【作者】 孙静；

【导师】 王红兵；

【作者基本信息】 武汉理工大学 ， 结构工程， 2004， 硕士

【摘要】 近20年来，我国的经济快速发展，城市化进程加快，交通需求大幅度增加，由此导致的交通拥挤、交通事故增多，环境污染等问题日趋严重。在这种情况下，发展城市轨道交通成为解决城市交通拥挤问题的关键。国家计委数据统计，“十五”计划期间，中国城市有2000亿元将用于地铁建设，将建成总长度450公里左右的城市轨道交通线路。 城市轨道交通建设资金投入巨大，且多属于市政工程，一般由市政府主导建设，资本金投入主要来源便是政府财政资金的投入。但每年几百亿的投资规模，光靠政府的投入是难以承受的。如何在政府的支持下，拓宽融资渠道，寻找新的投资回报方式，为轨道交通建设的市场化运作奠定良好的基础，成为解决当今轨道交通建设资金瓶颈问题的关键所在。 本文在分析了我国城市发展轨道交通的必要性的基础上，着重参考并借鉴了我国北京、上海、广州、香港等大城市已建轨道交通线路的建设运营模式，并从轨道交通项目的资金需求分析入手，对项目的资金筹措方式、主要融资方式、融资成本和结构、投融资模式、投资回报方式等方面进行了理论的探索，并结合武汉市现有的轨道交通建设情况进行了实证分析，在对武汉市轨道交通建设资金进行了需求分析的前提下，总结出一套适用于武汉市轨道交通建设的投融资模式以及投资回报方法，其中主要研究内容有： 1、城市轨道交通项目投资估算的基本费用框架； 2、全国各城市轨道交通建设的资金需求情况以及部分重点城市的轨道交通网络规划、已建和在建线路情况； 3、对“票务收入+沿线土地开发”的轨道交通的投资回报模式进行系统的理论与实例分析； 4、对武汉市的城市轨道交通建设的资金需求、投融资模式、投资回报方法提出了自己的观点。武汉理工大学硕七学位论文 最后，本文针对具体情况提出武汉市的轨道交通项目宜采用以政府作为主要投资方的基础上，争取建设投资主体多元化，最终实现轨道交通项目市场化运作的投融资模式。更多还原

【Abstract】 In the past two decades of China, along with the rapid development of China’s economy, the progress of urbanization is accelerating and the requirement of traffic is boosting. All of these effects are lead to the aggravation of the traffic congestion, traffic accidents, the environment pollution. Under this condition, urban rail transit system will be primary solution to the traffic congestion. To solve the traffic problem many cities in China are planning and preparing metro and light railways lines. As statistic shows, a total of 450 km urban rail lines are under construction, involving an estimated investment of 200 billion Yuan during the tenth National Five-Year-Plan period(2001 -2005).Most of the Urban Rail Transit (URT) projects belong to the government and most of investment expense comes from financial expense of the government. However the capital requirement, which is several ten thousand million, is beyond the capability of the government finance. How to widen the channel of financing and create a new return method of investment, which will found a favorable basement for the commercial operation, is the key to the solution of the financial problem lies the Rail Transit construction.On referring to the building and operating mode of the URT project of Beijing, Shanghai, Guangzhou and Hongkong, this thesis analyses the essentiality of developing China’s URT. Starting with the analyses of capital requirement of URT project, this article carried out the theoretic research on the primary ways of financing, the cost and structure of financing, the mode of investment and financing, the method of returning. Based on the analyses of the ongoing railway project in Wuhan and its capital requirements, this thesis comes out with a set of the financing and investing mode and method of returning, which is suit for Wuhan. The majority of the research is shown following:1 , The main expense framework of investment estimation of URT project; 2, The capital requirement of each city’s URT projects, as well as the planning of URT network and states of the under-constructing and constructed projects in some important cities;3, A systematic analyses on the theory and reality of the "ticket income + nearby land development" return mode;4, Personal opinion on the capital requirement, the financing and investing mode and the returning mode of URT project in Wuhan.At last, this article comes out with the conclusion that the most suitable financing and investing mode for Wuhan is the commercial project operation which, in detail, is the government shall act as the main investor and get other investments from other channels.更多还原