Chongqing Highway Outside Equity Financing Mode Research

As infrastructure projects, a huge investment, long construction period, slow income,wide range involving is the characteristic of highway. At the end of2012year,Chongqing Netcom mileage to transport service has reached1856km, in theconstruction of road mileage828.25km. The current financing mode has been unable tomeet the construction needs. How to establish a new financing model, have veryimportant significance to sustainable development to open face the dilemma of highwayin Chongqing and Chongqing high speed group.Firstly, the paper introduces the characteristic of highway to construct in Chongqing,several ways of financing and the effect of they used in Chongqing. Then, combinedwith the city of Chongqing expressway is a huge asset to realize the benefitmaximization problems during operation, through the implementation of "going out"strategy, this paper put forward by building the overseas financing platform, part of thesale to meet the conditions of the expressway stock, the introduction of foreign capitalto alleviate the shortage of highway construction funds overseas equity financingmodel.In this paper, using the OD survey, financial evaluation method on the highway forthe preliminary investigation and related preparations. Through the establishment ofoccurrence/attract traffic volume forecast the future traffic model, the establishment offinancial evaluation index system is reasonable, the underlying the profitability andsolvency analysis, seeking not sensitive factors influencing the degree of project, themodel for the establishment of index system may face the risk in the process inoperation, through fuzzy comprehensive the evaluation method is used to analyze, andto prevent or avoid measures. In the territory of the establishment of the Special PurposeCompany, different stages of the different schemes, the consequences are quite different,therefore, the paper makes a comparative analysis of the divestiture program threedifferent. Foreign Special Purpose Company have different choices in its place, theadvantages and disadvantages of the establishment of the Special Purpose Company indifferent countries and regions were compared. Through the analysis of overseasfinancing mode of operation process, we successfully used the key mode is: domesticequity transfer agreement to the third party investors to become shareholders after the entry into force of the overseas company.Finally the Chongqing Yuhe highway outside equity financing case to prove thefeasibility of this new financing mode and effectiveness in practice.