Study Of Investment And Finance Model For The Xi'an Third-Ring Road Project

On the basis of project-differentiated theory, this paper proceeds from combining theories and practice, and lays equal stress on normative analysis and empirical analysis. By analyzing and comparing cases, it does a systematical study on the finance and investment models for the project mentioned above. The paper develops from proposing problems to analyzing the problems to solving the problems.First, this paper expounds the basic concepts of project-differentiated theory, Urban infrastructure and the finance and investment models. It presents the elementary conditions of the objective studied (Project of the Third-ring Road) and analyzes the pros and cons of the present finance and investment model for the project.Second, on the basis of comprehensive studies, this paper introduces the present general finance and investment models for urban infrastructure construction from both the traditional way and finance innovation. The finance and investment models belonging to the traditional way includes capital stock model, bond model and mixed model. The capital stock model is the fiscal input model. The bond model includes the credit input model and the municipal administration bond model. The mixed model includes " fiscal input+credit input" model and trust model. The finance and investment models in view of finance innovation include infrastructure investment fund model, BOT model, ABS model and ADR model.Third, the paper introduces the successful practice and beneficial attempts in such models of developed countries, and based on this introduction, it puts forward the model structure for the Third-ring Road Project including the municipal administration bond model, industrial investment fond model, BOT model and ABS model, etc.Last, after the analysis of the barriers to realize this construction, the paper proposes the counter-measures and suggestions to overcome the barriers. The barriers are from the law of investment and finance, investment and finance systems and market-entry permission. The corresponding counter-measures and suggestions include: to revise the prevailing laws and regulations of investment and finance in our country, and bring about a fine legal environment. Second, to reform the prevailing investment and finance system, and set form a new innovative system suitable to the opening of market economy. Third, encourage private capital to invest the field of urban infrastructure constructions initiatively, and perfect the investment and finance market for this field.In a word, there is no best investment and finance model for the Third-ring Road Project but the most suitable one. It is only after choosing the most suitable model that this project can achieve the best economic and social benefits.