城市轨道交通融资模式对项目综合效益的影响  

Impact of Financing Modes on the Overal Efficiency of Urban Rail Transit Projects

作　　者：伍迪[1] 王守清[1] 梁伟[1,2] 

机构地区：[1]清华大学建设管理系,北京100084 [2]国寿投资控股有限公司,北京100033

出　　处：《都市快轨交通》2016年第1期26-29,共4页Urban Rapid Rail Transit

基　　金：国家自然科学基金(71572089)

摘　　要：分析城市轨道交通不同融资模式对项目综合效益影响的显著程度,为决策者进行融资模式比选提供参考依据。首先通过相关研究与项目报告识别城市轨道交通项目综合效益的29项指标,然后通过问卷调研,评估融资模式四要素对这些指标的影响程度,得出结论:运营主体要素对项目效益影响最显著,运营外收入和财务费用成本是最容易受融资模式影响的两项指标;政府部门在许多效益指标上高估了融资模式的作用,但总体上融资模式对项目综合效益具有显著影响。这不仅为城市轨道交通融资模式选择的研究提供理论依据,还可以为决策者在融资模式比选时采取更有针对性的措施提供借鉴。In order to compare and select from different financing modes of an urban rapid rail transit project for decision makers,it is necessary to understand the impact of various financing modes on the overall efficiency. The constituent elements of the overall efficiency are firstly identified based on related research and reports. Then,a questionnaire survey is conducted to evaluate the impact on the twenty-nine identified efficiency elements. The results show that the＂operation entity＂element of financing modes has the most significant impact while ＂non-operational revenue＂and ＂cost of financial expenses＂are the top two efficiency elements most easily impacted by financing modes. It is also found that governments usually overestimate the role of financing modes,but on a whole,financing modes have significant impacts on the project efficiency. The conclusions can be used for the study and practice of financing modes selection.

关 键 词：城市轨道交通 融资模式 综合效益 影响 

分 类 号：F503[经济管理—产业经济]