Research On Infrastructure Investment Portfolio Of Mountainous Townships In Southwest China In The Perspective Of Sustainable Construction

Mountainous regions are not suitable for larger scale construction due to the special geography and location.Therefore,townships play an important role in the development of these regions.Southwest China is a mountainous cluster because most of the region is covered by mountains which account for over 90% of the land area.There are a large number of mountainous townships in Southwest China,with outstanding cultural characteristics and ecological landscape,which indicates restrictive environmental protection and higher requirements for sustainable construction.In view of the important role of infrastructure on townships development,infrastructure sustainability is the key for sustainable construction of townships.However,the investment to infrastructure is very limited because of the relatively weak economic base in townships in Southwest China.As a result,infrastructure sustainability in China's mountainous townships is poor.On the whole,the insufficient investment supply restricts the infrastructure sustainability and the sustainable development of townships.According to the reports of the 19 th National Congress of the Communist Party of China,the major social contradiction in our country has been transformed into the contradiction between the people's growing needs for good life and the unbalanced development.The unbalanced development includes urban and rural development imbalance,regional development imbalance,and population development imbalance.Therefore,research on infrastructure investment portfolio in mountainous townships has great practical significance not only to improve poor infrastructure sustainability in mountainous townships in Southwest China but also to implement China's new urbanization strategy and solve the unbalanced development of the major social contradictions in our country.In view of the background and research purpose,based on the foothold of infrastructure investment to drive the sustainable development of townships and the research route of "analysis of current situation--analysis of function relationship--optimization model construction--empirical analysis",with the measurement of the contribution of infrastructure investment to sustainable construction,this research aims to explore the optimal infrastructure portfolio in mountainous townships in order to improve the poor infrastructure sustainability.The major research works are as follows:Firstly,beginning with the definition of related concept such as mountainous townships and infrastructure sustainability,application of the theory in this paper have been discussed including the theory of sustainable development,the theory of public goods and externalities,the theory of resource optimal allocation and the theory of portfolio optimization.Furthermore,with literature review including the construction and development of mountainous townships,infrastructure sustainability and assessment,and infrastructure investment,the related theories and related researches have been concluded and extracted so as to lay theoretical foundation for the whole research.Secondly,in order to concentrate on key points and in-depth study,the main five types of infrastructure,including road,sewage treatment,waste treatment,water facilities and fuel gas facilities,in mountainous townships in Southwest China have been identified by applying document research and experts interviews method.Accordingly,the construction content,investment characteristics including investment composition and exiting problems are all analyzed.Thirdly,this study employs the questionnaire survey,experts interviews,exploratory factor analysis and structural equation modeling to identify the constraints to infrastructure sustainability in mountainous townships.The analysis results demonstrate the important role of investment in infrastructure sustainability and indicate portfolio optimization as an effective solution.Moreover,in order to find the quantitative method of the function relationship between investment and infrastructure sustainability,this paper analyzes the influence mode and influence path of infrastructure investment on sustainable construction from the whole and the individual infrastructure respectively.Then,based on the proposed concept of ?sustainable contribution?,a comprehensive index system with 23 specific indicators and an evaluation model of ?sustainable contribution? have been constructed.Fourthly,in order to lay a theoretical foundation for portfolio evaluation,this paper puts forward the concept of ?dynamic investment effect? of infrastructure which explains the effect of sustainable contribution according to different infrastructure investment scale.Combined with Monte Carlo simulation method and probabilistic analysis,a portfolio optimization model based on comprehensive sustainable contribution evaluation is constructed.Finally,the practical significance and reference value of the model are verified through empirical analysis about Jiansheng Town in Chongqing.The study provides important references for the infrastructure investment decision in mountainous townships.Through theoretical model and empirical analysis,in this study,the function of infrastructure investment on sustainable construction has been explored,concept of ?sustainable contribution? and ?dynamic investment effect? has been proposed,an assessment index system of sustainable contribution and a model of different types of infrastructure investment portfolio optimization have been constructed.The result of this study could contribute to enrich related research and provide useful guidance on infrastructure investment decision-making and management for mountainous townships in Southwest China and even the whole country.