| 自偿率在城市轨道交通PPP项目运作中的应用 |
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| 引用本文： | 李红昌,崔金丽,聂琼,张瀚尹,周子健,于青,杨金琨.自偿率在城市轨道交通PPP项目运作中的应用[J].长安大学学报(社会科学版),2020,0(2):71-82. |
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| 作者姓名： | 李红昌 崔金丽 聂琼 张瀚尹 周子健 于青 杨金琨 |
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| 作者单位： | （北京交通大学 经济管理学院，北京100044） |
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| 摘 要： | 为探讨PPP模式下如何进行机制设计来激励社会资本积极地参与城市轨道交通项目的建设和运营，针对已有的自偿率模型，从理论层面分析其构成的合理性、衡量的准确性，从应用层面考虑了竞争性中立与可转移风险承担成本；通过引入少支出的土地费用、行政审批费用、有关税费、风险控制超支成本等因素，并加入建设期利息支出，建立了新的自偿率模型；通过对比港铁公司与其他17个典型城市地铁运营公司的财务指标，从收入和成本两方面，分析了企业的资产收益率、成本费用利润率、自偿率等。研究表明，新的自偿率模型能够更准确地反映出传统模式与PPP模式下政府的实际绩效，对吸引社会资本进入城市轨道交通项目具有较强的激励作用；引入社会资本在一定程度上能降低建设及运营成本，增强城市轨道交通运营企业的盈利能力；借鉴港铁公司重视轨道交通的商业属性，鼓励轨道交通公司自主经营，贯彻审慎的商业原则，用高效的资产管理，来实现对运营成本的精确控制。
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| 关 键 词： | 城市轨道交通 PPP 自偿率 成本控制 机制设计 港铁公司 “地铁+地产” |
Application of the self liquidation rate in the operation of the urban rail transit PPP project |
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| LI Hongchang,CUI Jinli,NIE Qiong,ZHANG Hanyin,ZHOU Zijian,YU Qing,YANG Jinkun.Application of the self liquidation rate in the operation of the urban rail transit PPP project[J].Journal of Chang'an University(Social Sciences Edition),2020,0(2):71-82. |
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| Authors: | LI Hongchang CUI Jinli NIE Qiong ZHANG Hanyin ZHOU Zijian YU Qing YANG Jinkun |
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| Affiliation: | （School of Economics and Management，Beijing Jiaotong University，Beijing 100044，China） |
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| Abstract: | To explores how to design the mechanism to encourage social capital to actively participate in the construction and operation of urban rail transit projects under the PPP model, analyzes the rationality of the composition and the accuracy of measurement of the existing self liquidation rate model from the theoretical level, and considers the competitive neutrality and transferrable risk bearing cost from the application level.By bringing in factors such as the land costs with less expenditure, administrative approval cost, relevant taxes and risk control cost overrun etc., and adding in the interest expenses during the construction period, this paper establishes a new model of self liquidation rate. Moreover, by comparing the financial indicators of the MTR corporation and the other 17 typical subway operators of major cities in mainland China, this paper analyzes the return on assets, ratio of profits to costs and expenses and the self liquidation rate, etc. of those companies from the two aspects of income and cost. The study shows that the new self liquidation rate model can more accurately reflect the actual performance of the government under the traditional model and PPP model, and has a strong incentive to attract social capital into urban rail transit projects. The introduction of social capital can reduce the construction and operating costs to a certain extent, and enhance the profitability of urban rail transit operators.Drawing on the experience of the MTR corporation which attaches importance to the commercial property of rail transit, it is suggested that the rail transit operators manage their business independently, implement prudent business principles, and achieve accurate control of the operating costs through efficient asset management. |
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