摘要
摘要
近年来，我国城市轨道交通建设蓬勃发展，成为提升城市承载能力、解决交通出行
问题、促进经济发展的重要手段。XX轨道公司作为 XX新区轨道交通领域的垄断性国
有企业，承担着区内所有轨道交通项目的建设、运营、管理职责。截至 2021年 6月末，
已开通运营了地铁 1号线二期、5号线二期两条线路，正在建设地铁 16号线一期。从长
期来看，XX轨道公司在项目的建设、运营、管理方面须投入 2000亿元左右；从中、短
期看，也有百亿级别的资金需求，这与 XX轨道公司目前的存量融资完全不是一个数量
级。同时，由于轨道交通项目建设具有投资大、工期短、收益低等特点，XX轨道公司
迫切需要对现有融资模式进行改造升级，建立一套与之相适应的融资模式。
本文深入研究分析了 XX轨道公司的发展现状、运营现状、融资现状，认为 XX轨
道公司现有融资模式存在融资方法单一、融资可持续性不足、内源融资不足、融资期限
结构不合理等问题，并剖析了造成这些问题背后的深层次原因。在此基础上，文章广泛
学习借鉴国内外实践探索经验，结合企业发展实际，认为 XX轨道公司应当巩固政府出
资这一根本来源，协调政府对地铁专项资金的归集、拨付等建立更加明确的制度安排，
积极争取政府专项债券支持；同时，应尽快理顺票款回笼机制，实行成本规制，探索实
施 TOD综合开发，使得公司实力进一步增强、内源融资的能力逐步建立；在此基础上，
文章认为 XX轨道公司必须打破单一融资路径，积极探索银团贷款、发行非金融企业债
务融资工具、PPP、ABN、国外信贷支持等融资模式，进一步提升公司融资的多元性、
合理性，降低融资的难度、利率和风险。此外，文章还对融资模式改进的预期效果作了
评估，制定了 XX轨道公司融资模式改进的保障措施，以期取得较好的改进效果。
与国内现有研究不同，本文认为改进 XX轨道公司融资模式是一个系统工程，不能
就融资模式谈融资模式，而是在深入剖析企业存在问题及原因的基础上，给出了“理顺
机制+增强实力+融资模式升级”的系统化解决方案，更加具有实践参考意义；同时，本
文提出要建立成本规制的补贴机制，旨在将XX轨道公司这类公益性企业的收入正常化，
同时提升 XX轨道公司控制成本的自觉性，这一点在目前的研究中较为少见。
关键词:轨道交通，地铁，融资模式，改进
I

西北大学硕士学位论文
Abstract
In recent years, China's urban rail transit is booming, and it has become an important means
of enhancing urban carrying capacity, solving traffic travel problems, and promoting
economic development. As a monopoly state-owned enterprise in the rail transit field of XX
New Area, the XX Metro Rail Corporation is responsible for the construction, operation and
management of all rail transit projects in the area. By the end of June 2021, the second phase
of Metro Line 1 and 5 has been opened, and the first phase of Metro Line 16 is under
construction. In the long run, XX Metro Rail Corporation shall invest 200 billion yuan in the
construction, operation and management of the project. From the medium and short-term,
there are 10 billion-level funding needs, which is not in the same level as the current stock
financing of the XX Metro Rail Corporation. At the same time, since the construction of the
rail transit project has the characteristics of large investment, short construction period, low
income, etc., XX Metro Rail Corporation is in urgent need of establishing a set of applicable
financing modes.
On the basis of in-depth research and analysis of the development status, operation status and
financing status of the XX Metro Rail Corporation, the author believes that the corporation
has the existing problems of a single financing mode, insufficient financing sustainability,
insufficient endogenous financing and unreasonable financing maturity structure, and
analyzes the deep reasons behind these issues. In addition, the article has widely learned from
domestic and foreign practical exploration experience, combining the actual development of
enterprises. It considers that the XX Metro Rail Corporation should consolidate the
fundamental source of government funding, coordinate the governments to establish a more
clear institutional arrangement for the collection of special funds for the subway, and actively
strive for government special bond support. At the same time, the XX Metro Rail Corporation
should optimize the income managing mechanism as soon as possible, implement cost
regulation, explore the implementation of TOD comprehensive development, so that the
company's strength is further enhanced, and the capacity of endogenous financing is gradually
established. On this basis, the author believes that the XX Metro Rail Corporation need to
break the single finance path, actively explore the syndicated loan, Issuing non-financial
corporation debt financing instruments, PPP, ABN, foreign credit support, etc., to further
strengthen the diversity and reasonability of the financing mode, reducing financing
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