地铁作为城市交通输送系统中的关键环节，地铁由于安全性能高、效率突出、资 源利用率低以及保护环境等特点，慢慢变成国家城市交通运输新系统的开发倾向和潮 流趋势。 近年来伴随着上海城市基础设施的高速发展以及建设，一方面是城市轨道交通运 营能力的提升，提高了广大市民的出行效能。另一方面由于快速建设造成的是上海地 铁企业自身经营压力以及负债的不断提升，其整体盈利能力较弱，对于其未来可持续 性的发展带来了巨大的影响。由此，需要积极通过对国内外优秀的地铁企业发展经验， 寻求合理的盈利模式，更好的促进以及实现上海地铁健康、持续的发展。 本文在研究香港地铁企业的盈利模式的基础上，结合上海地铁企业发展状况、票 制方案、运营情况，制定以 TOD 为核心的上海地铁企业新盈利模式。希望通过对香港 经验的借鉴的同时，结合上海实际情况寻求合理的地铁盈利模式，更好的促进上海地 铁良性发展，让其更好的满足以及符合市场化发展需求，提升整体的地铁运营效能。 关键词，盈利模式；轨道交通；经营发展；客运收入III Abstract As the key link in the urban transportation system, the subway has gradually become the development tendency and trend of the new national urban transportation system because of its high safety performance, high efficiency, low energy utilization and protection of the environment. In recent years, with the rapid development and construction of urban infrastructure in Shanghai，on the one hand, it has improved the operational capability of urban rail transit and improved the travel efficiency of the public. On the other hand, due to the rapid construction of the Shanghai Metro Company, its own operating pressure and the continuous promotion of debt, its overall profitability is weak, which has brought great impact on its future sustainable development. Therefore, we need to actively seek a reasonable profit model through the development of excellent subway companies at home and abroad, and better promote and achieve a healthy and sustainable development of the Shanghai Metro. On the basis of studying the profit model of Hongkong Metro Company, this paper makes a new profit model of Shanghai Metro Company, which is based on the development status of Shanghai Metro Company, the scheme of ticket system, and the operation situation of the Shanghai subway company. It is hoped that through the reference of Hongkong experience and the actual situation of Shanghai, a reasonable subway profit model will be sought to better promote the benign development of the Shanghai metro， make it better satisfied and meet the demand of the market development, and improve the overall operational efficiency of the subway. Keywords，Profit Model; Rail Transit; Operation and Development; Passenger Revenue目录 致谢 ................................................................... I 摘要 .................................................................. II Abstract .............................................................. III 第 1 章 绪论 ............................................................ 1 1.1 选题背景和研究意义............................................... 1 1.1.1 选题背景..................................................... 1 1.1.2 研究意义..................................................... 3 1.2 国内外研究现状评述............................................... 4 1.2.1 研究现状..................................................... 4 1.2.2 评述......................................................... 6 1.3 研究内容、研究方法与创新之处..................................... 7 1.3.1 研究内容 .................................................... 7 1.3.2 研究方法 .................................................... 8 1.3.3 创新之处 .................................................... 8 第 2 章 理论基础 ........................................................ 9 2.1 地铁的经济特性................................................... 9 2.1.1 生产的“外部性”理论 ......................................... 9 2.1.2 准经营性 .................................................... 10 2.2 盈利模式........................................................ 11 2.2.1 盈利模式相关定义............................................ 11 2.2.2 如何构建盈利模型............................................ 11 2.3 投融资模式理论.................................................. 12 2.3.1 权衡理论.................................................... 12 2.3.2 啄食顺序理论................................................ 12 2.3.3 投资市场化理论.............................................. 13 第 3 章 上海地铁经营发展状况及盈利模式对比 ............................. 14 3.1 上海地铁企业概况................................................ 14 3.1.1 发展历史 .................................................... 14 3.1.2 组织架构 .................................................... 15 3.1.3 运营线路 .................................................... 173.2 上海地铁企业运营情况及盈利模式.................................. 18 3.2.1 近 5 年运营情况.............................................. 18 3.2.2 盈利模式选择及面临的问题.................................... 19 3.3 上海地铁与国内外典型城市地铁发展模式比较........................ 20 3.3.1 伦敦地铁概况................................................ 20 3.3.2 东京地铁概况................................................ 22 3.3.3 新加坡地铁概况.............................................. 24 3.3.4 北京地铁概况................................................ 26 3.3.5 上海及国内外典型城市对比.................................... 28 第 4 章 香港地铁盈利模式及经验 ......................................... 30 4.1 港铁概况........................................................ 30 4.2 香港地铁盈利模式发展经历........................................ 31 4.3 香港地铁盈利来源分析（2013 年-2017 年）.......................... 33 4.3.1 香港地铁票价机制............................................ 34 4.3.2“地铁+物业”发展模式 ....................................... 35 4.3.3 车站商务业务................................................ 35 4.3.4 其他业务及本港外业务........................................ 36 4.4 港铁投融资模式.................................................. 37 4.5 对上海地铁的启示................................................ 37 第 5 章 上海地铁盈利模式优化策略 ....................................... 39 5.1 TOD 模式下的角色新定位.......................................... 39 5.2 改革票价机制.................................................... 41 5.3 车站商务拓展.................................................... 42 5.4 优化成本结构.................................................... 43 5.5 优化策略可行性分析.............................................. 44 第 6 章 策略保障措施及实施计划 ......................................... 45 6.1 配套保障机制建设................................................ 45 6.1.1 企业组织架构 ................................................ 45 6.1.2 人力资源建设 ................................................ 45 6.1.3 财务管控及绩效考核 .......................................... 46 6.1.4 信息科技 .................................................... 466.2 实施时间计划 .................................................... 46 6.3 保障措施可行性分析及效果预期 .................................... 47 第 7 章 结论 ........................................................... 48 7.1 结论 ............................................................ 48 7.2 本文研究中的不足 ................................................ 48 7.3 研究展望 ........................................................ 49