sides of the game was balanced by Pareto.In the Pareto cooperation program,the national transportation authorities and the local government would not be lower than the non cooperative game.Therefore,the different subjects could set up an investment company to accelerate the construction of a comprehensive transportation hub.(3)The government departments tended to take "incentive policy" strategy,and social investors tended to take "participating the investment and financing" strategy,as a kind of evolutionary stable strategy,based on the following conditions:?For the government,the return of investing and financing was more than the sum of the cost of formulating incentive policy and the cost of transfer payment;?For social investors,the sum of the transfer payment and minimum investment income and extra income obtained by the social investors are more than the investment cost for comprehensive transportation hub project.(4)When the efforts on the proposal and design phase produced a positive externality,the government departments could authorize the enterprise or joint venture with multiple responsibility to designing,constructing and operating of the overall,so as to get a positive effect on building the comprehensive transportation hub.The benefits were not only to improve the quality in construction and operation but also the social net income.(5)Constructing LC-PPP(Life Cycle Public-Private Partnership)investment and financing mode for comprehensive transportation hub in China.The model is a more closely,operating in the form of joint stock system.The social investors were taken part in the phase of planning and decision-making of the project,with strong financial resources and rich experience and strong anti risk ability in building comprehensive transportation hub.The companies were shared by the government departments and social investors,which was solely responsible for the project investing and financing,designing,constructing,and operating.The cooperation between government departments and the social investors would be throughout the project life cycle,by operating the facilities(both quasi operating facilities and operational facilities)to cover the costs of construction and operation,and earn well.Social investors were introduced in the decision-making phase,benefit for the relevant parties with different interests would take the systematic and strategic joint action for the demands of the whole life cycle of the project.(6)Based on the information efficiency and incentive compatibility,the operation mechanism of LC-PPP was analyzed from the incentive mechanism,information sharing mechanism,supervision mechanism to analyzed the operation mechanism of LC-PPP.Incentive mechanism was analyzed from three aspects:interest compensation,interest allocation and reputation constraint.The asymmetric Nash negotiation model was constructed,not only variables of investment proportion and risk sharing parameter,but also operating performance,which was considered the contribution to the comprehensive transportation hub project between government departments and social investors in the interests distribution.Variable of reputation was introduced into the principal-agent model,which was more compatible with the incentive social investors maintaining a good image and credibility,therefore reduce opportunistic behavior of the social investors.The information sharing mechanism could reduce information cost,integrate the different links and the different elements in the same link by building the design platform,construction platform,and operation platform.Supervision mechanism was researched from both direct supervision mechanism and indirect supervision mechanism.Direct supervision could be done from power supervision,rights supervision and multi-supervision.Government can supervise the social investors indirectly by supervise the external environment.(7)In order to make the LC-PPP mode of comprehensive transportation hub running smoothly,government should clear the responsibility of the investment and financing rights by legislation;provide professional guidance;perfecting the fiscal and taxation system for comprehensive transportation hub;establish efficient and fair market access regimes;improve land-use policy.