Research On High-Speed Railway PPP Investment And Financing Mode

High-speed railways have features:long-time construction, high-tech involvement as well as large demand of funds. The key point of successful high-speed railway construction is to effectively attract the social capitals.Our railway financing channel over the years is single, which depends on the government investment that has limited the amount of construction required fund; meanwhile, the network-type characteristic of railway industry also limits the investment motivation of social capital in railway construction. In this context, to introduce the market mechanism, to apply the PPP mode, to attract the private investment into the railway infrastructure construction can effectively increase the supply of construction fund and improve the efficiency of railway investment and operation, therefore, to combine the PPP financing mode and the specific situation of our high-speed railway construction practice will be beneficial for exploring the operational financing mode and having far-reach impact and significance.This paper is based on the analysis of the technical and economic characteristics of high-speed railway, through the advantages comparison between high-speed railway and other means of transportation, to emphasize the integrated transport efficiency, and furthermore, depending on the relationship of funding sources and market, to divide the financing modes into two categories:traditional financing modes and modern financing modes, then comparing different investment and financing modes. Combining foreign high-speed railway investment and financing situation, it analyzes the investment and financing modes of foreign high-speed railways, especially for the successfully developed high-speed railways in Japan, France, Spain, etc., to emphasize the diversified financing channels and diversified financing models characteristics of government-led investment, local government participatory investment, capital market financing and PPP project financing. Combining the present situation of domestic high-speed railway development as well as the cooperation relationship, risk management etc. of PPP mode, to get the conclusion that the most suitable financing mode for our high-speed railway construction is PPP.