The Study On Financing And Investing Method Of Urban Rail Transit Project

In the past two decades of China, along with the rapid development of China's economy, the progress of urbanization is accelerating and the requirement of traffic is boosting. All of these effects are lead to the aggravation of the traffic congestion, traffic accidents, the environment pollution. Under this condition, urban rail transit system will be primary solution to the traffic congestion. To solve the traffic problem many cities in China are planning and preparing metro and light railways lines. As statistic shows, a total of 450 km urban rail lines are under construction, involving an estimated investment of 200 billion Yuan during the tenth National Five-Year-Plan period(2001 -2005).Most of the Urban Rail Transit (URT) projects belong to the government and most of investment expense comes from financial expense of the government. However the capital requirement, which is several ten thousand million, is beyond the capability of the government finance. How to widen the channel of financing and create a new return method of investment, which will found a favorable basement for the commercial operation, is the key to the solution of the financial problem lies the Rail Transit construction.On referring to the building and operating mode of the URT project of Beijing, Shanghai, Guangzhou and Hongkong, this thesis analyses the essentiality of developing China's URT. Starting with the analyses of capital requirement of URT project, this article carried out the theoretic research on the primary ways of financing, the cost and structure of financing, the mode of investment and financing, the method of returning. Based on the analyses of the ongoing railway project in Wuhan and its capital requirements, this thesis comes out with a set of the financing and investing mode and method of returning, which is suit for Wuhan. The majority of the research is shown following:1 , The main expense framework of investment estimation of URT project; 2, The capital requirement of each city's URT projects, as well as the planning of URT network and states of the under-constructing and constructed projects in some important cities;3, A systematic analyses on the theory and reality of the "ticket income + nearby land development" return mode;4, Personal opinion on the capital requirement, the financing and investing mode and the returning mode of URT project in Wuhan.At last, this article comes out with the conclusion that the most suitable financing and investing mode for Wuhan is the commercial project operation which, in detail, is the government shall act as the main investor and get other investments from other channels.