The Debt Programming Method Of Expressway Developed Enterprise

Large funds and less supply of expressway have been the major problem that threats the sustainable and healthy growth in transportation development of China. Currently, the debt financing of expressway development enterprise is mainly from domestic and foreign banks. With the continued construction of expressway projects and the continued increase in the amount of debt, the debt capital cost and the financial risk of expressway development enterprise is increased. So an important decision of expressway development enterprise is making the programming the debt scientific,and finding a reasonable debt quantity and structure, as far as possible with limited, low-risk debt funds to gain the maximum benefit, thus promote the development of expressway industry.First, this thesis analyze the causing reasons and properties about expressway development enterprise. Then, detailed analyze the features, principles and standards of debt programming. And points out the main categories, the choice about programming stages and the influencing factors of the debt programming of expressway development enterprise. Then, the debt muti-stage stochastic programming model of expressway development enterprise is established, and it has been used to HN expressway development enterprise. By using the genetic algorithm, this thesis gains the debt planning scheme with biggest earnings, the results showed that the method is preferable. Finally, it introduces the safeguard measures of debt programming about expressway development enterprise. Mainly from the three aspects as following: establish implementation and control department of debt planning, formulate debt management system, strengthen the information management.This thesis sets up the debt programming model to solve debt funds problems for expressway development enterprise. Model has good extension and application, which have great theoretical value and application value.