本文針對捷運成本高、收益不足的問題，從「財務永續」的觀點探討都市捷運系統的營運策略，同時以高雄捷運系統為實例，研擬達成財務永續的具體行動方案。在研究方法上，首先以「五力分析」剖析都市捷運營收增長的能力以及可能的競爭對手；再以有形無形資源、競爭優勢次價值鏈分析，建立都市捷運的核心競爭力：另外，由SWOT分析找出都市捷運的優勢、劣勢、機會與威脅；同時根據SWOT分析的內容進行策略配對，研擬都市捷運的提高營收策略，並評估各策略之「有效性」及「可行性」，並以「可行性」評估結果提出短、中、長期的具體策略方案。在實證研究中，本文證實高雄捷運營收之直接影響因素係「替代品的威脅」，亦即「摩托車」這項運具係高雄捷運營收的「最大掠奪者」。同時，本文亦確認高雄捷運的八項核心競爭能力，並據以提出短、中、長期增加營收與降低成本之具體策略，期能在企業內部營運以及政府外部環境的共同努力下，使高雄捷運達到財務永續且社會永續的發展目標。本文提出融合五力分析、核心競爭力及SWOT分析等方法所建構之「財務永續都市捷運系統經營策略評估」模式，並不會受限於都市差異而降低其適用性與分析能力，對於其他都市的捷運系統，可以依據模式分析原則與評估方法，而研擬出適合其特性之財務永續策略。另外，該分析方法不僅能應用在都市捷運系統，亦能適用於其他如高鐵、臺鐵等軌道運輸系統之相關評估與策略研擬。

Considering features of huge capital investment of comparatively low revenue, this paper explores operation strategies of urban rail systems based on financial sustainability. The Kaohsiung Rapid Transit System (KRTS) is used as the case study, where the strategies for financial sustainability have been identified, analyzed and evaluated. In terms of methodology the five force analysis approach is applied for the profìtability assessment while SWOT analysis is used to assess strengths weaknesses, opportunities and threats of the urban mass rapid transit system. The validity and the feasibility have been considered as bases to classify the short, mid and long-term strategies for achieving financial sustainability. In the Kaohsiung case study, ills found that "the substitute threat" is motorcycles, which is the biggest profit spoliator of KRTS. Moreover, it is suggested that the establishment of the KRTS core competitive ability involved eight major items. Accordingly, this paper proposes short, mid and long-term strategies to increase the revenue and reduce the cost. It is also suggested that the KRTS should, at present, not only consider financial sustainability and properly reduce operation cost, but also seek governmental resources in order to develop a healthy financial environment. According to the financial sustainability point of view this paper combines five forces analysis, core competitive capabilities and SWOT analysis to develop an evaluation framework of "Financial Sustainability Strategies for Urban Mass Transit Operation". This framework has transferability to other metropolitan mass rapid transit systems. Moreover, this framework can not only be applied to urban metro system, hut also be used for relevant strategy evaluation and development of other railway systems, such as high speed rail or inter-city railways.