The Impact Of Urban Rail Transit Project Investment On Regional Economic Development And Social Employment

As one of the most ideal green transportation in the 21st century,urban rail transit(URT)has the advantages of fast and efficient,safe and comfortable,energy-saving and environmental protection,large volume and less land use.The investment of rail transit will directly affect the urban industrial economy,also affect the layout and scale of the city,industrial structure and social employment.With the acceleration of China's urbanization process,rail transit has gradually become an important way to effectively solve urban traffic congestion problems and achieve urban green development.However,judging from the current operation of URT projects in China,it is generally faced with embarrassing situations such as financing difficulties and operating losses.It requires a large amount of government financial subsidies to maintain its normal operations every year.As a quasi-public product,URT has a strong positive externality,and its contribution to promoting regional economic development and social employment can't be reflected financially.Therefore,based on the externality theory,this study elaborates the formation mechanism of URT investment multiplier effect,and establishes an input-output measurement model of project construction investment,then taking Changsha Metro Line 2 as an example,quantitatively evaluates the positive impact on regional economic and social employment by URT project construction investment.The empirical results show that the investment multiplier of URT project investment for other industries is 4.8158.The construction investment of the first phase of Changsha Metro Line 2 and the first phase of the West Extension Line will bring GDP growth of 67.938 billion yuan,and the new employment opportunity is 186,000,which further prove that URT has significant positive externalities.On this basis,the study also proposed relevant policy recommendations.This study expands the application scope of investment multiplier theory,provides a reference for scientific decision-making of URT project investment,and provides a basis for the development of government-related subsidy policies.