崔红卫等

摘要：鉴于传统的轨道交通投资模式存在着投资资金落实困难与投资效益外溢并存的问题，设计一种效益公平分享机制，以避免过度依赖财政资金，增加财政负担。按照现代发展新理念，挖掘拟建轨道交通投资项目的关联项目，通过EPB（有效投资组合招标Efficient Portfolios Bidding）投资模式，对拟建轨道交通主项目及关联项目进行有效组合，通过优化选择使其成为具有投资价值的投资组合项目，通过市场化方式确定投资对象和投资额。政府进行整体规划和整合资源，构建竞争机制、搭建市场竞争平台，使市场在轨道交通投资建设中起决定性作用。EPB投资模式收拢拟投资建设轨道交通项目的外溢效益，增加轨道交通建设的经济可行性，促进城市轨道交通项目建设的健康发展。

关键词：EPB投资模式；关联项目；有效投资组合；市场化定价机制

中图分类号 文献标识码：A 文章编号：

Research on EPB Portfolio Optimization Mode of Rail Transit Construction Project

CUI Hongwei WANG Wei ZENG Ying

（1. College of Economics Mathematics， Southwest University of Finance and Economics， Chengdu 611130；2. Chengdu Academy of Social Sciences， Chengdu 610023）

Abstract： The problems of difficulties in implementing investment funds and spillover of investment benefits coexist in the traditional mode of Rail transit construction projects investment. A fair benefit sharing mechanism was designed to avoid overly dependence on financial capital and to increase the financial burden. According to the new idea of modern development， the related project of planned Rail transit construction projects investment was mined. Master planned Rail transit construction projects and associated projects are combined effectively by EPB investment mode， making it become a portfolio projects with investment value through optimizing choice. The object and amount of investment were determined by means of mercerization. The overall planning and integration of resources are determined by the government， which construct the competition and set up the market competition platform. In that case， the market will play a critical role in the construction of Rail transit projects investment. The spillover effect of plans on invest in the construction project is constrained by EPB investment mode， which also increases the economic feasibility of the construction of Rail transit projects as well as promotes the rapid and sustainable development of Rail transit construction project.

Keywords： EPB investment mode； related project； effective portfolio； market-oriented pricing mechanism.

1 引言

基础设施作为经济社会发展的基础和必备条件，各级政府高度重视投入力度。近年来，中国基础设施的现代化程度显著提高，推动了经济发展和居民生活条件的不断改善。新时期，有关在基础设施领域投资建设和管理方面，如何处理好政府与市场的关系，如何更大程度让市场定价，降低投资准入门槛，使社会投资者广泛参与，引发理论与实践界的普遍关注。轨道交通作为重要的基础设施，具有运能大、节能、省地、污染小等特点，可满足乘客安全、便捷、舒适出行需求，是现代城乡综合交通体系的重要组成部分。……