Study On The Government Incentive Compensation Of Urban Rail Transit PPP Projects

Urban Rail Transit(URT)is an important tool to alleviate problems caused by accelerated urbanization such as traffic congestion.However,its high construction cost and and long-term operating losses have exerted great pressure on local finances.In order to compensate for insufficient financial resources,the government has regulated a series of policies to promote and implement the PPP model,as the same time,encourage social capital to participate in the construction of URT projects.In terms of latter,it places focus on whether project will make certain economic benefits or not.Therefore,the government needs to design a series of compensation measures to motivate social capital to join the PPP projects of URT and accordingly help the government and society to realize "win-win" anticipation.Study on the government incentive compensation methods is one of the hot spots in the PPP projects area.According to the researches on compensation methods of PPP projects of URT,this paper summarizes the current problems in this field and explaines relevant concepts,theories and the complementation necessity of compensation methods.At the same time,it briefly introduces some research ideas and methods of this paper and sums up the profound studies in incentive compensation methods of PPP projects of URT.The main contents of this peper are as follows:First of all,based on compensation methods currently provided by the government in rail transit PPP projects,this paper divides these methods into two categories:direct and indirect incentive compensation methods,and then attaines three combined compensation methods schemes on the basis of analysis from four angles.Then,this paper applies some mathematical methods to study combinatorial optimization of three combined compensation methods schemes.This paper applies Markowitz Mean-Variance Model to solve this problem.This paper analyzes the model limitations and improve the model.The methods of specific improvement are as follows:the fuzzy function is used to quantify the utility value of expected earnings,and the optimization model of incentive compensation for PPP projects of URT is established based on the objective function of social capital's maximum expected income.The expected rate of return in the model is obtained by means of set-valued statistics and the optimal compensation ratio of three incentive compensation methods schemes is calculated by using lingo12 software.Thirdly,this paper analyzes the combination effect of incentive compensation methods of PPP projects of URT.This paper establishes the NPV financial evaluation model about PPP projects of URT,substitutes the compensation methods that was quantified in the form of funds into the model,and selects optimal combination scheme from three compensation combinations.Beijing Subway Line 4 project was taken as an example in the paper.The whole idea of this paper can provide ideas and methods for the government to make compensation combination decisions for the rail transit PPP projects.Finally,according to the problems existing in the implementation process of domestic rail transit PPP project compensation methods,this peper analyzes from the the perspective of macro-policy and provides policy advice about incentive compensation of rail transit PPP projects for the government.