世界七大城市地铁投融资实例分析及其借鉴

Experiences of Investment/Financing on Metro in Seven World Cities

通过对新加坡等世界七大城市地铁企业运营情况和投融资结构的分析研究,得出了地铁运营存在行业性亏损的原因是:地铁投资额巨大、正外部性和公益性。阐述了地铁投资以政府投资为主导的必要性;概括分析了三种地铁投融资模式以及对我国城市地铁投融资的借鉴意义;提出了地铁建设和运营可持续发展的"地铁经营+物业发展"模式。

Through an analysis of the operation status and investment/financing arrangement of the metro companies in seven world cities, like Singapore, etc., a conclusion is reached that the causes of the common sectorial loss on metro operation include huge investment, positive externality and its public welfare nature. This paper elaborates the necessity of the government guiding investment on metro, sums up three investment/financing models which could be good references for the investment/finandng on metro construction in China. Finally, this paper puts forward a ＂metro management and property development＂ model for the sustainable development of metro construction and operation.