Research On Financing Of Railway Construction Project

Commencing from the present condition of financing of Chinese railway construction, this paper points out two problems existing in the financing of railway construction project, including shortage of fund and inconsequence of the capital structure. In allusion to the problems existing in the financing of Chinese railways construction, this paper put forward some reasons. First, the low return of investment in the railway construction is the direct reason for shortage of fund and singleness of the investor, and the characters of railway industry, internal factor in railway, the investor's incomprehension of railway management is the material reason for shortage of construction fund and singleness of the investor. Secondly, railway construction project lack the evaluation standard of capital structure that is the reason for inconsequence of the capital structure. On the other hand, the statute of capital comparison in project is an obstacle for railway construction item to constitute a reasonable capital structure.Basing on above analyzing, using for reference of financing of foreign railway construction and local highway construction, this paper put out some advice. First, in the reformation of railway, railway has to classify the responsibility of the government and market, and railway enterprise should work in principle of market; Railway has to improve the relation of property right and the measure of railway pricing; Railway has to wide financing ditches so it can develop a multiple effect of funds. Secondly, in the capital comparison, reforming statute of capital comparison in project is the precondition for railway project to constitute a reasonable capital structure; Basing on the analyzing on theories of capital structure and character of railway construction project, this paper educe that railway construction project should apply multi-objective fuzzy optimization model to constitute the capital structure.