Analysis On The Evolution Mechanism Of The Investment And Financing System For Native Urban Mass Transit

Since Britain built its first underground railway line in London in 1863,nowadays more than 80 cities in 35 countries and regions have built about 5000kmurban mass transit lines. In 21st century, China meets a new climax of urban masstransit construction. Every large city has mapped off large-scale urban mass transitnetwork plan, its construction has started, 400km urban mass transit network will bebuilt in Shanghai in the 11th Five-year development period. It's unreasonable toachieve such a great goal by totally depending on government finance and justapplying old investment and financing system. Therefore, it's an urgent to set upnew investment and financing system suitable for market-oriented economy, deeplyanalyze interior theory in the evolution of investment and financing of urban masstransit, and provide more scientific theory basis for the reform in investment andfinancing of urban mass transit.This thesis starts from basic characteristic of urban mass transit, unveils theperiodic development rule of mass transit, and takes the system demand during theconcentrated development period of mass transit as the emphasis in the evolutionstudy of China urban mass transit. The basic features of urban mass transit, such assemi-publicity, operation ability, marketability, exteriority are further studied, and thetheory basis in the study of urban mass transit is confirmed. On that basis, thegeneral development progress of the investment and financing system in China urbaninfrastructure is reviewed, and the evolution progress in the investment and financingsystem of Shanghai urban mass transit is concluded.The evolution of the investment and financing system of urban mass transit isessentially the behavior of system change. Therefore, the basic theory ofInstitutional Economics is applied, the basic framework of the investment andfinancing system in urban mass transit is proposed. The organizing method .ofgovernment-oriented fields is focused as the key point in the study of the evolution ofthe investment and financing system of urban mass transit. On the above basis, the development progress in Shanghai is analyzed by period. The model of the evolutionin the investment and financing system of urban mass transit is based on the"Trust-Agency" theory. Three evolution progress in the investment and financingsystem is explained. And the mechanism of the evolution in the investrnent andfinancing system is unveiled from the balance between the government's need andsupply in growth, efficiency, Inspire and Confine System. The evolution law of"Growth Priority, Efficiency, Clear Responsibility" and the evolution tendency oflimited responsibility with government and market are proposed in this thesis.On the basis of systemic analysis on the investment and financing system OfUrban mass transit in Paris, Hongkong and Japan, the transfer to the market-orientedinvestment and financing system would be the interior need and inevitable tendencyof market-oriented economy in government-market responsibility-sharing. The PPP(Public Private Partnership) pattern is introduced in the innovation of the investmentand financing. The essence of PPP, which is increasing the operation ability of masstransit by compensatory investment from government, is discussed And it is clarifiedthat government's satisfying social capital to reach average (or above average)through compensatory investment is basic reflection of the responsibility interfacebetween government and market. Three government's compensation mechanisms(capital compensation, operation compensation and source compensation) areanalyzed in the present investment and financing system of urban mass transit. Onthe above basis, combined with the writer's working experience, the problem in thepractice of the innovation of the investment and financing system in China's urbanmass transit is discussed, and several policy suggestions are proposed.