The Research On The Investment-Finance Problem Of Sewage Treatment Enterprises Of Beijing

The sustainability of water resources has been the important factor which restricts the economy and society of China to develop in the implementation of sustainable development strategy. The control level of polluted water lagging behind, the most untreated drainage makes the amount of polluted waters in China increase year by year and aggravate the shortage of water resources. The city sewage treatment plants are indispensable to cities. Sewage disposal industry is a part of the water affair industry. Water affair includes water supplying industry and sewage disposal industry. The former as the national public facility is basically controlled by the construction and operation of governmental investment at present. And in the situation that the economy is being developed constantly and the issue on environmental protection appears day by day with the limit state finance in capital investment, the financial distribution method based on planned economy is no more suitable to the construction and development of sewage disposal industry.The thesis is born from the investment and financing mode of Beijing sewage treatment enterprises. Through the analysis on characters of sewage treatment facilities, advanced experience of foreign sewage treatment enterprises, present situation and problems of investment and financing of domestic swage treatment enterprises, I conclude the suitable investment and financing mode for Beijing sewage treatment enterprises with the contrast on different times of investment and financing and the modes they adopted.In the analysis about investment and financing of Beijing sewage treatment plants that were built and that are going to be built, four modes are introduced mainly. There are BOT, Chinese BOT, TOT and ABS. The BOT as the basic one is compared with the other three patterns. All of the modes have been used in investment and financing of China environmental protection industry. But in the field of Beijing sewage treatment industry, only BOT and Chinese BOT have been used. It does not mean that the former two are better than the latter ones. According to the Beijing current economic situation and forthcoming Olympic Games, Beijing have to reach the fixed objective of water environment standard. The sewage treatment plants will be built and operated efficiently in the limit construction period. The BOT projectwith concession agreement has been used in many other foreign countries and receives recognition. Therefore, for the building and development of Beijing sewage treatment industry, the BOT project with concession agreement is the best suitable. The research and application of other investment and financing modes will be made in the near future.Finally, the thesis aims at the core part of sewage treatment BOT project and introduce pricing model of concession price. The basic pricing model is made of NPV method. The risks that purveyor takes on are quantified to the pricing factors. Bringing the pricing factors into model formula, and letting NPV=O, It will get the basic price. The adjustments to basic price are made according to the risks government takes on. The price adjustment will make it facility to adjust the concession price, when the BOT project of sewage treatment encounters troubles during it running period, and safeguard government and purveyor to achieve their goals. And relative data about Beijing X sewage treatment enterprise are used in the pricing model to test and verify the practicality. It concludes that the adoption of BOT mode in Beijing sewage treatment enterprise is workable.