Research On The Project Financing Management With The Introduction Of PMC Mode

After entering the21st century, the large-scale trend of construction projects has become increasingly evident, and due to their complex process, the requirements for specialized project management are also very demanding now. Project management contract is a new project management mode, and as the integrated product of the modern advanced science technology, management technology and information technology, it has been increasingly favored by large international construction projects. Meanwhile, the large-scale construction projects whose operation need to use project management contract mode, usually demand enormous investments. Because the project owners themselves are often unable to provide the fully financing guarantee for the project, they will choose the stronger project management contractor to supply the comprehensive supports in the project financing management. As a result, the analysis and research for the project financing management using the PMC mode can offer some guidance for specific project operations.Based on the analysis of the relevant research results at home and abroad, first of all, the paper described the research question from two aspects of the PMC mode and the enterprise financing management theory. Then according to the financing schemes designed in the large-scale projects using the PMC mode for the project management, the paper deeply studied the effective ways to introduce the PMC mode to the project financing management from four angles including operation management, organization design, decision management and risk management. Next, combined with the case study of Beijing Pearl River real estate project, the paper illustrated the defects of the original operation mode and optimized them by the means of PMC mode and project financing. Finally, in terms of between the above theoretical research and the case study, the paper has made some recommendations for such domestic project operations from three aspects of the enterprises, PMC contractors and government.The research shows that the way of project financing has an unparalleled advantage by right of its features of project-oriented and payment-limited in large-scale projects’financing activities. But because of its large numbers of members involved and complex structures, the project owner is often difficult to accomplish its management by himself. If the PMC contractor can be effectively introduced to the project financing management, with its professional management technique, it not only can improve the efficiency of project financing management, and reduce the financing risks, but also can liberate the owner’s original management strength to help him to put his mainly energy into the project’s macro control. In the project financing with the introduction of PMC mode, the project sponsors usually establish a project company in the first place to clearly limit the return and risk into this company, and to make financing more transparent. As an independent operator, the project company can carry out the project financing works under the PMC contractor’s comprehensive assistance, and achieve a win-win situation in all participating members in the end.