Research On The Financing Efficiency Evaluation Of Zhejiang Sewage Treatment Industry Financing

Due to long term extensive development of economy in Zhejiang Province,environmental problems such as water pollution have seriously hampered the sustainable development of economy and society.The financing of sewage treatment is an important means to improve the sewage treatment performance,and exert direct impact on the promotion of sewage treatment projects.The financing structure of China's sewage treatment lacks structure diversity,and the scale of financing has been unable to meet the funding needs for the sustainable development of sewage treatment.Therefore,it is important and urgent to study and improve the financing structure and scale of water pollution control,and to evaluate the performance of sewage treatment.This study is conducted to analyse how to improve the sewage treatment performance through sewage treatment and sewage financing from externality theory and scale economy theory.It is also conducted to reveal the mechanism through which sewage treatment exert influence on firms' performance.This study will lay theoretical foundation for the construction of the evaluation system of sewage treatment and the performance of sewage financing.In the empirical analysis part,this study adopts pharmaceutical chemical and textile industry as the water pollution intensive industry in Zhejiang proviance based on the pollution index method.Using a sample of 35 Chinese listed companies,it evaluates their performance of sewage treatment financing.Firstly,this study uses government grants,corporate self financing and other financing means as output indicators based on the financing structure,adopts the enterprise performance as a measure,and applies the main business income and net profit as the output index.Then,it further identify the evaluation system of the pharmaceutical chemical industry and the textile industry asinput output index through correlation analysis.After that,it uses the envelope data method to evaluate the financing performance of the sample firms during 2010-2015.The empirical results shows that the overall efficiency of the textile industry is better than that of the pharmaceutical and chemical industry,and the financing structure and financing scale have different degrees of improvement.In particular,the pharmaceutical and chemical industry in the enterprise self improvement greatly improved,the scale of financing is in a state of increasing returns,indicates that the scale of financing can not meet the needs of the capital of sewage treatment.Empirical results based on the analysis of efficiency and projection,the financing structure of pollution intensive industries in Zhejiang province is single and social capital participation is low.Therefore,enterprises in these industries should increase the diversity of financing structure,and improve the management ability of financing scale.This study combines normative analysis and empirical analysis to evaluate the sewage treatment financing performance of the water pollution intensive industries in Zhejiang province based on the perspecitve of financing structure and financing scale..According to the theoretical analysis and empirical analysis,the policy recommendations are put forward.First,the scale of sewage treatment financing must be matched with the economic boom and the government should provide a buffer period for the enterprise to adapt to the new sewage policy through macro-control.Second,market-oriented means should be adopted to improve the economic benefits of sewage treatment financing,and the introduction of social capital can help to build a diversified financing structure.Third,the performance evaluation system of sewage treatment financing should be improved,and the economic,social and environmental benefits need to be considered in order to highlight the overall effectiveness of sewage treatment,which will contribute to attracting social financing.