Abstract: Project financing, which is different from traditional corporate financing, is on the basis of asset in-come of a project as a mortgage and the chief resource to guarantee the loan in project financing is restricted in project financing itself. This paper systematicaly researches decision-making method of project financing and uses the model in analyzing Changchun-Jilin expressway project, which is taken as an example. The study provides an effective method and scientific basis for expressway corporate to make a decision of project financing.

Key words: project financing, decision-making, model, expressway

摘要： 项目融资与传统的公司融资不同，项目融资是以项目的资产收益作为抵钾来融资，即项目融资用来保证货款偿还的首要来源被限制在融资项目本身的经济强度之中。本文系统研究了项目融资决策模型用来分析项目的净现金流量与债务承受能力以及最终判断采用项目融资方式融资是否可行，并利用此模型对长(春)吉(林)高速公路项目进行了案例分析。本研究对拟采用项目融资方式为高速公路项目进行融资的高速公路经营企业的融资决策提供了有效方法和科学依据。

关键词: 项目融资, 决策, 模型, 高速会路