Study On Subsidy Model Of PPP Project In Urban Rail Transit Based On External Benefit

Urban rail transit,as an important part of the urban public transportation system,has the advantages of fast running speed,high punctuality rate and large transportation capacity,less pollution and safety compared to other public transport,which can effectively alleviate the present situation of urban traffic congestion,reduce safety accidents,and reduce air and noise pollution.However,due to the large amount of investment and the long payback period of urban rail transit,the government's financial burden will increase with the expanding of urban rail transit network.Based on the domestic practice,drawing on the international successful experience and popularizing the public-private-partnership mode(PPP)is the primary task of the urban Rail transit development in China.The fares are subject to government control during operation,in order to encourage social capital to participate,the government must give some financial subsidy to the operation loss.The mode of subsidy of urban rail transit in China is mainly characterized by extensive types.This situation has caused the project to make up for the deficit.The construction of an intensive types of subsidy model has important practical significance,especially for the PPP model,which urgently needs to be established.Incentive subsidy mechanism enables rail transit operators to ensure service quality while improving operating efficiency,and achieve a minimum cost for maximum investment return.Based on the perspective of the external benefits of urban rail transit,this paper focuses on the basic characteristics of the subsidy model,the specific subsidy model,and the subsidy effect.This paper discusses the scientific rationality of the person-kilometer subsidy model applied in urban rail transit PPP project,and puts forward the proposal of cross subsidy.The main research contents and conclusions are as follows:(1)Through the reading and thinking of the relevant literature on domestic rail transit and PPP models at home and abroad,analyzes the category of external benefit,the mechanism of interaction and the related index,based on the passengers,the residents along the route,local governments and countries,quantify the external benefits generated by urban rail transit.The research shows that urban rail transit projects will bring huge external benefits for different beneficiaries.(2)Based on the characteristics of different subsidy mechanisms under the PPP model,analyze the three kinds of subsidy modes of “guideline formula”,passenger volume and vehicle kilometer,summarize the advantages and disadvantages of various subsidy models,and constructs the person-kilometer subsidy mechanism which based on passenger volume subsidy model and vehicle-kilometer subsidy model.On this basis,it proposes a cross-subsidy model that adopts government financial subsidies and policy subsidies.It can not only guarantee the reasonable profits of the operating companies,but also encourage the enterprises to increase the enthusiasm of service quality,and can also reduce the government's financial burden.(3)The realistic significance of the subsidy model is analyzed by an example,this paper calculates the amount of subsidy under different subsidy models,discuss the relationship between the subsidy amount and the external benefit quantitative result,and regard the changes of actual passenger flows as a sensitive factor to analyse influence for three different subsidy models :passenger flows,vehicle kilometer and person-kilometer.And analyses the model's sensitivity.The example shows that the person-kilometer subsidy model has good incentive effect,and adopting the cross-subsidy approach provide new ideas for the research on the subsidy model of rail transit PPP projects.