城市发展与城市轨道交通投融资发展互动研究

Interaction Between Urban Development and Urban Rail Transit Investment and Financing

当前我国城市轨道交通建设突飞猛进,已批准建设规划的43座城市均在加快建设进度、持续扩大建设规模。然而轨道交通高昂的建设及运营成本未来必将给城市带来沉重债务负担。在国家高度重视地方政府债务风险的情况下,如何实现城市轨道交通可持续发展,针对此问题笔者提出:城市轨道交通发展必须依托城市发展的客观阶段,在城市发展的不同阶段,可给予轨道交通企业的政策、资源、资产、资金支持力度等各不相同,轨道交通企业可采用的投融资策略也不相同;城市轨道交通发展必须依托城市发展的客观阶段量力而行。因此,将国内城市发展与城市轨道交通投融资发展的互动关系总结为"1.0时代"、"2.0时代"、"3.0时代"。明确提出在不同阶段政府与企业所应承担的责任以及轨道交通投融资发展可供选择的策略;最后结合已批准建设规划城市规模与发展特征,给出各城市实现可持续发展应采取的投融资策略,并以深圳市为例对相关研究进行印证。

At present,the construction of urban rail transit in China has been advancing by leaps and bounds.43 cities,with their urban rail transit construction plans having been approved,are speeding up the construction and expanding the scale of construction.However,the high construction costs and operating costs of urban rail transit will bring a heavy debt burden to the cities.Currently situation the Central Government has attached great importance to the local government debt risk situation.In view of the question of how to achieve the sustainable development of urban rail transit,this article puts forward such ideas as follows：the development of urban rail transit must rely on the objective stage of urban development;different cities in different development stages can offer rail transit enterprises with different policies,resources,assets and financial supports and so on,so the rail transit enterprises can adopt different strategies on investment and financing;the development of urban rail transit must rely on the objective situation of urban development,and actions should be taken according to capabilities.The article summarizes the interaction between urban development and urban rail transit investment and financing as the "Time 1.0",the "Time 2.0" and the "Time 3.0".It puts forward the responsibilities of the governments and the enterprises in different stages of development and the corresponding strategies of urban rail transit investment and financing.Finally,in line with the scale and the characteristics of urban development,it presents the respective investment and financing strategies,and the related research is verfied with Shenzhen as an example.