Study On Urban Rail Transit Investment Fund And Financing Program Evaluation

Urban Rail Transit has a lot of advantages, such as mass traffic volume, small occupation of land, on time and quick, etc, so, many cities in our country are making great efforts to the development of Urban Rail Transit project, therefore, Urban Rail Transit will be a major construction project of our country’s infrastructural programs in future.However, our country’s Urban Rail Transit projects are short of funds and financing means, and in low level market-oriented operation. Research and innovation in financing mode has become the most important issue to develop Urban Rail Transit.First, through the systematic analysis of the characteristics of foreign Urban Rail Transit industry, this article summarizes the experiences of Urban Rail Transit investment and financing at home and abroad, with the national situation, explores BOT,ABS mode which are generally applied at present, and comparative analysis their strengths and weaknesses, to some extent, these modes can solve the problem of local Urban Rail Transit construction and provide the foundation for future innovation, but due to their deficiencies, they can’t solve the contradiction between supply and demand fundamentally, a new solution is badly needed.Second, in this paper, based on the analysis of the successful application experiences of foreign industrial investment funds in the field of infrastructure, the necessity and feasibility of applying industrial investment fund to Urban Rail Transit is discussed, and the industry fund organization form is also presented. The industrial investment fund mode can diversify investment subjects, expand financing channels, absorb private capitals, reduce government financial pressure. Furthermore, the establishment of a modern Urban Rail Transit enterprise system can also be accelerated in our country. The combination of Urban Rail Transit and industrial investment fund gives full play to their advantages and realizes complementary advantages. The combination will not only optimize the industrial investment structure, but also greatly promote the development of urban rail transit, so, it is an advanced investment financing mode in accordance with our national conditions.At last, after identifying Urban Rail Transit project financing plans, how to choose the optimal plan from numerous financing ways becomes the practical problems for decision makers. The relative merits of financing plans usually depend on the cost and risk, time limit, financing ability, etc. Evaluation of financing plans according to just one factor is not in consistent with the objective reality and can’t meet the objective requirement of the decision maker either. For this reason, at the end of the paper, a multi-objective comprehensive evaluation method for Urban Rail Transit project financing plans is investigated by using the analytic hierarchy process and fuzzy theory of gravity to choose the optimal financing plan. And the correctness of the calculation method is verified by an example.