Study On Market-oriented Financing Mode Of The Urban Rail Transit

Since the policy of reform and opening-up. our market economy has been developing fast and deeply for 30 years. City scale and population expand year by year. The urban population increases fast because of the fact that more and more farmers leave the farmland and move to cities. The traffic jam of cities becomes a very serious problem that all city governments must pay attention to. But the traditional public transport such as bus and taxi are approaching to saturation. In this case, building urban rail transit which is speedy, time-saving, safe and environmental becomes an effective measure to solve the traffic problem for the government. But generally the construction fund of urban rail transit construction is so huge that the government cannot bear it alone. In order to adapt this new situation, there is a very important realistic and theoretical sense that introduces the market-based financing in the urban rail transit construction to reduce the fund pressure of the government.The theoretical basis of economics for the urban rail transit is public goods theory. But the urban rail transit is not pure public goods but quasi-public goods which has some non-excludability and some non-competition. This attribution of the urban rail transit gets rid of the binding of pure public goods and becomes a theoretical fulcrum for its market-based financing. But this does not mean that the urban rail transit could be produced by market alone. This work that chooses appropriate financing method for the urban rail transit needs both the government and market fulfill together.Firstly this article analyzes the attributes of quasi-public goods, external effect and quasi-profit of the urban rail transit. Secondly, it elaborates the practical conditions and some existing problems in the market-based financing of the urban rail transit construction. Then to the analysis of the issue above, this paper emphatically put forward the integrated development between urban rail transit and land resource. Combining with the actual situation of the mainland, this article researched a case on subway of Hong Kong. Thirdly, according to these analysis. this article studied the approach that the mainland develops the integrated development between urban rail transit and land resource, then some suggestions on policies and regulations and management system.There are six parts in this article, including exordium.basic theory, practical conditions and some existing problems, integrated development financing mode, the approach of integrated development of urban mass and land resources in mainland, conclusion and prospect.The first part is exordium. First, this part analyzes the research background of this article on the whole, explains the advantage of urban rail transit in comparison to traditional transportation modes and points out the necessity of developing the urban rail transit in cities, reviews related research results on the urban rail transit construction financing and then introduces the research contents of this article and research line.Part two is the study on basic theory which mainly covers the theoretical basis of urban rail transit financing. In this part it defines the concept of urban rail transit market-oriented financing and discusses the identities such as quasi-public goods, externality and quasi-profit which establishes theoretical foundation for urban rail transit market-oriented financing.Part three is the study on practical conditions and some existing problems in the urban rail transit market-oriented financing. About practical conditions, this part analyzes the experiences in our country, the system environment as well as the development of private capital. Then from the internalization of external nature, it participants in the investment and financing, development mode as well as legal construction; this part explores the current problems in urban rail transit market-oriented financing.Part four studies the financial model of integrated development of urban mass and land resources. To the analysis of the above-mentioned issues, this part gives some ways about integrated development of urban mass and land resources, expounds its unique advantages, compares some concrete plans which can be chosen and analyzes the success cases of Hong Kong.Part five analyzes the routes of integrated development of urban mass and land resources in China. Aiming at the practical circumstances of the inland of our country, this part especially puts the emphases on the discussion about two comprehensive models and compares their fitness. What is more, it suggests some advice on relating policy laws, management system and relating land planning.The sixth part is the conclusion and prospect of this paper. This part first summed up the general line and research results of full text. Then the article points out insufficient place and the growth prospects and development in the future.