地铁财务评价的研究
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摘要
从世界各国城市交通发展的经验来看,地铁工程的建设不但能够满足城市日益增长的客运需求,同时能够保护城市生态环境、强化城市功能、促进城市现代化进程和可持续发展。从城市需求上来看,地铁在我国的城市交通建设上有着巨大的发展潜力。
近几年,我国地铁建设呈现出了快速发展的态势,国家对地铁的建设资金投入也在大幅度增加。但是,国内地铁存在投资大,建设期长,见效慢的特点,在一定程度上,它制约了城市地下铁道的发展。因此,采用科学合理的方法,对地铁建设项目进行全面的财务评价,对于加速我国投资体制的科学化,优化资源配置,降低投资风险,提高投资收益水平具有重要的促进作用。
本文根据城市轨道交通的经济特点,对目前常用的地铁财务评价方法进行了研究,针对传统的地铁财务评价存在指标不够全面,评价方法相对局限等缺点,建立了一套相对完整的财务评价指标及方法体系,更真实有效地反映出地铁项目的财务状况。地铁作为公益性的建设项目,财务效益差,但是外部效益即国民经济效益却十分明显,即使通过改进的地铁财务评价体系进行财务分析,仍然出现地铁财务效益与经济效益较大差异。因此为了解决其差异,改善项目的财务状况,在对地铁进行财务可持续性分析中提出了一些政策性、市场化等措施,来达到增加地铁收入、降低地铁成本的目的,使地铁公司财务状况分析更具经济合理性。
最后,本文利用改进的地铁财务评价体系对深圳地铁3号线西延线项目进行了评价,并对该项目有无采取改进措施的两个方面做了比较。实例分析的结果表明,对地铁项目进行财务评价不仅需要一个合理、全面的财务评价体系,还需要项目投资者和经营者大胆地提出一些措施来获得更多的地铁项目投资资金来源和政府财政政策等补贴,以及按市场化原则来增加地铁收入,降低造价成本。只有这样,才能使地铁这种投资成本大,公益性很强的特殊项目在财务评价中更具有合理性、经济性。
From countries around the world urban transport development experience,the construction of subway project will not only meet the growing passenger demand cities,and to protect the city's ecological environment,strengthen the functions of cities,urban modernization process and the promotion of sustainable development. On demand from the city,Metro in China's urban transportation construction has great potential for development.
In recent years,China's subway construction in the rapid development of the situation, the state's construction of the MTR is also a substantial increase in capital investment.However,domestic investment in the subway there,building a long period,the characteristics of effective slow,to a certain extent,it restricted the city's underground railway development.Thus, the application of scientific and reasonable way to accurately on the construction project financial evaluation,China's investment system to accelerate the scientific and optimizing the allocation of resources,lower investment risks and enhance the level of investment income is an important facilitating role.
According to the Urban Mass Transit economic characteristics of the current financial evaluation of the subway commonly used methods, the traditional response to the subway there are indicators of the financial evaluation is not comprehensive enough to assess the relative limitations of methods, such as the shortcomings, the establishment of a set of relatively complete financial evaluation and Method system, more effectively reflect the true financial position of the subway project. MTR as a public building projects, poor financial results, but the external efficiency of the national economy that benefits are obvious, even through the improvement of the financial evaluation of the subway system for financial analysis, the subway still greater cost-effectiveness and efficiency of financial differences. Therefore, in order to resolve their differences and improve the project's financial situation, in the subway on the financial sustainability analysis made a number of policy-oriented, market-oriented measures, to achieve the increase in income subway, the MTR to reduce cost, so that the financial position of the Corporation Analysis of the more economically rational.
Finally, to improve the use of the subway system and the financial evaluation of the Shenzhen Metro Line 3 West Extension project was evaluated, and whether or not the project to take measures have done a comparison of the two. Examples of the analysis of the results show that the subway project on the evaluation of the financial needs not only a reasonable and comprehensive evaluation of the financial system, the need to project investors and operators to make some bold steps to the subway to get more investment capital sources and government fiscal policy Such as subsidies, according to market principles, as well as to increase the income of the MTR and lower the cost of construction costs. Then the subway to invest such large costs, a strong public interest in the financial evaluation of special projects in a more rational and economical.
