The construction cost of urban rail transit is high,its investment demand is strong,and as an important public welfare product,its operation and maintenance requires continual financial support.The traditional government-oriented fund-raising mode has apparently become unsuitable for the sustainable development of urban rail transit.Therefore,the advantages of the public-private partnership (PPP) financing are discussed in this paper.A comparison among the three PPP payment models demonstrates that the feasible gap subsidy can be used as the basis for the optimal payment mode of urban rail transit.A calculation method based on the latest "car kilometer" payment model in the feasible gap subsidy model is introduced,and the meaning and acquisition method of the key parameters are expounded.Under the same conditions and boundary conditions,the government subsidy amount under the three feasible subsidy modes,that is,the shadow fares,car kilometers,and the Ministry of Finance [2015] document No.21,is calculated.The advantages and disadvantages of the three methods are presented,and the satisfactory gap subsidy payment method is recommended to the local governments.%城市轨道交通建设成本高、投资需求大、公益性强,运营维护需要不断的资金保障,而由政府主导的传统资金筹措模式显然已不能适应城市轨道交通可持续发展要求的背景下,论述PPP融资方式的优势.通过3种PPP付费模式的比较,阐明可行性缺口补助可作为城市轨道交通最佳付费模式的根据.提出可行性缺口补助模式中最新“车公里”付费模式的计算方法,详述其关键参数的涵义及获取方法.在前提和边界条件一致的情况下,分别计算影子票价、车公里、财政部财金[2015]21号文3种可行性缺口补助模式下的政府补贴额,对比分析3种方法各自的优缺点,为各地政府选择合理的可行性缺口补助支付方式提供借鉴.
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