Research On The Risk Control Of Government Investing And Financing In Harbin-Dalian High-speed Railway Projec

Harbin-Dalian high-speed railway project was put into operation by the end of2012, marking the basic formation of the "Four Vertical" in the" Four Vertical and Four Horizontal" of Chinese railroad mainline. Harbin-Dalian high-speed railway had finished the connection with existing high-speed rail line-the Beijing-Shanghai railway and Beijing-Guangzhou railway. Since the operation of Harbin-Dalian high-speed railway, it has not only shortened the distance of Heilongjiang, Jilin and Liaoning provinces, but also strengthened regional economic integration. High-speed rail is a strategic infrastructure project with social benefit greater than economic benefit, slow financial return and high cost input. Both the construction and operation period will require substantial capital investment. But amounts of money raised by government funds and debt financing of Railway Company is insufficient to meet the needs, so we must implement the diversification of investors and diversified financing mode of operation. There were many risk factors Harbin-Dalian high-speed rail projects in government investment and financing due to internal operations and external environment, consequently, to control the project risks effectively and promote the development of high-speed rail project, research on the risk control of government investment and financing in Harbin-Dalian high-speed railway project is of great theoretical and practical significance.Harbin-Dalian high-speed railway is undoubtedly a major milestone in China’s high-speed railway construction and the formation of high-speed rail network, however, the investment&financing risks of this project have revealed. For example:Harbin-Dalian high-speed railway was scheduled to put in use in late2011, but has been put off until the end of2012; whether it is substandard building materials or construction quality issues that led to a large area of subgrade frost heaving due to the fact that the construction environment of Harbin High-speed rail project was alpine zone. These risks have reflected the problems of its risk control from a certain extent, such as government risk management, investment&financing policies and regulations insufficiency, lack of professional investment&financing risk control personnel and risk awareness, backward risk control technology and so on. Based on the analysis and summary of the current status of government investment&financing the Harbin-Dalian high-speed railway project,using public goods theory, stakeholder theory, information economics and other related theories, this article has analyzed the investment&financing risk in this project and proposed problems existed in Harbin-Dalian high-speed rail project investment and risk control measures for internal and external risks at the same time, such as relaxing Harbin-Dalian high-speed rail rate regulation mainly by government pricing, supplement legal policy of high-speed rail project investment&financing and related regulations, improve the financial policies and financial systems and so on. All these have a positive meaning in building a good high-speed rail project financing and risk control environment and promoting the development of both Harbin-Dalian high-speed rail project and China’s high-speed rail projects.