Study On Construction Financing Of High-Speed Railway By Applying Asset-Backed Securitization

To solve the bottleneck of development made by old network of railway, and to develop our railway faster, Ministry of Railway is preparing to construct high-speed railway large-scale, which has been written in the long-term railway network programming announced last year. If use the traditional financing methods of railway, the huge capital investment will be the biggest obstacle of this great plan. So, some policies of reforming railway financing system have been announced from last year. Many scholars also have been encouraged to research the new financing mode for our high-speed railway.According to this situation, after comparing the railway financing conditions between the world and China, this thesis puts forward the assumption of applying asset-backed securitization as a new financing way for high-speed railway construction, and then it analyzes the theory and development of asset-backed securitization. In the core part of it, based on the feasibility study, this thesis designs the operation mode and procedure for such application. Then, it studies how to price capital and how to measure financing efficiency in this application. In the end, it also discusses the main difficulties and risks about this application.All the conclusions in the thesis are based on the files and dates which announced by authorities. Some dates are also from Ministry of railway's scientific research project: "Technique and Economy Appraisement about the High-speed Railway from Beijing to Shanghai", which I have taken part in.In a word, by studying the assumption of applying asset-backed securitization as a new financing way for high-speed railway construction, the thesis tries to do some contributions to widen the ways of railway's construction financing, reform railway financing system and apply asset-backed securitization in China. In addition, this application has strong realistic meaning and expansion value in the sector of China infrastructure projects which have good profits in the future, especially fits to many cities' orbit transportation projects today.