关于城市轨道交通项目财务内部收益率和资金缺口的问题

Urban Rail Transit Projects’ Financial Inner Return Rate and Capital Gap

结合我国城市轨道交通的发展现状,通过对财务内部收益率涵义的分析,对同一城市不同层次线路的财务内部收益率及其与基准收益率的关系进行说明。通过分析城市轨道交通项目资金缺口的形成原因及主要影响因素,剖析了资金缺口与项目资本金投资净现金流量的关系。探讨了几种适合我国国情的轨道交通项目运营资金缺口的政府财政补贴模式,为今后规范城市轨道交通项目的政府财政补贴提供参考。

First,through analyzing the implication of FIRR （financial inner return rate） and, based on the development of urban rail transit in China, this paper describes different FIRR grades of track lines in one city and their relationship with the norm FIRR; then analyzes the capital gap and the main affecting factors, explaines the relationship between capital gap and the project investment net cash flow. Finally, the paper proposes some government financial subsidy modes for urban rail transit projects which are suitable for the situation of China, to provide suggestions for governmental subsidy in the future rail transit projects.