近几年,我国地铁建设呈现出了快速发展的态势,国家对地铁的建设资金投入也在大幅度增加。但是,国内地铁存在投资大,建设期长,见效慢的特点,在一定程度上,它制约了城市地下铁道的发展。因此,采用科学合理的方法,对地铁建设项目进行全面的财务评价,对于加速我国投资体制的科学化,优化资源配置,降低投资风险,提高投资收益水平具有重要的促进作用。
本文根据城市轨道交通的经济特点,对目前常用的地铁财务评价方法进行了研究,针对传统的地铁财务评价存在指标不够全面,评价方法相对局限等缺点,建立了一套相对完整的财务评价指标及方法体系,更真实有效地反映出地铁项目的财务状况。地铁作为公益性的建设项目,财务效益差,但是外部效益即国民经济效益却十分明显,即使通过改进的地铁财务评价体系进行财务分析,仍然出现地铁财务效益与经济效益较大差异。因此为了解决其差异,改善项目的财务状况,在对地铁进行财务可持续性分析中提出了一些政策性、市场化等措施,来达到增加地铁收入、降低地铁成本的目的,使地铁公司财务状况分析更具经济合理性。
最后,本文利用改进的地铁财务评价体系对深圳地铁3号线西延线项目进行了评价,并对该项目有无采取改进措施的两个方面做了比较。实例分析的结果表明,对地铁项目进行财务评价不仅需要一个合理、全面的财务评价体系,还需要项目投资者和经营者大胆地提出一些措施来获得更多的地铁项目投资资金来源和政府财政政策等补贴,以及按市场化原则来增加地铁收入,降低造价成本。只有这样,才能使地铁这种投资成本大,公益性很强的特殊项目在财务评价中更具有合理性、经济性。
From countries around the world urban transport development experience,the construction of subway project will not only meet the growing passenger demand cities,and to protect the city's ecological environment,strengthen the functions of cities,urban modernization process and the promotion of sustainable development. On demand from the city,Metro in China's urban transportation construction has great potential for development.
In recent years,China's subway construction in the rapid development of the situation, the state's construction of the MTR is also a substantial increase in capital investment.However,domestic investment in the subway there,building a long period,the characteristics of effective slow,to a certain extent,it restricted the city's underground railway development.Thus, the application of scientific and reasonable way to accurately on the construction project financial evaluation,China's investment system to accelerate the scientific and optimizing the allocation of resources,lower investment risks and enhance the level of investment income is an important facilitating role.
According to the Urban Mass Transit economic characteristics of the current financial evaluation of the subway commonly used methods, the traditional response to the subway there are indicators of the financial evaluation is not comprehensive enough to assess the relative limitations of methods, such as the shortcomings, the establishment of a set of relatively complete financial evaluation and Method system, more effectively reflect the true financial position of the subway project. MTR as a public building projects, poor financial results, but the external efficiency of the national economy that benefits are obvious, even through the improvement of the financial evaluation of the subway system for financial analysis, the subway still greater cost-effectiveness and efficiency of financial differences. Therefore, in order to resolve their differences and improve the project's financial situation, in the subway on the financial sustainability analysis made a number of policy-oriented, market-oriented measures, to achieve the increase in income subway, the MTR to reduce cost, so that the financial position of the Corporation Analysis of the more economically rational.
Finally, to improve the use of the subway system and the financial evaluation of the Shenzhen Metro Line 3 West Extension project was evaluated, and whether or not the project to take measures have done a comparison of the two. Examples of the analysis of the results show that the subway project on the evaluation of the financial needs not only a reasonable and comprehensive evaluation of the financial system, the need to project investors and operators to make some bold steps to the subway to get more investment capital sources and government fiscal policy Such as subsidies, according to market principles, as well as to increase the income of the MTR and lower the cost of construction costs. Then the subway to invest such large costs, a strong public interest in the financial evaluation of special projects in a more rational and economical.
