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(一)城轨企业初创期所面临的风险承担轨道交通的企业(简称城轨企业)一般可以分为三个发展阶段:一是初创期,这一阶段以土地征迁和工程建设为主,工程的投资数额巨大,轨道交通项目不能产生运营收入。二是成长期,这一阶段轨道交通项目开始运营,但由于成本较高,收入一般低于支出。三是成熟期,这一阶段城市交通运营已日趋成熟,并开始向网络化、效益化发展,收益逐步产生。在这三个阶段,城轨企业初创期所面临的风险最为突出,主要包括以下方面:
(I) Risks Facing the Start-up Period of Urban Rail Enterprises The enterprises that undertake rail transit (referred to as urban rail enterprises for short) generally can be divided into three stages of development: first, the initial stage, which is mainly land acquisition and construction; The amount of investment in the project is huge. Rail transport projects can not generate operating income. Second, the growth period, this phase of rail transit project began operations, but due to higher costs, the income is generally lower than the expenditure. Third, the period of maturity. At this stage, the urban traffic operation has matured and started to develop into a network-based and profit-oriented economy with gradually generating revenue. In these three stages, the risk faced by urban rail enterprises in the initial stage is the most prominent, mainly including the following aspects: