Study On The Capital Structure Of Quasi-Operational Infrastructure PPP Projects

The study demonstrates that investing in quasi-operating infrastructure projects can not only provide the necessary products or services for the public,enhance the overall welfare level of the society,but also effectively stimulate the local economic growth.Due to the limitation of government's financial resources,only relying on government investment cannot meet the needs of rapid social development,therefore a new model of construction-PPPmodel(Public—Private-Partnership)emerges.This model not only can fully absorb and use private capital,but also can introduce advanced management experience of private enterprises,help to improve the efficiency of the project,speed up the pace of infrastructure construction,and promote the rapid socio-economic development.However,because of the large number of participants in quasi-operating infrastructure projects in PPP mode,involving the profits of government departments,the private sector,lenders and other aspects,the interests of the parties is difficult to agree and coordinate.Therefore It is the key problem that needs to be solved in the application of the PPP project in the current environment.The paper starts with this point,through the game analysis among the government department,the private sector and the lender,based on investment Decision Model of PPP Project in Quasi-operational,the paper puts forward preliminary determination and optimization of capital structure of PPP project in quasi-operational Infrastructure.The paper mainly carries out the following aspects of the work:First of all,based on the public product theory and project differentiation theory,the concept of business infrastructure project is defined.After that,the concept,basic structure and characteristics of PPP model are analyzed in detail,and based on this,the application of PPP model is discussed,and the necessity and feasibility of introducing PPP model are analyzed.And to study the government investment of PPP projects in the operating infrastructure,and lay the foundation for the later research.Secondly,based on the theory of project financing and capital structure theory,the influencing factors of capital structure of PPP project are analyzed,and the concept of capital structure of PPP project is defined.Then,the game analysis of government departments,private sector and lenders is carried out by combining the characteristics of quasi-operational infrastructure PPP projects.On the basis of studying the investment decision model of PPP project in quasi-operational infrastructure,the model of project capital structure is constructed,and the applicability of the model is verified by an example.Thirdly,based on the theory of fuzzy optimization of multi-objective decision-making,the index system of private sector equity-debt ratio optimization decision is constructed from the private sector and the lender's interest target,and the index weight is determined by AHP-entropy method.Finally,discuss the specific steps and methods of optimizing the share capital-debt ratio of the private sector.Finally,combined with the project engineering examples,the identification of its capital structure and the specific application of the optimization method are analyzed,the results show that the method is reasonable and feasible.