我国城市污水处理投融资模式的实证研究

Research on Investment and Financing Modes of Urban Sewage Treatment of China

本文结合博弈论和计量经济学的Eview5工具对我国城市污水处理过程中各投资主体和资金来源进行实证研究,结果表明:民间资本在城市污水处理投融资过程中的地位越来越重要,所起作用已经超过政府资本;政府资本效用的下降,说明了政府资本使用效率低的问题,但政府在整个过程中监督管理的角色不会变。接下来我国城市污水处理的投融资模式将以市场化为主,政府资本为辅这一基本思路进行选择。

This paper combines with game theory and Eview5 tools in econometrics,and analyzes the investors and funding sources of urban sewage treatment of China.The empirical results indicate that the investment and financing of urban sewage treatment of China require the corporate efforts from governments,enterprises and the public.In the process of urban sewage treatment investment and financing,private capital plays an increasingly important role and its function has gradually surpassed that of government capital.From another aspect,the low utility function of government capital shows the low utility of it.In the future,the selection of the investment and financing modes of urban sewage treatment of China will follow the principle：takes the marketization as guide and takes government capital as supplement.