摘 要

   城市轨道交通以其便捷、绿色等特点，已逐渐成为我国公共交通发展的重点。目前，我国城市轨道建设资金主要还是来自于政府的财政性拨款，而土地储备是政府工作的一大重点，土地出让收益也是财政收入的一大来源，城市基础设施与土地储备结合，将土地增值收益还原于城市基础设施建设，这种融资模式不仅提高了土地开发速度，而且减轻了政府在城市轨道交通建设上的财政压力，使轨道交通的建

设形成可持续性发展模式。

   本文首先研究了轨道交通传统融资模式，分析了传统融资模式的不足，提出轨道交通融资的发展趋势，提出“轨道+土地”的可持续性融资模式，对典型的运作方式进行了综合的分析。在应用经验分析的基础上，土地打包融资模式的可行性与必要性进行了探讨。其次，分析轨道交通建设在运用土地储备进行融资的过程中主要风险因素，针对风险元采用了风险利润及风险利润率的风险元传递解析模型对该融资模式的风险进行了定量评估。最后，结合武汉市轨道交通利用土地储备融资的实际案例，运用风险评估模型进行了风险的定性定量分析，并针对城市轨道交通利用土地融资提出了相应的风险管理建议。

   本文的研究内容可为城市轨道交通利用土地储备的融资模式提供理论基础和实践依据。从理论和实际案例出发，证实该融资模式的可行性与必要性，对土地储备融资模式下的风险因素进行分析与评估，充分证实了该模式的可持续性，并提出了风险控制的措施，保障该融资模式有效的实施。

关键词：城市轨道交通   土地储备    融资模式    运行机制    风险管理

Abstract

   With  the  rapid  development  of  the  city's  economic,  urban  rail  transit,  which  isconvenient  and  environmental,has  gradually  become  the  focus  of  public  transportdevelopment in China and has entered a period of rapid development. At present, China'surban rail construction funds are mainly from the government financial allocation, whilethe land bank is a major focus of the work of the government and the land lease revenueis  a  major  source  of  the  financial  income.The  combination  of  turban  infrastructurefacilities  and  land  reserves  gives  the  valueadded  benefits  of  the  land  back  to  theconstruction  of  urban  infrastructure.  This  financing  model  does  not  only  improve  thespeed of land development, speed up the process of urbanization, but also alleviates thefinancial pressure of the government on the construction of urban rail transit, and leadsthe construction of rail transit to a model of sustainable development. Combiningof railtransportation  and  land  resources  development  model  in  the  Hong  Kong  subwayconstruction, the construction of the rail transportation has been widely used in operationwith China's national conditions, or there is a greater difference.  

   Firstly,  this  thesis  studied  the  traditional  financing  model  for  rail  transit,  analyzedthe shortage of the traditional financing models, came up with the development trend ofrail transit financing, proposed a sustainable financing model constituted by ―track + land‖, and made a comprehensive analysis of the typical mode of operation. On the basis of the analysis of application experience, land package in the feasibility and necessity ofthe  financing  model  were  discussed,  and  at  the  same  time,  indepth  research  on  itsoperating  mechanism  were  made,  including  operating  procedures,  operating  principles, and so on. Then, this thesis proposed the concept of risk management for the financing model, analysis the major risk factors of the construction of rail transit in the use of theland reservation financing, andestimated the financing model quantitatively for the riskfactors by the risk analytical model of risk profit and profit ratio. Finally, combining with the actual case of using the land reservation financing in the urban railway construction of  Wuhan  City,  the  author  made  both  qualitative  and  quantitative  analysis  by  using  therisk assessing model andpresented some corresponding risk management advices.

   This study provided both theoretical and practical basis for the urban rail transit touse  the  land  reservation  financing  model.  Departure  from  the  theoretical  and  practicalcases, this paper further  confirmed the feasibility and necessity of the financing model,analyzed  and  evaluated  the  risk  factors  in  the  land  reservation  financing  model, fulllydemonstrated the sustainability of the model, and proposed the risk control measures tosafeguard the effective implementation of the financing model.

   Key words: Urban Rail Transit      Land Reserve     Financing Mode    Operating Mechanism     Risk Assessment