| As the economics developing in the world, the lives of people unceasing raised. At the same time the water pollution becomes more serious. The sewage treatment industry is controlled by government for a long time in our country. Contradiction between demand and supply of sewage treatment becomes more serious. The reason is an insufficiency of funds and low efficiency of management, which emphasize the important of extending the way of financing. Profitability Character of sewage treatment makes financing in the capital market become possible.In the first, based on the course of financing of sewage treatment industry, the paper analyses the background, merit and demerit, actuality and difficulties in application of five financing modes including finance, credit, BOT(built-operate -transfer), ABS(asset- Build-Security) and civic bond .Which indicate that finance fund and credit cannot solute the contradiction because of its limited fund; new ways of financing(ABS and civic bond) cannot exert their function enough because of the policy limits and lack system of letting investor enter; BOT is widely used in the area of sewage treatment for its appropriate risk share and highly efficiency in management . Then the paper shows that BOT will be the leading method of finance in the area of sewage treatment in our country.Secondly, abstract important factors which could affect the choice of mode. Combining decision theory, make decision to the five modes above taking AHP (Analytic Hierarchy Process). The result shows that BOT will be the leading of financing mode in this moment, which is consistent with the fact.Finally, bring forward consummate advice aiming at actuality of sewage treatment in our country. The advice including the follows: make sure the supervision station and content of government in financing; reform the system of sewage charge, which means adopt different charge mechanism in area which different from each other in economic development, and promote equilibrium development of sewage treatment in different area; establish reserve of price risk in sewage treatment as risk guard to boost up theconfidence of investor; detach the operation of sewage disposal establishment and sewage callback establishment. At the same time, try to issue ABS which all the operation is completed overseas except assets being in homeland. Pay much attention to domestic capital when fetching in foreign capital in using of BOT. Making use of agency enough and training professional to reduce financing risk. |
