| Since the 1990s, the problem of pollution in China gets worse and worse. As a driving force in the growth of national economy, SMEs become one of the main sources of industrial pollution, 40% ~ 50% of ambient pollution burden in our country comes from SMEs and there still present a growth tendency which is a serious threat to our environment. In the process of SMEs' pollution treatment, because of its own traits, raising and operating funds becomes the main obstacle which increases the difficulty of pollution abatement. The problem of SMEs' pollution prevention and control becomes the keystone and aporia.In the process of anti-pollution, although the funds used for environmental protection projects from our government is increasing, yet it is always used on large enterprises or a big pollution control project, and the bank credit funds prefer large enterprise as well, SMEs are often difficult to achieve enough funds for anti-pollution. At present, the anti-pollution funds of SMEs main rely on their own funds, but the relevant state department shows that 81% of SMEs in our country consider that the liquidity can part or even not meet their production needs, and a large number even lack funds for further development, let alone for environmental protection. Therefore, SMEs' pollution prevention is facing a serious capital bottleneck.As an effective financial method to use domestic and foreign idle funds, if BOT financing model can be well applied to the process of SMEs' environmental protection, it will share the massive cost of the pollution and resolve the diseconomies of scale。Accordingly, the article studies the application of BOT in the process of SMEs' environmental protection. The main contents include:①The paper analyses the present situation of SMEs' financing on anti-pollution, and realize the necessity and significance to improve the channels of financing. Also it points out the feasibility and importance that if BOT can be applied in the process of SMEs' anti-pollution.②By analyzing the moral hazard of the project company in BOT project, it builds a game between the government and the project company, and studies the best supervision order in the game theory. Also, it analyzes the influence on the supervision order that come from the effort level of the project company, the government's supervision cost as well as its supervision efficiency, and the penalties for the project company. Last, it puts forward the relevant policy suggestions to achieve the aim that can prevent the moral hazard of the project company effectively.③By establishing the pricing and investment decision model, the paper studies the implement conditions of BOT project as well as the process of pricing, and it compares the SMEs' production, profits, the company's profits and the social welfare both in the model of individual control and BOT control. It points out that if the price is completely developed under market operation, it will easily damage SMEs' interests and even reduce the social welfare, and finally appear the situation of "Market Failure". When it happens, the government's control on pricing is necessary. Thus, the paper analyzes how the governments do can not only keep the project company's investment enthusiasm, but also ensure SMEs' benefits and the social welfare.In a word, the article holds the opinion that BOT is an effective way to solve the problem of SMEs' financing difficulties on anti-pollution, it can improve the investment efficiency and meanwhile in accord with the aim of environmental enhancement. To improve the contamination efficiency, in the BOT operation process, the government should improve its supervision efficiency, increase the penalties to prevent the moral hazard behavior of the project company; What's more, in order to avoid the presence of"Market Failure", in the pricing process, the government can control the price by lowering the project's cost of investment or extending the franchise period to enhance the social welfare. |
