| In recent years,with the improvement of urbanization level,urban population has increased rapidly,urban congestion and exhaust noise pollution are becoming more and more serious.Urban rail transit with large volume,fast speed and small pollution has become an effective way to alleviate this problem.However,due to the large amount of investment and the long recovery cycle of the urban rail transit project,and the increasing demand for infrastructure investment,the government is facing the shortage of financial funds.Therefore,the government and social capital cooperation model has been rapidly developed in the urban infrastructure field and has been supported by the government.Urban rail transit project has the nature of public welfare and the ticket price is controlled by the government.It is difficult to realize the social capital to realize the reasonable income of the project only through the ticket price,and the demand risk of the urban rail transit project is not controlled by the government and the social capital as an exogenous risk during the operation of the urban rail transit project,which has a great influence on the operating income.Therefore,to establish a reasonable mechanism of government financial subsidy plays an important role in the effective implementation and development of urban infrastructure PPP projects.Taking the PPP project of urban rail transit as the research object,this paper takes the theory of government bilateral guarantee,the theory of delayed real option and the theory of financial subsidy as the theoretical support,establishes the income subsidy model based on the government guarantee and the delay option pricing model,and takes the Beijing metro line four as an example to carry out an empirical analysis.The amountof the subsidy under the fixed proportion of the government under the PPP project of urban rail transit,the best proportion of the government under the threshold of social capital investment and the price combination and the amount of the government subsidy under this combination are studied.The related theory of the subsidy mechanism,the factors affecting the subsidy,the amount of subsidies and the path of the realization of the subsidy are common.Constitute the subsidy mechanism of PPP for urban rail transit,and provide reference for the cooperation between the government and social capital.The research results of this paper mainly include the following points:(1)the subsidy mechanism of urban rail transit PPP project is constructed.The mechanism mainly includes the theoretical analysis of the factors affecting the subsidy,the subject and object of subsidy,the target and principle,the subsidy mode and so on,and the calculation of the subsidy amount of the core content,which provides the theoretical support for the government to patch up the PPP project of urban rail transit.(2)the government revenue guarantee model is constructed,and the government's allowance for social capital gains and excess income is calculated.Through the government revenue guarantee model,the reasonable upper and lower limit of the operating income of social capital is determined.It is concluded that the low price level of 2 yuan is difficult to make up for the high operating cost.The adjustment of the ticket price is a desirable way to realize the reasonable income of social capital and reduce the burden of government subsidies.(3)a delayed real option model is constructed to calculate the best investment threshold of urban rail transit project and the government subsidy amount under the government's best guarantee and fares combination.From the angle of social capital,based on the principle of reciprocity of income and risk,the paper studies the minimum level of government guarantee and price combination,calculates the amount of government subsidy under the best combination,realizes the interest goal of the item company and also satisfies the original intention of the government to provide public infrastructure at an early date. |
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