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Incentive Contract on Renewal and Reconstruction Subsidy of Fixed-asset in Urban Railway System

Author: WuYanLing
Tutor: MaoBaoHua；SunQuanXin
School: Beijing Jiaotong University
Course: Transportation Planning and Management
Keywords: Urban Rail Transit Renovation Principal-agent Incentive contract mechanism
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 117
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Abstract

Urban rail transit operational safety, high efficiency, large capacity and other characteristics, is the preferred way to ease the traffic congestion problems of big cities. With the growth of the operational life of the scientific and reasonable to carry out urban rail transit renovation of fixed assets, to protect operational security, an important means to achieve efficient allocation of resources. Presence of asymmetric information, lack of incentive and restraint due to the renovation of urban rail transit fixed assets management, and efficient use of funds and the business is still not enough. Study how to better motivate the operating companies to improve the efficiency of renovation, the efficient allocation of resources under the premise of ensuring operational safety, reduce the cost of renovation has important significance in promoting the sustainable development of urban rail transit. In response to these problems, the paper analysis on the basis of the typical urban rail transit fixed assets renovation management practices to explore the cost-plus, fixed-price contracts, incentive contracts and franchise four typical mechanisms in the existing system of urban rail transit under the applicability of the focus on the incentive mechanism design and construct the objective of maximizing the social benefits incentive contract model, and to explore the specific design and implementation of incentives, the main contents include the following aspects: 1. According to the operator of the subject The different papers comparative analysis of the government-led, three operators of the private sector, PPP mechanism of urban rail transport in fixed assets renovation capital subsidy mode features. Rail Transit fixed assets renovation mode status quo of several major cities in China as well as domestic and foreign models of rail transit in a single fixed assets renovation fund by way of subsidies, the lack of competition mechanism, lack of incentive, facing low efficiency of business, government finances. pressure and other challenges. Paper principal-agent theory based analysis reveals that the renovation of fixed assets of urban rail transit agency relationship with numerous aspects, information and responsibility asymmetric, the coexistence of adverse selection and moral hazard, lack of incentives and constraints. In response to these characteristics, this article discusses the cost-plus contracts, four fixed-price contracts, incentive contracts and franchise renovation fund subsidy mechanism in China's applicability. This paper points out that the incentive contracts to reduce costs through incentives operating companies, effectively inhibit the renovation costs of adverse selection caused by asymmetric information, and help to reduce the fiscal burden of government, more suited to the characteristics of rail transportation industry, commissioned by the state-owned enterprises agent. Paper to the actual costs incurred for the measure to build the model of the objective of maximizing the social benefits of incentive contracts, the model is required to meet the participation constraint and incentive compatibility constraint. Model Theoretical analysis shows that the incentive coefficient settings can improve the level of effort and punishment coefficient reward strong incentive constraint coefficient, enterprises with high operational efficiency punishment constraints more effectively improve the level of effort. On this basis, the paper carried a numerical example, the analysis shows that the incentive contracts in enterprise efforts circumstances, you can simultaneously maximize the social and business interests of the government desired. Parameter analysis further showed less support fixed share proportion and overruns increasing punishment factor conducive to the maximum effect of an incentive mechanism. Adverse selection and moral hazard problems caused by asymmetric information, the paper studied the specific design of incentive contract mechanism, its core: the enterprise has a residual claim, if the actual cost is less than the government and the enterprise shall determine the reasonable amount, enterprise If the actual cost is higher than a reasonable amount, corporate the incremental punishment coefficient commitments over part fixed reward coefficient and the government to share the remaining funds; Paper on how to determine the reasonable amount of the contract menu mechanisms critical content and incorporate error correction mechanism to self-correct the parameters. With the Beijing Railway fixed assets update transformation actual article will design incentive contract mechanism embedded renovation in Beijing two rounds in the management process, and at the same time proposed to build the perfect information-sharing platform, the introduction of third-party adjudication, set minimum asset maintenance standards and corresponding supporting measures to facilitate the implementation of the incentive contract mechanism.

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