Study On Selection Of A Highway BT Project Financing Scheme

The government can make use of non-government funds to finance infrastructure projects by BT (build-transfer) mode. At present, China New highways, especially highway mileage to maintain sustained growth, but the narrow single government financing channels and financial appropriation, can not meet the large-scale modernization of roads, and other infrastructure projects the demand for capital.This paper described the background and overall vision of the A highway project, historical usage, geographical location information, and the need for the construction of the roads in the second chapter. A highway project construction company BUGG assets amount and construction capabilities are described. Based on the historical data over the past five years, quantitative estimates of the A road traffic, and highway toll revenue budget were calculated.The core part of this paper is the third chapter of contents^including the A highway BT project selection in four different ways:the principle that the bank loans, asset securitizalion, trust and highway bonds, quantitative calculation and financing cost, financing risk. The results show that the. cost of trust financing of the highest, reaching8%on cost ratio,asset securitization mode of the lowest cost financing cost rate3,57%.For the financing risk, the; highest risk of asset securitization financing methods, the total value of0-45calculated risk, moderate risk level; while bank loans, trusts, and highway bond financing of these three risks, basically at the same level respectively0.32,0.34,0.39, means a lower level of risk.Finally, the financing costs and risks of the four options were quantitative analyzed. The study on the comparison of the four financing ways was achieved by a comprehensive evaluation model, and the optimal solution was obtained. Using a consistent export ordered weighted average operator approach, comparing the views of experts selected the reference index to select optimization program, the establishment of evaluation information fuzzy preference relations, the importance of information based on expert judgment, the information gathered on individual judgment. A study showed that for the best road BT project financing scheme:Highway special debenture, the best of the other programs were:bank loans, asset securitization and trust financing. In addition, selected on the basis of financing, the need to optimize the programs related indicators*including lower financing costs, and effectively control the probability and impact of financial risk.