Research On Investment Structure Selection Of Urban Rail Transit Project In PPP Mode

Under the background of the state's strong support for the development of urban rail transit,large and medium cities across the country are planning and constructing their own urban rail transit.However,due to large investment,high operating costs and weak profitability,urban rail transit put a heavy burden on the local government's finances.In recent years,the PPP mode has been gradually introduced into urban rail transit projects,and it is one of the effective ways to diversify investment in infrastructure projects and public services.The investment structure is a legal entity composed of the government and the social capital,as the implementation body of PPP project,its importance runs through the implementation cycle of the whole project.It is supposed to make effective allocation of the participant bodies,entities and the equity ratio of the investment structure which would enable investors to share risks,share revenue and long-term cooperation to improve project investment,construction and operation efficiency.The methods of literature analysis,case analysis,policy research,questionnaire survey and mathematical modeling are adopted in this paper.After describing the development background,current situation and problems of urban rail transit,the reasonable choice of the participant bodies and entities of the investment structure of urban rail transit PPP project is qualitatively analyzed firstly.Secondly,from the perspective of risk,a preliminary sharing of the equity ratio of investment structure is made based on the principle coordinate right-duty-benefit.Then the impact of the risk factors are quantified to the financial index whose probability distribution is discussed at the same time,constructing the NPV-at-risk model,and the crystal ball software is used as a tool to simulate the Monte Carlo process,and the optimal value of the equity ratio selection at the risk angle is obtained from the simulation process.,making the decision more scientific.Finally,the PPP project of W Rail Transit Line 1 and line 2 are taken as an example to verify the selection method of the paper,so as to achieve practical reference significance.Based on the qualitative selection analysis of entity and the quantitative selection analysis of proportion of equity of investment structure in the urban rail transit PPP project,the investment structure selection system is set up.The investment structure comprehensive selection method of urban rail transit PPP projects is provided with the reference makes the choice of the investment structure more deepen,comprehensive,standardized and compliance.