Abstract: Operating loss appears to be a problem that most urban rail transit enterprises have to handle. With analyzing its fundamental reasons, the paper points out the problems revealed in the application of cost post-recovery operational mode in the urban rail transit systems of China. A menu style subsidy approach with price caps is proposed based on experience analysis on public utilities regulation in developed countries. The calculation model for government subsidies is developed, and the method determining price caps of X-effectiveness factor and relevant influencing factors are also analyzed. Empirical studies are conducted with the data from 1997 to 2004 in a city. Results indicate that the proposed method optimizes enterprises’ operations, raises the efficiency of government subsidies, and creates a Pareto improvement.

Key words: urban traffic, urban rail transit, financial subsidy, price caps regulation, X-effectiveness factor

摘要： 多数城市轨道交通企业面临运营亏损困扰. 本文在简要分析城市轨道交通运营亏损原因的基础上，研究了运营成本后补偿模式在我国城市轨道交通系统中实施所存在的问题. 通过对西方发达国家公用事业规制经验的分析，提出了基于价格上限模型的菜单式补贴方法，给出了政府财政补贴的计算模型，对其中核心参数X效率因子上限的取值方法及影响因素进行了深入分析. 结合某市1997-2004年的实际数据进行了实证分析，结果表明，这种方法能促进企业经营水平改善，提高政府财政补贴的效率，实现帕累托改进.

关键词: 城市交通, 市轨道交通, 政补贴, 格上限模型, X效率因子