A Study On Investment & Financing Mode Decision Of Hong Kong-Zhuhai-Macao Bridge Based On Comprehensive Evaluation Of Projects

Infrastructure projects are important carriers of socio-economic devepment for a country or region, but also the basic conditions for people to work and live. So governments of the various countries and regions have attached great importance to the construction of infrastructure projects. The process of the construction of infrastructure projects faces many decision-making problems, investment and financing mode decision is one of the important decisions of the previous decisions of the infrastructure projects, which has an important impact on other early decisions infrastructure projects as well as project construction and operation. Investment and financing mode of Cross-border infrastructure projects in China exhibits higher complexity and systemic compared to general infrastructure projects because of differences in laws and regulations, social management, the economy mechanism between the Mainland and Hong Kong or Macao., result from the principle "one country, two systems"Since its systemic&complexity, the investment and financing mode decision is a combination of qualitative and quantitative process. Due to space constraints, investment and financing mode decision of China’s cross-border infrastructure projects will be mainly carried out qualitative research.In this paper, the idea is as follows:First, by review of the domestic and international theory research of investment and financing decision of infrastructure projects and cross-border infrastructure projects, point out the necessity of the research and its important theoretical and practical significance;Secondly, on the basis of the social benefits evaluation, economic evaluation, financial evaluation, resources&environment evaluation, of infrastructure projects, summarize the two-dimensional characteristics of the comprehensive evaluation of infrastructure projects:public and profitability, and build a framework of investment and financing mode selection infrastructure project based on the comprehensive evaluation of project nature.Then, set the Hong Kong-Zhuhai-Macao Bridge as an example, analyze the process of its investment and financing decision systematically.Finally, based on the case study of investment and financing decision of Hong Kong-Zhuhai-Macao Bridge as well as common feature of the previous decisions of the cross-border infrastructure projects in China, summarize three related experience for reference.