Study On The Comprehensive Evaluation And Selection Of Financing Mode Of Urban Rail Transit

With the rapid development of national economics and fast urbanization of rural regions, the demand of urban transit has been increasing tremendously, and the construction plan of urban rail transit (URT) has been brought into the schedule in large cities. But the construction of urban rail transit (URT) demand huge investment and the funds recovery period of the investment is long. Generally the construction funds were provided by the government. With the quick expansion of URT, it becomes impossible for the government to be the independent sponsor of the construction. It's inevitable to bring into the social funds to build a multi-financing strategy from the project planning period. So, how to evaluate and select the multi-financing strategy is becoming more and more important.The research from civil scholars in the URT field focused on the investing- financing mode, construction mode, operating mode, and risk analysis and evaluation with the project management idea. It has been seldom concentrated of the specific analysis of the possibility and method to bring multi-financing strategy from the project planning period, or the comprehensive study on the evaluation of the URT financing modes. As a result, it's hard to ensure the successful implement of the financing mode when the evaluation of the mode was controversially made. This paper filed this empty space to bring a effective method to evaluate and select the financing mode. This paper firstly analyzed the domestic and abroad financing modes; presented five financing mode including PPP, BOT, TOT, ABS, PFI; discussed their strength, adaptable environment and accomplishing possibility; and carefully analyzed the specific situation when financing the social funds in the sub-projects. Then, this paper proposed the comprehensive evaluation and selection mode on the basis of the construction of the multi-risk index system, and on the fuzzy comprehensive assessment method which is based on information entropy. Finally, the first- stage project of Chongqing No.3 light rail was illustrated as the empirical part in this paper. Specifically:①On the basis of the presentation of the domestic and broad typical financing mode, this paper analyzed the financing routes and mode which were adaptable to the situation in China. And it specifically discussed five financing mode including PPP, BOT, TOT, ABS, PFI, presented their strength, adaptable environment and accomplishing possibility, and described the mode to bring in social funds which are sub-project division and specific sub-project method.②As a quasi public good, it was impossible to entirely relying the government funds to build URT. To bring in social funds was evitable, and the financing modes were definitely compound. This paper used the multi-risk of financing mode as the basic standard, built a multi-risk index system, established an improved fuzzy comprehensive assessment method which is based on information entropy and fuzzy method, and finally built an evaluation and selection model of URT multi-financing method.③With the case of first- stage project of Chongqing No.3 light rail, this paper made empirical research on the evaluation and selection mode of URT multi-financing method. The fuzzy comprehensive assessment method basing on information entropy was used to evaluate its risk grade, thus judge the risk grade of the financing mode and confirm its feasibility.