Study On Financing Strategy Of The Investors Of BT Mode Based On Optimal Capital Structure

China has long established government-oriented investment system, and directgovernment investment has been the most important source of funds for infrastructureconstruction.In order to solve the lack of construction funds and accelerate the pace ofinfrastructure construction, at all levels of governments are keen to promoting thelocal development in BT mode. Parts of the large construction enterprises participatein the BT mode project as an investor play the comprehensive advantages of thetechnical and financial, so as to achieve rapid development. Investors need to take theappropriate financing channels and ways to raise substantial funds for construction ofthe BT mode, at the same time, the investors should take full consideration of the costcontrol. However, in the process of implementation, the majority of investorsdetermine the investment yield according to the construction profits or beatingforehead never considering the cost problem caused by the capital structure, this maylead to projects completed successfully, and even lead to bankruptcy of the enterprise.Therefore, this paper studies the financing strategy of the investors from the view ofoptimal capital structure in the perspective of investors. With the increasinginfrastructure needs, the lack of government investment is to become the focus of theproblem in China’s government investment projects.This paper outlines the application, classifies and processes of the BT mode, fullydiscusses the specific implementation of the BT mode and obtains the investors actingas a role in various BT mode types. Then, the paper carries out the study from the twoaspects of investment structure and financing structure and takes the capital structureoptimization as the study objectives. Under the premise of determining thecomposition and quantity of the investment, choosing the financing channels andways, and choosing appropriate financing plan, so as to achieve the lowest cost ofcapital to maximize enterprise value based on the theory of optimal capital structure.In this paper, the concept of the system throughout the study, it takes theinvestment structure, financing decisions and optimal capital structure as a system tostudy, when the three objects achieve the local optimal, this paper introduces thetheory of optimal capital structure, so as to achieve the overall optimal.