深圳轨道交通投融资模式回顾及再创新探索

Review and Re-innovation of Investment and Financing Mode of Shenzhen Rail Transit

深圳轨道交通已进入高质量发展时期,政府的财政压力加大,需要再次创新投融资模式。深圳轨道交通前四期经历了一元、多元化的投融资创新,五期将实施轨道与土地一体化发展的思路,而上盖物业开发是轨道交通投融资再创新的基石。基于深圳利用先行先试、引领示范政策的大好机遇,提出两种创新的投融资模式:"轨道交通PPP项目+上盖物业规划+浮动现金补贴"模式创新点为轨道项目公司基于TOD理念做好上盖物业规划,政府按规划方案招拍挂,全额收取地价,按照协议所定浮动比例补偿项目公司,项目公司通过上盖物业规划最大化获得浮动现金补贴;"轨道交通PPP项目与上盖物业开发捆绑招标"模式创新点为轨道交通PPP与上盖物业作为同一项目捆绑招标,地价款可以抵扣轨道建设成本,减少土地收入中央及地方计提等费用,实现轨道建设成本和地价的最优组合,项目公司通过上盖物业开发获得增值收益反哺轨道建设运营,物业开发又为轨道交通吸引了恒常客流,政府和企业实现双赢。

The Shenzhen rail transit has entered a period of high-quality development, and the government’s financial pressure is increasing. It is, thus, necessary to innovate the investment and financing mode again. The Shenzhen rail transit has experienced a unitary and diversified innovation in investment and financing, and the fifth phase will implement the idea of the integrated development of rail and land. The development of the railway integrated property is the cornerstone of rail transit investment and financing re-innovation. Based on the opportunity arising from the pilot and leading demonstration policies, the author proposes two innovative investment and financing modes: the innovation point of “rail transit PPP projects +railway integrated property planning + floating cash subsidy”, where the PPP company should do a good job in railway integrated property planning based on the transit-oriented development, or TOD(transit-oriented development) concept. The government auctions the land and obtains the land price in full according to the planning scheme. It then compensates the PPP company according to the floating proportion specified in the agreement, and the PPP company maximizes the floating cash subsidy through the planning of the railway integrated property. The second mode is the innovation point of “joint bidding of rail transit PPP projects and railway integrated property development”, where the rail PPP and railway integrated property are joint bidding as the same project. The land price can offset the cost of rail construction, reduce the central and local expenses of land revenue, and realize the optimal combination of rail construction cost and land price. The PPP company can obtain value-added income through the development of the railway integrated property to feed rail construction and operations.Property development also attracts patronage, allowing the government and enterprises to achieve a win-win situation.