城市轨道交通项目投资控制模式创新及路径研究

摘要

Traditional investment control mode cannot effectively resolve the problems of complex interface,in-sufficient incentives and other issues in the investment control of urban rail transit projects.It is desperately nee-ded to optimize the investment control technology and tools to form a new project investment control model which could address management and incentive problems in urban rail transport project at present.Guided by theory of control right configuration,incomplete contracts and internal control,"investment -construction -return"(ICR)mode was established.The innovations include selection of investment control methods and tools on the basis of control right configuration;contract price control based on linkage of risk allocation and risk reallocation;phased buyback process based on the "investment -construction -return"in BT project.After these innovative investment control mode being proposed,Shenzhen Metro Line 5 was taken as the study case to verify the validity of ICR mode.%传统的投资控制模式无法有效解决城市轨道交通项目投资控制中管理界面复杂、承办方激励不足等问题，亟需优化投资控制技术与工具，形成项目投资控制新模式以解决新形式下城市轨道交通项目中的管理与激励问题。以控制权配置、不完全契约与内部控制等理论为指导的“投资－建设－回报”方式，在城市轨道交通项目投资控制中运用的创新包括：基于项目控制权配置的投资控制手段与工具选择的创新；基于风险初次分担与再分担联动的合同价格控制的创新；基于“投资－建设－回报”的 BT 项目分阶段过程回购的创新。在上述投资控制模式的创新提出后，通过“投资－建设－回报”方式下投资控制模式创新路径在深圳地铁5号线的投资控制模式中的运用，验证了本研究的相关结论。