2014年9月，国发“43号”文的下发标志着国家开始严控地方政府举债行为，此后关于债务管理的若干政策文件陆续下发，各种融资偏门被堵。在这种政策背景下，一些轨道交通项目原有资金模式受到挑战。成本规制模式，是轨道交通项目资金模式的创新应用，具有一定的复制推广价值。本文以天津轨道交通B1线项目为例，对轨道交通建设的资金方案进行了新政策背景下的创新研究。首先，介绍了B1线项目建设情况并分析在新政策下原资金方案存在的问题。然后，将该项目与符合新政策的PPP融资模式和发行地方政府专项债券模式相结合进行分析，得出均不可行的结论。最后，提出了轨道交通项目成本规制模式下的资金方案，从模式介绍、政策合规性以及全生命周期资金方案等角度进行分析，并对轨道交通项目资金模式进行了一些思考。目前来看，轨道交通项目全生命周期的资金需求，从最终偿债主体来看依然主要依靠地方政府。基于此，成本规制模式下的轨道交通项目资金方案强调不仅应该着眼于项目建设期的资金融资，更应该考虑项目运营期缺口资金的落实，在做好项目本身的财政承受能力论证的前提下，结合城市顶层规划设计，提高城市载体功能，并通过土地开发等综合收益补充轨道交通项目建设和运营资金，助力轨道交通建设行业发展、助力产业布局持续优化和城市经济发展。

In September 2014, Guo Fa No. 43 was issued, a standardized local government debt financing mechanism was gradually being established, and since then, multiple policy documents on debt management have mostly continued the ideas conveyed in Circular 43. In this policy context, some infrastructure projects have been challenged by existing financing schemes.The cost regulation model is an innovative application in the funding model of rail transit projects, with certain replication and promotion value. Taking the Tianjin Rail Transit B1 Line Project as an example, the funding scheme for urban rail transit construction is analyzed and discussed in this paper based on the new policy context. First of all, the project construction situation was introduced and the problems existing in the original capital scheme under the new financial policy were analyzed. And we conclude that it is unfeasible to combine the project with financing models of the PPP financing model and the government-wide special bond, which conforms to the financial policy. Finally, the cost regulation funding model of rail transit projects is proposed, with the compliance analysis, fund raising plan and the whole life cycle fund plan framework carried out, and some reflections are taken on the financing mode of urban rail transit projects.For now, the source of funds for the construction of urban rail transit in China is still government investment from the perspective of the final debt repayment subject. Therefore, the capital financing during the construction and the implementation of funds during the operation period should both be taken into consideration, in which we should combine with the top-level urban programme and design to enhance the function of the urban carrier with the good performance in financial affordability of the project itself guaranteed, and feed the construction and operation of the rail transit project through the proceeds from land development, optimizing the urban spatial structure and industrial layout.