Research On Financing Of The Special Rail Lines For Passenger Traffic

According to the medium & long-term rail link construction development program, the special rail lines for passenger traffic (special line for short below) China intends to construct are over 10 thousand kilometers in next 15 years. At present special rail lines construction fund is in serious shortage, and mainly relies on government investment. So, widening of financing channel is the ultimate way to develop China special line construction cause.In this paper, the characteristics of special line financing are analyzed firstly, including economic and technical attribute of special line project, feasibility of financing as well as difficults faced. Then four kinds of management systems, including self-developing system, group-cooporation system, region-corporation system and rail link-net system, are put forward by the viewpoint of China government. Based on distinguishing features of different financing models and channels, this paper would discusse financing models or channels applying to every management system. Because pricing operating authorization is very important for financing of special line project, an analytical model is brought forward and elaborated on, especially a key parameter- corrected discount rate of risk. Finanlly, some rationalization proposals in law and policy to help bringing in private fund.