The Research And Innovation To Financing Tools Of Non-operating Infrastructure

The huge demand of funds for non-operating infrastructure has brought tremendous pressure to our government finance. But so far there is not a valid financing tool which can resolve this problem yet. The traits of non-operating infrastructure are the nominal commonality, natural monopolization and capital aggregation which determine the domination of government to the investment of non-operating infrastructure. Based on analyzing the transition of financing tools to non-operating infrastructure, this paper analyzes the main problems existing in financing tools: the singleness of financing tools, low efficiency, and instability in making use of financing tools. To solve these problems, one should innovate in the financing tools based on comprehending the trait of non-operating infrastructure deeply.According to this analysis foundation, this paper researches and improves the exercise of shadow fees and municipal bond in the item of non-operating infrastructure. For road construction etc. whose service quality can be measured we adopt shadow fees as financing tool. By analyzing the meaning and the pricing principia of non-operating infrastructure we understand its merit and shortcoming so that we can add the year of betaking and the main body betaking into the structure which perfect the shadow fees. On the other hand, we make use of municipal bond which is set in some suitable index as the financing tools for those non-operating infrastructure whose serving quantity are hard to be measured. We divide these into two categories: the serving quantity can not be measured absolutely and the serving quantity can be measured by some index. Different categories are represented by different index so as to measure the social welfare and we connect the issue of municipal bond with different pricing space determined by different non-operating infrastructure. By this way we can improve the drawback of GDP gross index in pricing area and ensure the accuracy of municipal bond based on shadow fees. At last, we discuss the use of the two financing tools in china and the macro environment of issue municipal bond, and explore the solving way of shadow fees financing tools.