Research on the Compensation Mechanism of Urban Rail Transit PPP Projects

政府采用PPP模式将社会资本引入城市轨道项目一定程度上可以缓解政府的财政压力。而由于项目具有准经营性和准公共物品性，社会资本常常无法通过项目经营回收投资成本，因此政府对社会资本进行一定的补偿是必要的。为解决谁进行补偿、什么时期补偿、采用何种补偿方式等问题，本文先通过分析补偿的主体、客体、类型及原则，明确项目不同时期的补偿模型，然后建立城市轨道交通PPP项目的补偿机制，并以北京地铁4号线为成功典型案例对补偿机制进行验证，以在保障社会资本合理投资收益的基础上，实现项目社会效益的最大化。The government’s adoption of the PPP model to introduce social capital into urban rail projects can to some extent alleviate the government’s financial pressure. However, due to the quasi-operational and quasi-public good nature of the projects, social capital often cannot recover its investment costs through project operations. Therefore, it is necessary for the government to provide certain compensation to social capital. To address issues such as who compensates, when to compensate, and what compensation methods to use, this paper first analyzes the subject, object, types, and principles of compensation to clarify the compensation models at different project stages. Then, it establishes a compensation mechanism for urban rail transit PPP projects and verifies the mechanism using the successful case of Beijing Subway Line 4, aiming to ensure reasonable investment returns for social capital while maximizing the project’s social benefits.