Study On Mechanism Of Joint-Development Of Urban Rail Transit And Real Estate Project

The present need for urban rail transit (hereinafter referred to as URT)development is quite urgent, whereas the financial limitation of government retards itsdevelopment, for this reason, the fund shortage in construction and operation becomethe key point in URT. Based on the analysis on the extraordinary economic phenomenonin positive externality of URT, this thesis puts forward the joint-development mode, thepurpose of which is to internalize the positive externality of URT and solve the problemof fund shortage.Centered on the theme of internalization of positive externality of URT, thefollowing researches are made in this paper:1. Study on the theoretical method of value-added calculation of real estatealongside the URT. Corridor Effect theory is applied to category the effect dimensioninto value effect scope and value effect strength. Based on the proposition of valueeffect functions through “human beings”, logistic model is built to explain the valueeffect scope of URT on alongside real estate projects. HMP method is applied to buildthe feature value mode, which explains the value effect strength variation. For the firsttime, the above two modes form a value-added computation model group of real estatealongside the URT.2. Build the model which can be used to ascertain the target of internalizationexternal effect. Illustration of external effect interactivity and system externalization aremade to put forward the idea that internalization of external effect is the residual valueof annual total operation costs substract initial passenger ticket income andnewly-increased passenger ticket income and affiliated resource operation income of URT. For the first time, based on the value effect scope of URT, the computation modelof original passenger ticket income and newly-increased passenger ticket income is setup.3. Study on the construction and condition of joint-development mode. Aimed atexploring the internalization approach of external effect of URT, the relative URTdevelopment mode research is made, which sets the theoretical basis for jointexploitation, and further proposes the joint-development mode and illustrates itsconnotations. To ensure the operability of the joint-development, the condition researchis made to propose the necessary functions. Besides, illustration of implementing path ismade. Finally, in aspects of laws, regulations and organization structures, the conditionand operation mechanism are probed to ensure the feasibility of internalization ofexternal effect of URT.4. In the joint-development mode, the calculation work of internalization ofexternal effect of URT is carried out. Data are obtained through investigation oninfluence factors of Beijing citizens’ choosing URT. Analysis on the data leads to thelogistic mode of value effect scope of URT. Hedonic model which shows the valueeffect strength of URT is built through the data analysis of investigation on the realestate projects alongside the subway No.4in Beijing. The key parameter of value rangeand computation model in real estate value added computation model alongside theURT is obtained through the construction of logistic model and hedonic model, throughwhich calculated the real estate value addition that caused by one of the railway stationsof Railway No.4. Given the benefit gambling in real practice, the computation model ofinternalization of external effect is revised to make it more practical. The computationmodel of passenger ticket income is applied to calculate the annual total passengerticket income and newly-increased passenger income of subway No.4in Beijing.