引文
[1]蔡君时.城市轨道交通[M].同济大学出版社,2002
[2]童安奇,匡敏.城市交通轨道[M].科学出版社,2003
[3]张庆贺,朱合华等.地铁与轻轨[M].人民交通出版社,2002
[4]唐连珏.工程造价编制实务[M].中国建筑工业出版社,2000
[5]韩彪.交通经济论[M].经济管理出版社,2000
[6]杨介平.铁路运输能力的计算与利用[M].中国铁道出版社,2001
[7]高君复.铁路运营经济指标分析方法[M].中国铁道出版社,2002
[8]李学伟,赵新刚.中国铁路投入产出分析[M].中国铁道出版社,2004
[9]段晓晨.工程造价计算原理[M].中国铁道出版社,2000
[10]谢洪学,朱品棠,谭德精.工程造价确定与控制[M].重庆大学出版社,1996
[11]刘拓瑜.轨道交通建设投资控制与资金筹措研究[M].中国铁道出版社,2001
[12]施仲衡.关于我国地铁建设降低投资问题[M].中国工程科学院士论坛,2001
[13]陆凤山,周毅.管理经济学[M].广东经济出版社,1998：106
[14]卢光霖.广州地铁二○○四年度年报[R].2005：93.
[15]黎诣远.微观经济分析[M].清华大学出版社,1996：124.
[16]张弛.地下铁道与城市其他交通工具衔接[M].中国地下铁道学术交流会议论文集,1987
[17]IHT. Guidelines to Road Safety Audit. IHT.1991
[18]AUSTROADS. Road Safety Audit(Second Edition 2002) [J]. Standards Australia,2002
[19]AASHTO. Highway Safety Design and Operations Guide AASHTO[J].1997
[20]W.杜尔博士.景天然编译.联邦德国道路设计[M].人民交通出版社,1987
[21]. Baykal O,Tari E,Coskun Z,Sahin M. New Transition Curve Joining Two Straight Line Journal of Transportation Engineering. ASCE,1997,123(5)
[22]Garber, N. J., and R. Gadiraju. Factors Affecting Speed Variance and Its Influence on Accidents. In Transportation Research Record 1213, TRB National Research Council [J]. Washington, D. C. 1989
[23]Kratmnes, R. A. Design Speed and Operating Speed in Rural Highway Aligmnent Design. Paper presented at the 73rd Annual Meeting of the Transportation Research Board[J]. Washington, D. C.,1994
[24]Craus, J., and M. Livneh. Superelevation and Curvature of Horizontal Curves. In Transportation Research Record 685, TRB, National Research Council[J]. Washington, D. C.,1978, pp:7-13
[25]R. Lamn, A. K. Guenther, and E. M. Choueri. Safety Module for Highway Design:Applied Manually or Using CAD. Paper Presented at the 71st Annual Meeting of the Transportation Research Board[J]. Washington, DC. January 1992
[26]刘晓波,宋士学,徐红.降低我国地铁造价的几点思考[J].岩土工程界,2002,(1)：24～26
