Research On Investment Management Of Passenger Dedicated Railway Line Based On Integration Of Construction And Operation

With the rapid economic development and consistent improving of people's living standard in China, passengers' demand for fast- traveling is expanding and projects of passenger dedicated railway line (PDL) are flourishing domestically. High-technology, advanced equipments and huge investment are the main features of the infrastructure of high-speed PDL. The cost of one PDL can be several billion Yuan at least, and more than hundreds of billions Yuan at most. Currently, because the construction funds of the Ministry of Railways are relatively insufficient, some people of vision turn to capital market which contributed a lot to the development of expressways, hoping to relieve the financial difficulties in the process of great-leap-forward development of railways in the way of capital rising.So, to raise a question: PDL projects depend on what to attract multiple investors? According to the author's view of point, institutional reform of investment and capital raising, entrepreneurial management approaches, and sound relevant regulations and laws are necessary for PDL companies, but the in-company investment management is the most important factor to attract investment. That is, PDL companies must make stable and generous profits for multiple investors by effective management of capital, which is the biggest motivation for investors.After analysis current development situation of transportation, the requirements of modern enterprise system, and the emerging integrated project management ideas fully, this paper propose that corporate of PDL companies should make integrated life-cycle management with the PDL which based on mode of the "integration of construction and operation".This paper is divided into five parts. The first chapter is the introduction to research background, significance, methods and main contents of the paper. In the second chapter, Based on the demands of structure and content , the auther establishes the whole life-cycle theory, value engineering, game theory and principal - agent theory as the theoretical basis of this study, and makes a detailed introduction to these theories which are involved in. In the third chapter, the author takes the integration of construction and operation mode as the research foundation of the investment management of PDL projects by the means of narrating and analyzing the construction and operation mode of traditional railways and overseas high-speed railways. In the fourth chapter, the author divides the life cycle of PDL projects into several stages and elicits a relatively reasonable and Concise math assessment model by making in-depth study on the comparison and selection of schemes in decision-making and design which are two key stages in investment management of PDL projects. In the fifth chapter, from the perspective of the Corporation of PDL projects, the author takes the preferred schemes of PDL projects from the decision-making and the design phase as the management objectives and makes much study on the internal management problems in the two stages of construction and operation of PDL company with the help of game theory and principal-agent theory. In the end, it comes to the conclusions of this paper.