|Table of Contents|

Application of the selfliquidation rate in the operation of the urban rail transit PPP project(PDF)

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2020年02期
Page:
71-82
Research Field:
交通运输
Publishing date:

Info

Title:
Application of the selfliquidation rate in the operation of the urban rail transit PPP project
Author(s):
LI Hongchang; CUI Jinli; NIE Qiong; ZHANG Hanyin; ZHOU Zijian; YU Qing; YANG Jinkun
 （School of Economics and Management，Beijing Jiaotong University，Beijing 100044，China）
Keywords:
urban rail transit; PPP; selfliquidation rate; cost control; mechanism design; MTR corporation; “metro+real estate” ; 文章编号：
PACS:
F294.3；F572
DOI:
-
Abstract:
To explores how to design the mechanism to encourage social capital to actively participate in the construction and operation of urban rail transit projects under the PPP model, analyzes the rationality of the composition and the accuracy of measurement of the existing selfliquidation rate model from the theoretical level, and considers the competitive neutrality and transferrable risk bearing cost from the application level.By bringing in factors such as the land costs with less expenditure, administrative approval cost, relevant taxes and risk control cost overrun etc., and adding in the interest expenses during the construction period, this paper establishes a new model of selfliquidation rate. Moreover, by comparing the financial indicators of the MTR corporation and the other 17 typical subway operators of major cities in mainland China, this paper analyzes the return on assets, ratio of profits to costs and expenses and the selfliquidation rate, etc. of those companies from the two aspects of income and cost. The study shows that the new selfliquidation rate model can more accurately reflect the actual performance of the government under the traditional model and PPP model, and has a strong incentive to attract social capital into urban rail transit projects. The introduction of social capital can reduce the construction and operating costs to a certain extent, and enhance the profitability of urban rail transit operators.Drawing on the experience of the MTR corporation which attaches importance to the commercial property of rail transit, it is suggested that the rail transit operators manage their business independently, implement prudent business principles, and achieve accurate control of the operating costs through efficient asset management.

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Last Update: 2020-05-25