摘 要

   随着我国经济发展，城市化进程加快，交通及环境问题日益严重。城市轨道交通具有快捷、准时、安全、高容量、低污染、低能耗的优点，是解决当前城市交通及环境问题的重要途径。目前已有 25 个城市规划了轨道交通网络，总里程高达 5000公里，总投资估算超过 8000 亿元。显然传统的政府投资为主的融资模式已不能够满足城市轨道交通的发展，寻求多元化及市场化的融资模式将是必然趋势。

   本文在介绍城市轨道交通系统概念及特点的基础上，分析总结了国内外典型的城市轨道交通融资模式，指出当前我国城市轨道交通融资面临的问题，及其解决办法，寻求新的主体多元化及运作市场化的融资模式。论文介绍了国内在探索主体多元化及运作市场化的融资模式方面的新成果，几种新型的融资模式：BOT、TOT、ABS、PPP 融资模式，并分别分析了各自的特点以及在国内城市轨道交通中的应用和面临的问题，认为 PPP 模式是一种适合当前社会环境及经济环境融资模式。虽然国内对城市轨道交通融资模式有了多种探索，但是对于各种模式还没有一个综合的评价体系。本文在考虑城市轨道交通自身特点的基础上建立我国城市轨道交通融资效率综合评价指标体系，并尝试用灰色模糊评价方法建立评价模型，旨在给我国城市轨道交通融资模式的选择提供理论依据。

   最后，在案例分析部分,以武汉城市轨道交通二号线为背景，设计了三套融资方案，并根据建立的我国城市轨道交通融资效率评价指标体系及评价模型对这三套方案的融资效率分别进行了评价，并计算出各自的综合得分，得出其中的最优方案。

关键词：轨道交通   融资   模式   效率   指标   评价

Abstract

   With  the  economic  development  and  the  acceleration  of  the  urbanization  of  ourcountry,  the  transportation  andenvironmental  problems  become  more  and  more  severe.The urban track transportation, with the advantages of efficiency,punctuality, safety, largecapacity, low pollution and waste, is an important approach to solving contemporary citytransportation and environmental problems. So far 25 cities have planned to build the tracktransportation  network,  which  altogether  is  as  long  as  5000  km  and  the  estimatedinvestment  is  over  800  billion  Yuan.  It’s  obvious  that  the traditional  financing  patternmainly  by  government  investment  doesn’t  meet  the  needs  of  the  development  of  urban track  transportation,  consequently,  multiplex  and  market  financing  patterns  are  the inevitable trend.  

   After the introduction of the characteristics and definitions of the urban transportationsystem, the paper analyzes thetypical urban track transportation financing patterns in andoutside China, points out the problems confronted by domestic urban track transportationfinancing patterns nowadays and proposes solutions of adopting new multiplex and marketfinancing patterns. Then, the paper presents the  explorations  of  and  achievements  in  themultiplication  and  the  operation  of market  financing  patterns  in  China.   After  theintroduction of four new financing models BOT, TOT, ABS, and PPP and the discussionabout  their  characteristics,  application  in  domestic  urban  track  transportation  and  theproblems  facedby  the  application,  this  paper  proposes  that  PPP  is  more  suitable  in  thevarious contemporary social and economic circumstances. Based on the characteristics ofurban transportation system, this paper is attempting to establish a synthetical evaluation index system on urban track transportation financing efficiency and an evaluation model with  the  Gray-fuzzy  appraisal  method,  aiming  to  provide  the  domestic  urban  tracktransportation financing pattern with theory references.

   Finally, in the case analysis part, three sets of financing scheme are designed on thebasis  of  the  2ndurban  track  of  Wuhan  and  evaluated  by  the  previously  establishedsynthetical evaluation index system on urban track transportation financing efficiency and evaluation model and the best pattern is obtained according to their synthetical scores.  

Key words: rail transit     financing     model    efficiency     index     evaluation