Research On Government Regulatory And Subsidy Mode Of Rail Transit PPP Project

In recent years,the application of PPP model in China's rail transit construction has become more and more widespread.The distinctive feature of PPP projects is the participation of multi-stakeholders.The government needs to regulatory the implementation and quality of project implementation from the perspective of fulfilling public management functions.At the same time,the cash flow generated by the PPP project itself often cannot cover the full cost of the project,and the government must satisfy Investors' Requirements for project investment return through subsidies.Therefore,with the continuous increase of rail transit PPP projects,it is very important for the smooth development of rail transit PPP projects to establish a sound government regulatory and financial subsidy mechanism.This paper studies the government regulatory and subsidy mode of rail transit PPP project are studied in the article,and it provides a certain reference for the successful operation of rail transit PPP project in China.The government regulatory of rail transit PPP projects is studied in the article by analyzing the current situation of government regulatory of rail PPP projects in China and the lack of government regulatory.A dynamic monitoring system for the entire life cycle has been established in the article by starting with three aspects:regulatory content,regulatory measures,and regulatory agencies.In terms of on regulatory content,the regulatory content of rail transit PPP projects at different stages is summarized in the article through the review of relevant laws and regulations,technical standards,and research literature,and the ISM model is used to quantify the level of governmental regulation to get the focus of government regulatory.In terms of regulatory methods,In terms of regulatory measures,several measures are proposed in the article including getting the means of incentive regulatory,establishing an regulatory and encouragement model,and analyzing the impact of government regulatory on the level of performance of PPP project companies.In terms of regulatory agencies,the idea of building an independent regulatory agency was proposed to achieve dynamic regulatory of rail transit PPP projects.The government subsidy for rail transit PPP projects is studied in the article from several steps.Firstly,the subsidy model of the existing rail transit PPP project,including the shadow fare subsidy model,the vehicle-km subsidy model,and the cash flow subsidy model is analyzed,and the drawbacks of the current subsidy model is discussed.Then,the need to establish a subsidy mechanism under government regulatory is proposed,the method of constructing the subsidy mechanism for rail transit PPP projects based on government regulatory including the objectives and principles of subsidy mechanism design is studied,and a subsidy model based on government regulatory is established by analyzing the impact of government regulatory on the subsidy model.Among them,in order to arrive at the total amount of government subsidy for rail transit PPP project companies,the total theoretical subsidy of PPP project companies is determined by using the capital asset pricing model,the proportional coefficient of fixed subsidy and incentive subsidy are determined by using the game model,and the adjustment coefficient of the incentive subsidy is determined by using the regulatory and encouragement model.The above-mentioned theoretical study is applied to the PPP project of the Dalian Metro Line 3 Line to verify the validity and practicality of the research.Based on the overview of the operational mode of PPP on Line 3,a government regulatory system including regulatory content,regulatory measures,and regulatory agencies is established during the project's operation stage.The total theoretical subsidy is calculated by using the subsidy model under government regulatory,fixed subsidy,and incentive adjustment factor of Line 3 to determine the actual amount of government subsidy for PPP project companies.The subsidy quota meets the forecast of the subsidy quota in the Line 3 franchise agreement,which verifies the effectiveness of the model.