[27]施仲衡,曾学贵,杨家齐,等.降低地铁造价及工程建设管理等若干问题的研究[R].北京交通大学,北京城建设计研究总院,2003：89～135
[28]周翊民,金辰虎.降低城市轨道交通造价的思考[J].城市轨道交通研究,1999,(2)：1-4
[29],施翊,魏庆朝.新型城市轨道交通模式—直线电机地铁系统[J].地铁与轻轨,2003,(4)：18～20
[30]岳渠德,邓年春,邹永诚.石家庄市市中心区交通状况调查与评估[J].石家庄铁道学院学报,2000,13(3)：100～102
[31]丁向阳.城市基础设施市场化理论与实践[M].经济科学出版社.2005
[32]徐里格,许莉俊.紧密结合轨道交通的城市开发建设探索与实践[J].四川建材,2006(5)：65～67
[33]朱炫.轨道交通捆绑式开发的新模式[J].都市快轨交通.2006.(2)：8-11
[34]陆莹,王国富.轨道交通融资思路——周边土地的捆绑式开发[J].铁路工程造价管理.2004(2)：17～19
[35]John Gattorna. Handbook of logistics &Distribution Management. Gower Publishing Company,1994:1～3
[36]毛宝华,姜帆,刘迁.城市轨道交通规划与设计,2002
[37]吴小萍.可持续发展战略指导下的轨道交通规划与评价[M].中国铁道出版社,2004
[38]「R」 C V%a5z0广州市地下铁道总公司.回顾与思考—广州市地下铁道一号线工程设计总结[M].中国铁道出版社,2002
[39]国家计划委员会,建设部.建设项目经济评价方法与参数.中国计划出版社,1993
[40]铁道部计划司,中国国际工程咨询公司交通项目部,国家开发银行交通环境评审局.铁路建设项目经济评价办法(第二版).西南交通大学出版社,1997
[41]许晓峰,林晓言.铁路建设项目经济评价理论与方法.中国铁道出版社,2000
[42]虞和锡.工程经济学.中国计划出版社,2002
[43]毛保华等编著.城市轨道交通.科学出版社,2001
[44]柏飞彪,侯蓉华,朱健梅.城市轨道交通经济评价系统研究及实现.铁路计算机应用,2004：13(1)：44～46
[45]John Gattorna. Handbook of logistics &Distribution Management. Gower Publishing Company,1994:1～3
[46]陈嘉祺.项目的敏感性分析.化工技术经济,1999;17(1)：20～21
[47]杨华峰.投资项目财务评价动态风险分析.技术经济,2002;4：43～45
[48]麻秀丽.市场经济条件下新建项目财务评价方法的研究.1999；9(3)：52～56
[49]隋吉军,付萍.浅析公路建设项目经济评价中内部收益率的确定.东北公路,2001：24(3)：99～100
[50]刘万明.开发型交通建设项目经济评价方法探讨.技术经济与管理研究,2001：4：61～62
[51]何连深,朱飞跃.国内建设项目经济评价系统.技术经济,1996;2：37～38
[52]刘国栋,敏感性分析在投资项目财务评估中的运用.广西会计,2001：3：21～22
[2]童安奇,匡敏.城市交通轨道[M].科学出版社,2003
[3]张庆贺,朱合华等.地铁与轻轨[M].人民交通出版社,2002
[4]唐连珏.工程造价编制实务[M].中国建筑工业出版社,2000
[5]韩彪.交通经济论[M].经济管理出版社,2000
[6]杨介平.铁路运输能力的计算与利用[M].中国铁道出版社,2001
[7]高君复.铁路运营经济指标分析方法[M].中国铁道出版社,2002
[8]李学伟,赵新刚.中国铁路投入产出分析[M].中国铁道出版社,2004
[9]段晓晨.工程造价计算原理[M].中国铁道出版社,2000
[10]谢洪学,朱品棠,谭德精.工程造价确定与控制[M].重庆大学出版社,1996
[11]刘拓瑜.轨道交通建设投资控制与资金筹措研究[M].中国铁道出版社,2001
[12]施仲衡.关于我国地铁建设降低投资问题[M].中国工程科学院士论坛,2001
[13]陆凤山,周毅.管理经济学[M].广东经济出版社,1998：106
[14]卢光霖.广州地铁二○○四年度年报[R].2005：93.
[15]黎诣远.微观经济分析[M].清华大学出版社,1996：124.
