Study On Investing And Financing Model Of Urban Rail Transit

With the development of the Tianjin economy, the scale-up of the city, thepopulation rose sharply. Now urban traffic faced with congestion, accidents, noise,pollution, it couldn’t meet the growing demand for travel. Urban rail transit has manyadvantages, such as large volume, high speed, small footprint, safety, comfort, energysaving and environmental protection. So it becomes the best choice to solve seriousurban transport problems. Now Tianjin urban rail transit planning mileage is235km,however the urban rail transit projects have the follow features: huge investment, longconstruction period, poor profitability, and the construction funds mainly comes fromgovernment financial input. The urban rail transit construction is facing seriousfunding shortage. So it has important significance to study how to reform the urbanrail transit investment and financing system, achieve diversification of urban railtransit investment channels, carry on the integrated development of urban rail transitprojects and the land resources. It will contribute to achieve the sustainabledevelopment of Tianjin urban rail transport.The paper’s work includes the following five aspects:(1) It analyzed theeconomic characteristics of urban rail transit from product attributes, characteristicsof economic and operation, comes to the conclusion that urban rail transit isquasi-public goods, and summarizes the relation among the project-related interests.(2) It summarized the features as follow based on analyzing the concept of urban railtransit investment and financing: large investment, long construction period, the cycleof return on investment is long, natural monopolies, positive externalities. Andsummarize characteristics of the common urban rail transit investment and financingmode and manner.(3) Taking Tianjin rail transit as an example, and summarized theexisting problems based on analyzing of its investment and financing in detail: theinvestors and financing channels is too single; the concept of integrated landdevelopment is weak; the government position is not clear, the managementefficiency is low; the government’s repayment pressure is heavy, etc.(4) It drew someexperience through comparing the domestic and international typical urban rail transit project investment and financing mode: making the government responsibility clear,and improving the investment and financing system; exploring diversified investmentand financing channels actively; developing land integrated, internalizing externalbenefits, etc.(5) According to the environment of Tianjin urban rail transitinvestment and financing and the adaptability of BOT, PPP, ABS, obtains the PPPmode was more applicable in Tianjin urban rail transit project. The SB-O-T mode waschose as the operation mode of PPP project, and the PPP model operational processesfor Tianjin rail transit was designed. At last, the safeguard measures andrecommendations were put forward that was in order to ensure the smoothimplementation of the PPP project, taking the passenger flow forecasting, risk-sharing， monitoring system into account and regular negotiation mechanism.