对于大多数城市而言,轨道交通项目处于初期阶段,有必要以公私合营模式(PPP)引入有经验的社会投资人参与城市轨道交通项目运营。由于国内轨道交通项目公益性的特点,一般都实行低票价政策,需要来自政府公共财政的补贴。因此,如何正确计算轨道交通项目运营的政府补贴,使之既不会给政府公共财政带来超预期的负担,又能够吸引、激励社会投资人,实现社会效益和社会投资人利益 For most cities, the rail transit project is in its infancy and there is a need to introduce experienced social investors in public-private partnerships (PPPs) to participate in urban rail transit operations. Due to the public welfare nature of domestic rail transit projects, low-fare policies are generally implemented and require subsidies from the government’s public finances. Therefore, how to correctly calculate government subsidies for the operation of rail transit projects, so that it will not bring over-expected burden to government public finance, but also attract and motivate social investors and realize social benefits and interests of social investors