Research On The Introduction Of Social Capital In My Country's Expressway Industry

"If you want to be rich,build roads first",expressway as a modern road transport channel,after nearly 30 years of development,has played a positive role in urban construction,resource development,investment attraction,industrial restructuring,horizontal economic integration,and has made important contributions to China’s social and economic development.According to the Plan of the Ministry of Transport and Transport,the total mileage will reach 150,000 kilometers by 2020.State-owned capital such as local governments and government financing platform companies are the main force of Expressway investment.Local governments bear a huge debt burden.There is a large capital gap in the operation of expressway industry and the task of building new expressways is still heavy.Current development The model has become unsustainable.Based on the purpose of resolving the pressure of government debt,improving the performance of Expressway enterprises and promoting the perfect development of transportation system,this paper studies the feasibility of introducing social capital into expressway industry by using three methods:theoretical research,empirical analysis and case analysis.Firstly,combined with the investment demand of social capital,through the use of Public Economics Theory and Project Differentiation Theory,it is concluded that the investment fit between highway industry and insurance fund is relatively high.By using Modern Property Rights Theory,Separation Of Powers Theory and Principal-Agent Theory,it is believed that introducing social capital into expressway industry can improve operation performance,and relevant assumptions are set.Secondly,this paper collects the data of highway listed companies in China from 2013 to 2017.Through descriptive statistics,correlation analysis and linear regression analysis,it is found that in the highway industry with high state-owned capital holding,the higher the proportion of state-owned largest shareholders,the worse the performance of enterprises,and the higher the proportion of social capital holding,the better the performance of enterprises.Finally,through a highway project invested by a social capital ten years ago,this paper supports the withdrawal of the high premium part of the state-owned capital,and also helps the enterprise to improve its operating efficiency through the integration of management concepts,so as to share the investment income with the other major state-owned shareholders.Based on the above research,this paper argues that the introduction of social capital in expressway industry is beneficial to the healthy development of Expressway industry,and can bring win-win situation for state-owned capital,social capital,Expressway enterprises and society,especially for local governments to activate stock assets and reduce government debt.It also suggests that government departments can correctly understand and dare to accept social capital.