Urban Rail Transit Investment And Financing Mode Study

To resolve the growing urban traffic congestion, the construction of urban rail transit has entered a peak period in our country,but we faces the problem that it is difficult to afford the huge capital investment for government. As a quasi-public goods urban rail transit can be provided directly by the government, also can be provided by the private sector through the market if government offers subsidies.To resolve shortage of urban rail transit construction funds, Beijing and Shenzhen has begun to use the market model, including the PPP, BT and BOT to financing.This article first describes the specific operation of these models, and analyzes their shortcomings.Then we analyze the positive externalities of urban rail transit with the external effect theory,prove the significance of property development to solve urban rail transit construction funds and operating profit with the examples of Hong Kong Mass Transit Railway Corporation.This paper consider that the urban rail traffic BDOT financing model that merges BOT and property development can solve the problem of construction funds, compensate the operating deficit, but also promote the urban rail transit enterprises to establish a good business mechanism.Then introduced the operation processes of BDOT mode, analysis the existing barriers in land policy to BDOT, and give the proposal to policy innovation.Finally, discuss the regulation of government to DBOT investment and financing mode.