Study And Applicable Analysis Of Financing Modes For Railway Construction In China

At present, China railway is in the development stage by leaps and bounds. According to the objective of "Railway Network Planning in Medium and Long-term", national railway operational mileage will reach 100,000 kilometers; Passengers and goods transportation are separated to ease the main busy routes; Double-track rate and electrochemical rate will reach 50%; freight capacity will meet national economy and social development's need; key technology and equipment will reach or approach advanced international standard in 2020. It estimates that it is necessary to invest 2 trillion Yuan, an average of more than 100 billion Yuan to actualize such large-scale railway construction. Such annual investment amount, is doubled than that over the past five years. It has failed to meet such annual average of more than 100 billion Yuan of investment demand through the main financial channel of railway construction fund and bank loan presently. Consequently, there is a huge gap in railway construction fund. Therefore, how to promote railway investment and financing system reform to innovate financing mode, develop new financing channel and break a new path to accelerate railway development using market system? It has become a major urgent issue of railway development by leaps and bounds.Firstly, institutional factor and financial bottleneck affecting railway development, fund demand status and value of railway investment are studied in this thesis, which is analyzed according to macroeconomic environment and industry enyironment analysis method. And then it is pointed out financial mode of China railway construction project should be developed in diversified aspect based on the analysis on financial mode of developed countries' railway project such as Japan, America, Germany and France. BOT, PPP, ABS, Financial leasing, stock, bond and other financial modes are introduced. The feasibility of such financial modes applying in China railway construction project is analyzed in succession. Advantages and disadvantages of these financial modes are studied combined with the classification of China railway project. On the basis of it, PPP and financial leasing are consider as the suitable financial modes of railway construction project, which is consistent with China's national situation. The last part is on empirical study. Financial mode PPP is useful to ease the shortage of railway construction fund and introduce into advantage technology and management experience based on the case which is Quchang and Shuohuang railway adopt financial mode PPP to achieve public-private operational construction. And then, diversified financial program PPP and financial leasing are designed to apply in Hainan East Ring Line construction project.