Regional Difference Analysis On The Social Capital Investment Of Toll Road In The Western Region

In consideration of the large differences in the investment of social capital in the western region,this paper analyzes the investment status and influencing factors of social capital in the process of toll road construction from the view of regional differences.Then put forward the corresponding improvement measures,expand the overall investment scale of social capital,and promote the rapid development of highway in the western region.First,by analyzing the regional differences of social capital invest in toll road between east,middle and west areas of China,we find that the west areas of China has the largest variation coefficient,and the phenomenon of unbalanced development is more prominent.Secondly,this paper analyzes the development status of social capital investment in toll road in western provinces from investment scale and source structure,and finds that the social capital investment scale and source structure in western provinces differ greatly from each other and the level of development is uneven.Among them,Sichuan,Guangxi,Guizhou and other provinces are relatively well developed.To create a good institutional environment for social capital,the three provinces attach great importance to improve the financing ways of toll road construction,and take the lead in implementing relevant policies and systems.What's more,the three provinces attract social capital to invest toll road construction through stocks,bonds,trusts,funds and other ways.Thirdly,by analyzing various factors that influence the investment of social capital in toll road construction in Western China,we find that western provinces have great differences in financing channels,marketization degree,path dependence,government support and policy formulation,and transfer of highway management rights.Many provinces exist certain problems in varying degrees,which can be generalized as monotonous financing channel and low financing efficiency,low market level and expensive transaction cost,poor policy environment,tedious examination and approval procedures,imperfect government subsidy mechanism,excessive reliance on bank loans,and backward transfer of charging rights.These are the reasons for the large regional differences in the social capital investment in western region and some provinces develop backwardness in toll road construction.Finally,based on the above research,this paper puts forward some measures frombroadening the financing channels,innovating toll road construction support mode,transferring the toll road management rights,perfecting the policy and institutional support,strengthening supervision and management to guide social capital to participate in the construction of toll road in western provinces.