深圳TOD（公交引导发展）投融资模式实施策略
何龙庆覃矞李思佶
Implementation Strategies of TOD Investing and Financing Model in Shenzhen
HE LongqingQIN YuLI Siji
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作者信息:深圳市城市交通规划设计研究中心股份有限公司, 518057, 深圳
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Affiliation:Shenzhen Urban Transport Planning Center Co., Ltd., 518057, Shenzhen, China
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关键词:
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Key words:
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DOI:10.16037/j.1007-869x.20245869
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中图分类号/CLCN:TU984.191
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栏目/Col:规划与投融资
摘要:
［目的］TOD（公交引导发展）投融资模式以其灵活度较高、操作性较强及风险分散等优势，已成为轨道交通投融资的新选择，其实施策略对推动轨道交通可市场化经营，保障轨道交通持续良性发展具有重要作用，故有必要研究TOD投融资模式实施策略。［方法］深圳依托先行先试及引领示范的政策机遇，积极探索并实践TOD投融资模式，取得了显著成效。通过分析轨道交通常规投融资模式的不可持续性，回顾深圳TOD投融资模式的实践历程，总结其实施策略，包括实施目标、思路与路径等。在此基础上，研判未来发展趋势，提出TOD投融资模式可持续发展的方向。［结果及结论］ TOD投融资模式的实施目标是构建轨道交通准市场化的投融资体系。其实施思路是通过配置轨道交通项目综合开发资源，注入轨道交通企业，实现资源资产化及资产资本化运作。实施路径为轨道交通企业开展“投融资+建设+运营+资源开发+物业经营”的一体化经营模式。发展方向是与其他投融资模式相结合，形成TOD+PPP（政府与社会资本合作）、TOD+城市更新、TOD+多地合作、TOD+REITs（不动产投资信托）、TOD+政府专项债等多元化的可持续发展的TOD投融资模式。
Abstracts:
［Objective］ Due to its advantages of high flexibility, strong operability, and risk diversification, TOD (transit oriented development) investing and financing model（hereafter abbreviated as TOD model）has become a new choice for rail transit in this respect. The implementation strategy of this model plays an important role in promoting market-oriented operation of rail transit and ensuring its sustainable and healthy development. Therefore, it is necessary to study the implementation strategy of TOD model. ［Method］ By taking advantage of the policy opportunity of foretasting and leading demonstration, Shenzhen actively explores and practices the TOD model with remarkable achievements. Through analyzing the unsustainability of conventional rail transit investing and financing models, and reviewing the practical process of Shenzhen TOD model, its relevant implementation strategies, such as implementation goals, ideas, and paths, are summarized. On this basis, the future development trend is judged and the sustainable development direction of TOD model is proposed. ［Result & Conclusion］ The implementation goal of the TOD model is to build a quasi-market investing and financing system for rail transit. Its implementation idea is to allocate the comprehensive development resources for rail transit projects, inject them into rail transit enterprises for resource assetization and asset capitalization operations. The implementation path is to carry out an integrated business model of "investing and financing+construction+operation+resource development+property management" for rail transit enterprises. The development direction is to combine with other investing and financing models, forming diversified sustainable TOD models, such as TOD+PPP (public private partnership), TOD+urban renewal, TOD+multi-regional cooperation, TOD+REITs (real estate investment trusts), and TOD+government special bonds.
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