【摘要】 深圳城市轨道交通走过了近20年的发展历程，在轨道交通投融资方面进行了积极探索、尝试和创新。在中央推行积极的财政政策，适度超前进行基础设施建设，遏制地方政府隐性债的发展要求下，深圳作为“双区”发展的核心引擎，亟需进一步创新轨道投融资模式，推动轨道交通建设运营可持续。文章系统总结深圳在不同城市发展阶段和发展需求下的轨道交通投资建设运营经验，结合国内发展新形势、新要求提出轨道投融资面临的困境及发展建议，以期为国内轨道交通可持续发展提供借鉴。更多还原

【Abstract】 Shenzhen metro have made active exploration, trial and innovation in the rail transit investment and financing during the past 20 years. As the core engine for the “double zone” development, Shenzhen needs to further innovate the rail investment and financing mode to promote sustainable development of rail transit under the requirement of central government’s active fiscal policy that moderately advancing infrastructure construction and curbing the hidden debt of local government. This paper systematically summarizes Shenzhen’s rail transit investment, construction and operation experiences in different developing stages and needs, and puts forward suggestions in combination with the new situation and requirements of domestic development, in order to provide references for sustainable development of domestic rail transit.更多还原