摘 要
国外地下空间的开发利用，已经历了相当长时期，在地下空间投融资、开发、
经营等方面有了较为成熟的模式。国内地下空间开发研究多集中在开发可行性和开
发模式方面，没有关于这方面较为成熟及系统的研究。进入地铁时代，武汉迎来了
轨道交通建设的高峰期，轨道交通地下空间开发利用也随之加快发展。但是，武汉
市现行的地下空间开发利用没有统一规划，与城市地上空间开发建设缺少衔接，地
下空间利用总体上处于起步阶段，不能形成网络型城市地下空间，难以有效发挥轨
道交通地下空间资源优势。
本文对武汉轨道交通地下空间开发利用模式进行针对性研究，提出了在新的市
场形势下武汉轨道交通地下空间开发利用的应对措施。通过对轨道交通地下空间投
融资模式的研究后提出：武汉市轨道交通地下空间利用投融资运作，应以地铁集团
作为投资主体，以具体项目为载体，以 BOT、TOT 等为主要融资模式进行融资。通
过对轨道交通地下空间开发模式的研究后认为：在既有的城市商业中心，以地铁车
站为生长点，发展多条地下商业街连接周边大型商业建筑，构成网络状的城市地下
综合体，将是地下空间开发的趋势。通过对地下空间经营模式的研究后建议：根据
轨道交通地下空间的具体情况，选择整体租赁、分割出租和委托经营等经营模式，
以招标、拍卖或竞争性谈判等三种招商方式产生经营管理单位。同时应该加强对意
向商家的考察，严把资格预审关；制定详细的招商文件和租赁经营管理合同，规避
相关经营风险，包括履约保证、控制分租、物业管理等方面条款；全程参与地下空
间项目的经营管理，实时监控。如此才能实现地下空间的永续经营。
关键词：城市交通 轨道交通 地下空间 利用模式
Abstract
The development and utilization of underground space in foreign countries have gone
a long way and they have got relative mature models as the aspects of investment,
development, managing etc. of the underground space. But in our country most researches
on the development of the underground space focus on the developing feasibilities and
models without mature and systematic researches. Wuhan city ushers the construction
summit of rail transit with the times of underground railway coming in and the
development of underground space of rail transit becomes faster.In Wuhan, there is no
unified planning to the current development and utilization of the underground space and
it is lack of connection with the development and construction of city space on the ground.
In overall, the development of underground space is at the beginning stage, which cannot
form a network underground space to use the resources of the underground space
efficiently.
Through the analysis on the development and utilization of rail transit underground
space in Wuhan city, the thesis suggests several measures to the development and
utilization of Wuhan city transit in new situations.The thesis suggests that to the finance
for the utilization of the underground space of Wuhan city transit Wuhan Metro Group
should be the main investor, the carrier is the specific projects, and the main finance
models are BOT, TOT etc. to finance, construct and manage.The thesis advices to develop
several commercial streets connected to large commercial buildings from the underground
railway station in the commercial center, and to construct the network underground city
complex will be the trend. And the thesis suggests that the models to manage the
underground space are mainly entire tenancy, segment tenancy and entrusted operation
and there are three investment means to choose management companies: bidding, auction
and competitive negotiation. We should increase the investigation to the company that is
intend to cooperate, draw a detailed investment document and the tenancy management
contract carefully to avoid relative managing risks including the clauses of performance
security, sublet controlling, property management etc. and take part in the management
and timely control of the underground space project, thus we can realize the sustainable
management on the underground space project.
Key Words: urban transport rail transit underground space utilization model