[16]张弛.地下铁道与城市其他交通工具衔接[M].中国地下铁道学术交流会议论文集,1987
[17]IHT. Guidelines to Road Safety Audit. IHT.1991
[18]AUSTROADS. Road Safety Audit(Second Edition 2002) [J]. Standards Australia,2002
[19]AASHTO. Highway Safety Design and Operations Guide AASHTO[J].1997
[20]W.杜尔博士.景天然编译.联邦德国道路设计[M].人民交通出版社,1987
[21]. Baykal O,Tari E,Coskun Z,Sahin M. New Transition Curve Joining Two Straight Line Journal of Transportation Engineering. ASCE,1997,123(5)
[22]Garber, N. J., and R. Gadiraju. Factors Affecting Speed Variance and Its Influence on Accidents. In Transportation Research Record 1213, TRB National Research Council [J]. Washington, D. C. 1989
[23]Kratmnes, R. A. Design Speed and Operating Speed in Rural Highway Aligmnent Design. Paper presented at the 73rd Annual Meeting of the Transportation Research Board[J]. Washington, D. C.,1994
[24]Craus, J., and M. Livneh. Superelevation and Curvature of Horizontal Curves. In Transportation Research Record 685, TRB, National Research Council[J]. Washington, D. C.,1978, pp:7-13
[25]R. Lamn, A. K. Guenther, and E. M. Choueri. Safety Module for Highway Design:Applied Manually or Using CAD. Paper Presented at the 71st Annual Meeting of the Transportation Research Board[J]. Washington, DC. January 1992
[26]刘晓波,宋士学,徐红.降低我国地铁造价的几点思考[J].岩土工程界,2002,(1)：24～26
[27]施仲衡,曾学贵,杨家齐,等.降低地铁造价及工程建设管理等若干问题的研究[R].北京交通大学,北京城建设计研究总院,2003：89～135
[28]周翊民,金辰虎.降低城市轨道交通造价的思考[J].城市轨道交通研究,1999,(2)：1-4
[29],施翊,魏庆朝.新型城市轨道交通模式—直线电机地铁系统[J].地铁与轻轨,2003,(4)：18～20
[30]岳渠德,邓年春,邹永诚.石家庄市市中心区交通状况调查与评估[J].石家庄铁道学院学报,2000,13(3)：100～102
[31]丁向阳.城市基础设施市场化理论与实践[M].经济科学出版社.2005
[32]徐里格,许莉俊.紧密结合轨道交通的城市开发建设探索与实践[J].四川建材,2006(5)：65～67
[33]朱炫.轨道交通捆绑式开发的新模式[J].都市快轨交通.2006.(2)：8-11
[34]陆莹,王国富.轨道交通融资思路——周边土地的捆绑式开发[J].铁路工程造价管理.2004(2)：17～19
[35]John Gattorna. Handbook of logistics &Distribution Management. Gower Publishing Company,1994:1～3
[36]毛宝华,姜帆,刘迁.城市轨道交通规划与设计,2002
[37]吴小萍.可持续发展战略指导下的轨道交通规划与评价[M].中国铁道出版社,2004
[38]「R」 C V%a5z0广州市地下铁道总公司.回顾与思考—广州市地下铁道一号线工程设计总结[M].中国铁道出版社,2002
[39]国家计划委员会,建设部.建设项目经济评价方法与参数.中国计划出版社,1993
[40]铁道部计划司,中国国际工程咨询公司交通项目部,国家开发银行交通环境评审局.铁路建设项目经济评价办法(第二版).西南交通大学出版社,1997
[41]许晓峰,林晓言.铁路建设项目经济评价理论与方法.中国铁道出版社,2000
[42]虞和锡.工程经济学.中国计划出版社,2002
[43]毛保华等编著.城市轨道交通.科学出版社,2001
[44]柏飞彪,侯蓉华,朱健梅.城市轨道交通经济评价系统研究及实现.铁路计算机应用,2004：13(1)：44～46
[45]John Gattorna. Handbook of logistics &Distribution Management. Gower Publishing Company,1994:1～3
[46]陈嘉祺.项目的敏感性分析.化工技术经济,1999;17(1)：20～21
[47]杨华峰.投资项目财务评价动态风险分析.技术经济,2002;4：43～45
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