Research On The Private Debt Financing In Commercial Expressway Construction Project

The current way of financing highway domestic variety, are summarized as following:bank loans, stocks, bonds, BOT and PPP and the like. Although the manner of financing diversified, but lack of funds is still the most core issue of domestic road construction, therefore, to explore new financing and integration of the current way of financing, and then solve the problem of highway construction funds is the current main task.It was developed in the private placement bonds in highway construction funds severe shortage, as a new type of bond products, can effectively improve the construction process of the project financing efficiency ease domestic construction projects severely underfunded status quo. At the same time, it can effectively adjust the composition of the financing mechanism, regulate its internal structure. It is these advantages make private bond developed rapidly, and has a tendency to gradually replace other bonds. However, private placement bonds in the highway project financing process, still there are some problems, such as illegal use of funds, resulting in limited access to publishers poor flow ability and inadequate domestic credit current architecture. Therefore, application of private placement bonds in the highway project has important practical and theoretical significance.Taking Handan Lin expressway project for the study, based on project finance theory, a study existing problems and to explore, to discover the cause of the problem and propose solutions to cut the line on specific issues. In this paper, the major issue in terms of private placement bonds, trading, pricing and application operations such as analysis of the current situation in their highway projects, and with the traditional way of financing compared drawn its main strengths and weaknesses, and then apply process problems on the line discussed in detail, and the deep-level mining cause of the problem. Finally, specific solutions and recommendations for the problem, including:(1) private placement bonds eligible for capital financing was subjected to standardized management and effective supervision;(2) increase the channel sales of private debt, to enhance its liquidity;(3) the introduction of incentives to attract customers to participate in and enhance the investor base.