Research On PPP Financing Mode Of Hangshoutai High Speed Railway

In September 2017,Hangshaotai Intercity Rail PPP Project held a signing ceremony in Hangzhou,Zhejiang Province.The People's Government of Zhejiang Province and the social capital led by Fuxing Group formally signed the Hangshaotai Intercity Rail PPP Project Investment Contract in Hangzhou.This is the first high-speed railway in China that uses the PPP model as a whole,and it is also the first in the field of railway construction investment in China.A private capital controlled high-speed railway.The Hangshaotai Intercity Rail PPP project adopts the PPP financing model and introduces a high-quality social capital entity,the social capital consortium led by Fuxing Group.The introduction of the social capital consortium and its holding in the Hangshaotai Intercity Rail PPP project relieved the financial pressures of the Zhejiang government,the Shaoxing municipal government,and the Taizhou municipal government,and also improved the operating efficiency of the Hangshaotai intercity railway.The Hangshaotai Intercity Rail PPP project explored the feasibility of adopting the PPP model for the overall construction of high-speed railways.This paper analyzes the case of the first high-speed railroad with PPP mode construction in China.After combing relevant literature on domestic and foreign high-speed rail PPP financing models,This article systematically summarizes the related concepts of the basic concepts,classification,and operational procedures of the high-speed railway PPP financing model.Next,this article makes a detailed case analysis of the PPP project of the first high-speed railroad-Hangzhou-Shantou intercity railway constructed in China using the PPP model as a whole.Detailed analysis of the project's procurement methods,investment and financing programs,return mechanisms,risk allocation programs,etc.Some of the practices that have been found so far in the Hangzhou-Shantou Intercity PPP project are: The Zhejiang Provincial Government selected a social capital party with large scale,sufficient cash flow,and strong technical strength through full competitive negotiation and procurement methods-the social capital consortium led by Fosun Group;Adopt equity structure controlled by social capital to give full play to advantages of social capital led by Fosun Group in capital,construction and operation;The source of funding for the project is highly diversified.The social capital consortium led by Fosun Group,the government,and China Railway always provide sufficient project capital for the project.The domestic commercial banks have large loan support,and the Zhejiang PPP Industrial Fund vigorously.Supporting,the project's funding needs in the latter part of the project can also use some innovative financing methods,a variety of financing methods for the smooth implementation of the project has laid a solid foundation.However,in the application process of the project,there are common problems of some PPP projects and their own characteristic problems,including the uncontrollability of changes in policies and laws,the credit risks of local governments,and the huge repayment pressure faced by project companies.Finally,based on the results of the case analysis,the following recommendations are made: The central government should establish a reasonable and orderly system for the PPP model as soon as possible on the premise of soliciting local government opinions,and strengthen supervision and management of local governments;pay attention to the leadership of Fosun Group The comprehensive strength of the social capital side;encourages lending banks to prudently participate in PPP projects;broaden the project's revenue channels.