Railway Bond Financing Research Based On The Sustainability Of Chinese Railway Debts

Recent years, the scale of Chinese Railway debts increased sharply, caused serious debts dilemma, exposes the risk of unsustainable. This paper holds that Railway Bond financing have great effects on maintaining the sustainability of Chinese Railway debts, and makes in-depth research. This study also puts forward the strategies and innovation of Railway Bond financing.Firstly, this paper combines related theories and research achievements to study the importance of Railway Bond financing in maintaining the sustainability of Chinese Railway debts.Proposed that the meaning of sustainability contains excellent profit ability, stable sinking fund flow, multiple and economical financing mode. The importance of Railway Bond financing also discussed, contains that Railway bond is the vital channel of financing, is the important tool in maintaining the stability of cash flow, and is the breakthrough point of introducing private capital. Secondly, this paper analysed the current situation of the Railway Debts. Carried out data analysis of the scale of debts and service of debts. Focused on the data analysis of Railway Bonds and Bank loans, and calculated the figures of repaying capital with interest separately. Thirdly, this paper researched the tendency of sustainability of Chinese Railway debts in2013-2020. Based on the prediction of future investment in Railway, the paper forms a hypothesis of Bond financing and Bank loans. Combined with current debts’repaying data, the paper got the data of future Railway debts’repayment. The paper set a series of prediction parameters and simulated three scene to take out the Railway financial forecast and measured the stability of raying cash flow of2013-2020. In the last,this paper researched the strategies and innovation of Railway Bond. Holds that Railway should strengthening the efforts in short-term bonds and long-term bonds, and also carry on Offshore financing. Put forward that innovation should focused on Bond term structure and servicing mode innovation, Convertible Bond, Asset Securitization. This paper contains4figures,23tables and40references.