基于纽约地铁现状及发展情况，总结其面临的主要问题，厘清纽约地铁资金筹措、设施设备更新及运输服务质量间的内在关系，明确巨额资金筹措为纽约地铁陷入困境的关键原因。针对纽约地铁财务困境，基于政府补贴及运营经济性两大维度，从发展初期定位错误、两级政府权责划分不明、日常运营收益滞涨、溢价回收不足等4个方面对其面临的困境原因进行解析。提出中国轨道交通在发展过程中应吸取纽约地铁的教训，着力实现“政府补贴+多元开发”双轮驱动正外部性内部化，明确划分参与各方责任，探索构建基于“税收+开发”的多元溢价回收模式，以实现高质量和可持续发展。

Sustainable development has become a key issue in the development of rail transit. Based on the development and current situation of the New York metro, we summarize the main problems then use case analysis and comparative research methods to clarify the inner relationship between financing, facility upgrades, and transportation service quality. Identifying a huge funding gap is the key reason. In response to the financial dilemma of the New York subway, based on the two dimensions of government subsidies and operating economy, the reasons for the dilemma are as follows: incorrect development positioning in the early stage of development, unclear division of two-level government powers and responsibilities, stagnant daily operating income, and insufficient premium recovery. It is proposed that China’s rail transit should absorb the lessons of the New York subway in the development process, strive to realize the internalization of the positive externalities of the “government subsidy + diversified development” two-wheel drive, clearly divide the responsibilities of all parties involved, and explore the construction based on “tax + development” driven multiple premium recycling models to achieve high quality and sustainable development.

U231

国家铁路局课题(KF2019-003-A，KF2019-006-A)