CAJ | 학술논문

随着国内城市轨道交通建设需求量日益增长，投资规模迅速扩大，资金短缺已成为部分城市制约城市轨道交通发展的重要因素。由于地方财政来源比较少，发展新型投融资模式，吸引社会资本，对我国城市轨道交通的发展具有重要意义。基于北京、深圳、南京等城市轨道交通项目融资实践，BOT、BT以及“轨道+土地”融资模式存在各自的优点和问题，结合城市轨道交通项目投资大、外部效益高的特点，将BT模式与利用土地储备融资相结合，形成“BT+土地储备”融资模式，作为可供我国城市轨道交通项目采用的一种新型融资模式。
수착국내성시궤도교통건설수구량일익증장，투자규모신속확대，자금단결이성위부분성시제약성시궤도교통발전적중요인소。유우지방재정래원비교소，발전신형투융자모식，흡인사회자본，대아국성시궤도교통적발전구유중요의의。기우북경、심수、남경등성시궤도교통항목융자실천，BOT、BT이급“궤도+토지”융자모식존재각자적우점화문제，결합성시궤도교통항목투자대、외부효익고적특점，장BT모식여이용토지저비융자상결합，형성“BT+토지저비”융자모식，작위가공아국성시궤도교통항목채용적일충신형융자모식。
With the increasing demand of urban rail transit in China,the scale of investment is expanding rapidly. As a result,the shortage of funds has become an important factor restricting the development of urban rail transit in some cities. Because of the lack of financial sources,the development of new financing modes,attracting social capital,is of great significance to the development of urban rail transit in China. According to the practice in China,the advantages and defects of BOT,BT,“Railway+Property”financing mode are analyzed. Based on high investment and high external benefit in urban rail transit,the paper combined the “BT+land reserve”financing mode constituted by the BT mode and the mode of project financing which takes advantage of land reserve. It will be a new financing mode of urban rail transit project in China.