The Research On The Evaluation Of The Pledge Value Of Expressway Tolls Based On The Perspective Of Risk

Since the reform and opening up,the rapid development of expressway construction has greatly reduced the restriction of the transportation industry to Chinese economic development,and also has an important impact on the social economy and people's lives.At this stage,Chinese expressway traffic lanes are relatively congested and urgently need to be expanded.Large-scale road construction will have huge capital shortages,which will bring a large debt burden to highway enterprises.As an innovative financing loan method,the pledge of highway toll rights has become an effective way for highway operators to obtain loans.The Chinese government actively promotes the pledge of the right to charge,but there are still many obstacles to the financing of the highway toll pledge.For example,The choice of the evaluation method of the pledge value of highway toll rights and the measurement of the discount rate are theoretically missing.These have affected the realization of highway toll rights pledge loans.Therefore,the selection of appropriate evaluation methods to evaluate the pledge value of highway toll rights is the key to smooth pledge work.This paper consists of six parts: The first part is the introduction,which mainly introduces the research background,research significance,research content and research methods.The second part elaborates on the related theories of highway charging rights pledge risk measurement and value evaluation.Lay the theoretical basis for the selection of case evaluation methods and case studies.The third part analyzes the applicability of the classical evaluation theory on the basis of domestic and foreign research.Finally,the income method is used to evaluate the pledge value of the charging right,and the analytic hierarchy process and fuzzy comprehensive evaluation are adopted.The method measures the pledge risk of the charging right.The fourth part puts forward the idea of pledge value evaluation of highway toll right.Based on the income method,it combines the analytic hierarchy process and the fuzzy comprehensive evaluation method to establish a more accurate evaluation model of the pledge value of the highway toll right.The fifth part is the case study.The case selection of the AB section of the expressway management system is mature,the road conditions and the surrounding environment are good,and the financial status of the attached enterprise is relatively easy to obtain,so it has a certain representativeness in the evaluation practice.Through the AB section highway evaluation case to demonstrate the operational procedures of the assessment practice,it can providereference for the charging pledge value assessment practice.At the end of the paper,analysis the evaluation results,and summarize suggestions on improving the quality of pledge value assessment of highway toll rights and reducing the risk of pledge of highway toll rights.In the practice of assessing the pledge value of highway toll rights,the traditional income law model can only reflect the profitability of the pledge road toll rights,and can not accurately reflect the pledge risk of the road toll rights,nor can it reflect the transaction value under the pledge purpose.Pledge is essentially a way to prevent loan risk.It is necessary to pay attention to the measurement of pledge risk.Therefore,based on the risk perspective,this paper combines the analytic hierarchy process and the fuzzy comprehensive evaluation method to establish the evaluation model of highway toll rights pledge value.Through case analysis the problems existing in the current evaluation of the pledge value of highway toll rights,the paper puts forward suggestions on deepening relevant theoretical research,establishing professional evaluation operation norms,strengthening practice management and professional training to improve the quality of pledge value assessment of highway toll rights.Aiming at the prevention of the risk of pledge of highway toll rights,it puts forward suggestions such as rationally formulating the management mode of charging rights and pledge loans,and strengthening the information disclosure mechanism to reduce the risk of pledge of highway toll rights.