BT模式通过引入国内外社会资金来对基础设施进行投资建设,极大缓解了政府的财政压力,因此得到了广泛的应用和推行。但是由于BT模式没有运营期,回购总价由建设成本和投资费用两部分组成,若建设投资失控必然会造成回购总价偏高,从而产生回购风险。因此,本文从制度层面进行项目的投资控制研究,引入公共项目治理理论,在总结深圳地铁M号线实施情况的基础上,运用扎根理论的研究方法识别出了项目治理层投资控制的核心要点为项目控制权配置、合同中的风险分担和回购总价的控制,然后对核心要点进行详细分析,为实现政府有效的投资控制以及BT模式在城市轨道交通领域更好的推广应用提供建议。

BT-Mode makes the investment and construction in infrastructure by introducing the social capital at home and abroad, greatly reducing the financial pressure of government, therefore has been widely used. But because of BT-Mode without operation period, the repurchase price consists of construction cost and investment cost. If the construction investment is out of control, it is inevitably that the repurchase price is on the high side, resulting in a risk of repurchase. Therefore, this paper makes a investment control study of BT-Mode from the system level by introducing the project governance theory. On the basis of summarizing the implementation of Shenzhen Metro Line M, this paper adopts the grounded theory research methods and identifies three core elements of investment control on project contractor level, then analyzes the core elements. The three core elements include project control right allocation, risk –sharing in the contract and control of repurchase total price. Research results can provide suggestions for government to implement the effective investment control and apply BT-Mode in urban rail transit.

国家自然科学(71272017)；教育部人文社科(12YJC630258)