Liabilities Risk Management Research Of Expressway Project

The quick development of expressway makes an excellent traffic basis for the national economical development. But it also gives rise to many new problems, prominently one of which will be the liabilities crisis probably arose out of the huge debts. It is understood that all of the expressway projects have borrowed enormous amount of money from domestic or overseas banks. These debts will be paid off by future running income of the expressway companies. The continuous building of expressway accumulates debts constantly. One of the urgent problems which expressway enterprise is faced with is how to improve liabilities risk management, and how to assure the sustainable development of expressway.I have thought of these questions many times and have studied relevant books and articles. Combined with reality, I determine on three sides the basic clue and research approach of this article as follows.The first aspect treats of the elementary theory and the process of project risk management, analyses the world bank's different approaches of six phases and summarizes its advanced experiences on project risk management.The second aspect puts forward five processes of expressway project risk management. They are identification, estimate, evaluation, response, scrutiny and control of project risk. This thesis discusses their approaches of risk management respectively by both qualifying and measuring analysis.The third aspect puts forward three principles of expressway project liabilities risk management, studies and treats of the theory and approach of its liabilities management during the raising period and the running period. This part also analyses the factual liabilities status and the peculiarities of Hubei provincial Jingzhu expressway project. It forecasts the NPV and evaluates the payment competence by IRR exponent of the project.It is believed in this thesis that the liabilities risk management of expressway project is an integration of raising risk management, investing risk management and paying risk management. The managerial effect of investing risk management, which is included in the project risk management, decides economical benefits of the project. It plays an important role in the liabilities risk management. Raising risk management aims at decreasing capital cost and guarding against raising risk. Liabilities risk management during running period aims at seeking the most appropriate assets-liabilities structure according to the change of running and financial circumstance, and at decreasing raising cost and raising risk.