A Study On The Contractual Governance Of Public-Private-Partnership In Urban Sewage Treatment Industry

Urban sewage treatment industry as the key areas of municipal public utilities, with the characteristics of large investment, long construction period, the slow recovery of funds. In order to solve the problem of the development of the industry, the introduction of Public-Private- Partnerships(PPP) mode, which is the prelude to the reform of China’s urban sewage treatment industry. As a new financing mode of urban sewage treatment industry in the market economy environment, the public-private —-partnership system has begun to introduce social capital to participate in the construction and operation of the facilities, and ease the pressure on the financial funds, and also improve the service efficiency of urban sewage treatment industry. But in recent years, due to the imperfect contract governance mechanism, such as the opportunism behavior caused by asymmetric information between the government and private enterprises, private enterprises and financial institutions, such as adverse selection, resulting in the failure of the PPP project also gave us a wake-up call. On the other hand, the introduction of private enterprises makes the PPP project financing structure change, and cause the change of project management structure, improve the efficiency of project operation, which depends on the management ability of private enterprises in project organization, because of the complexity of PPP project investment main body, and the management mode of urban sewage treatment PPP project to achieve truly efficient operation, we need to complete from the focus on "form" to focus on "governance".In view of the above analysis, this paper studies the contractual governance of PPP projects in urban sewage treatment industry in our country, in order to establish a perfect contract governance mechanism, improve the overall efficiency of PPP project, and promote the reform of the urban sewage treatment industry and the transformation of government functions.In detail, this thesis firstly combines the domestic and foreign scholars’ research on the theory, the contract theory and the public private partnership contract governance. Secondly, by comparing the different angles of the urban sewage treatment PPP project contract and enterprise, the market contract to reveal the different properties of the contract. On this basis, according to the operation mechanism of urban sewage treatment PPP project, this paper mainly divided into four categories: concession contract, financing loan contract, contract management contract, contract object, contract duration, contract and related degree. At the same time, the creation and distribution of cooperation surplus of the core issues of the PPP project is studied, and the cause and main forms of the project management are elaborated. Once again, for the contract subject government and private enterprise, from both sides of the interests conflict and the external form of performance, proposed to improve the governance mechanism of the PPP project of sewage treatment by the equity and interest balance. Finally, in order to run through the entire project financing loan contract, this paper points out the outstanding problems of contract governance into non fundamental issues, fundamental issues and opportunistic behavior of private enterprises, and according to the different contractual governance framework, which is based on formal contract, relational contract and game theory.We conclude three possible innovation points as follows:1. A further study on the contract of the franchise contract and the financing contract with the contract theory. Urban sewage treatment and public private partnership project are the related interests of the stakeholders, the previous research mainly focused on the contractual relationship between the government and private enterprises, and this paper mainly from the point of view of factors, and the relationship between the project and the operation of the project.2. In the application of the game model and the theory of equity governance, the governance mode of the equity contract between the government and private enterprises is designed. Based on the analysis of the conflicts of interests between government and private enterprises, the paper analyzes the cooperation between the government and the private enterprises, and draws a balanced allocation of ownership, and further discusses the ownership structure and governance mechanism of PPP project contract.3.The governance framework of contractual relationship between private enterprises and financial institutions in the construction of the problem oriented. This paper begins with the contractual governance of private enterprises and financial institutions, and puts forward the framework of contract governance. For non fundamental issues from the perspective of transaction cost and cooperation efficiency, we should use the relationship contract governance mechanism, and the problem of the adverse selection of private enterprises from the angle of signal game analysis。...