Study On The Financing Structure Optimization Of Franchise Project Of Joint Venture Railway On The Basis Of PPP

As an extremely important part of the railway network construction in China, the joint venture railway undertakes the historical task of promoting the diversification of investment subjects, attracting social capital to build the railway, and promoting the leap-forward development of the railway. However, during the actual operation of the project, the construction of the joint venture railway did not develop in the expected direction, and the single investment and the unbalanced financing structure obstructed the construction and development of the joint railway. In order to solve these problems, and guide the joint venture railway construction towards the expected direction, this paper based on the franchise project financing theory, studies the financing structure optimization of franchise project of joint venture railway on the basis of PPP.In order to solve the problem of the single investment and the unbalanced financing structure, this paper studies the financing structure optimization of joint venture railway franchise project on the basis of PPP, and mainly completed the following work:(1) This paper introduces the basic concepts and theories involved in the study, including the joint venture railway, joint venture railway project financing theory and so on. (2) Based on the problems and risks existing in the investment and financing of joint venture railway, the paper discusses the effectiveness of franchise project financing mode in solving the problem of investment and financing as well as avoiding risk of joint venture railway by combining the advantages of franchise project financing.(3) Based on the analysis of the relevant stakeholders of franchise project of joint venture railway, the operation mode of franchise project of joint railway is designed and the key factors of the operation of franchise project of joint railway are analyzed.(4)Based on the interests of the financing subject and the financing object, this paper analyzes the financing structure optimization goal of franchise project of joint venture railway, then taking the interests of the project sponsor and the lender as the optimization objective, the corresponding objective function is established, which fully reflects the relationship between the financing structure and the optimization goal; (5)Combining the fuzzy and multi-index attributes of franchise project financing structure decision-making of joint venture railway, the decision-making model of franchise project financing structure of joint venture railway is constructed based on entropy weight theory and multi-index projection decision theory.(6) Based on the analysis of franchise project financing structure optimization objective of joint venture railway, and combined with financing structure decision model of franchise project of joint venture, the "two stages and three steps" franchise project financing structure decision procedure of joint venture railway is designed. Finally, a practical example is given to prove the practical value and the correctness of the decision model and the decision process. That is,in a variety of alternative financing options, the proportion of shares is relatively high, and the relatively low proportion of claims is the optimal solution.