A Study On Financing Instrument Choosing For Urban Infrastructure By Fuzzy Consistent Matrix Method

Urbanism is the important aspect and realizing means of society modernization, urbanism depends on the urban infrastructure. At present, China is at the starting point of urbanism accelerating period. The construction fund for urban infrastructure is hugely demanded. The new financing methods should be exploited actively to relieve the shortage of the fund, while the capital market is a very important method to achieve this target.This article firstly discussed the financing theories that the scholars have reseached. and summarized the productions about the urban infrastructure financing ,pointed out the blankness that the scholars didn't arrive at,that is how to choose the best one of the financing instruments existed in the capital market. Then this article compared the four typical financing methods (industrial investment fund,stock financing , corporate bonds financing and trust financing)which are suitable for the urban infrastructure construction, pointed out their advantages and disadvantages for the urban infrastructure financing. After analyzing the classic financing theory and Chinese capital market's reality, this article built the evaluation index system, compared and ranked the four financing methods using the fuzzy consistent matrix which has the advantages at choosing the best project with multi-factor and multi- level, at last found the best financing methods for the urban infrastructure construction.The viewpoints of this article are as follows: the stock financing has the obvious advantage in financing risk and its financing cost is low in the short term, so it becomes the most suitable financing instrument for urban infrastructure; the corporate bond ranks second in the four financing methods because of its low financing cost and the long maturity. At the same time, because the urban infrastructure investment company can not achieve the conditions for being listed in the capital market, corporate bonds will take a very important position in the long run. Trust financing and industrial investment fund can be used as the spare instruments. In the last part this article pointed out the shortcoming of this article and the emphasis of the later research.