Calculation And Securitization Design Of Ecological Compensation Value Of Water Resources In The Yangtze River Basin

The report of the 19 th National Congress of the Communist Party of China pointed out that building ecological civilization is a millennium plan for the sustainable development of the Chinese nation.We must take the government as the lead,rely on the main enterprises,involve social organizations and the public in environmental governance,and construct a diversified ecological compensation mechanism as soon as possible.However,the existing ecological protection compensation mechanism is incomplete and cannot effectively perform ecological compensation.The low efficiency of ecological protection hinders the pace of ecological civilization construction.The Yangtze River Basin is located in the central part of China.The main stream flows through 11 provincial-level administrative regions,and the regional GDP accounts for more than 50% of the country.It is an important urban economic belt and water transportation hub in China,and has important strategic value.However,the Yangtze River Basin is heavily polluted and its industrial layout is unreasonable,which severely limits its stable and healthy development.In order to protect the ecological environment of the Yangtze River Basin,alleviate conflicts of interests between upstream and downstream,and promote the harmonious development of the ecology of the Yangtze River Basin,it is necessary to establish a reasonable ecological compensation mechanism for the Yangtze River Basin.In order to fully consider the impact of different factors on the calculation results of ecological compensation,and to fully explore the implementation details of ecological compensation,this paper chooses to use the cost correction method and water footprint based on the protection cost of the input and the water demand in the region.The theoretical method is used to measure the ecological compensation value of the Yangtze River Basin,and based on the characteristics of ecological compensation value formation,the pricing of securitization products is designed through the static spread method to increase the financing channels for ecological compensation of water resources.Through research,the main conclusions of this article are:1.The cost correction method allocates the cost of the ecological environment in the upper reaches of the Yangtze River,determines the upstream as the main body of compensation,calculates the conservation and treatment costs of water resources in the upper reaches of the river basin,and gives ecological compensation for compensation objects in the upper and lower reaches in the strict sense.The delimitation mainly reflects the willingness of the protector to be paid.Calculate the ecological compensation standards along the Yangtze River Basin from the cost of maintaining water resources upstream,and calculate the total amount of compensation for the cities in the middle and lower reaches of the Yangtze River in 2015-2018 is 38.33 billion,46.02 billion,46.60 billion and 49.24 billion,respectively.Water allocation coefficient,water quality correction coefficient,and economic development level index are distributed to cities in the lower reaches of the basin.2.The method based on the water footprint theory is to calculate the water footprint of the Yangtze River basin by measuring the virtual water of the city in the Yangtze River,which shows the demand for water resources in a certain basin by human activities in a certain area.The amount of supply determines the identity of the subject and object of the compensation,and thus determines the compensation and the compensation.The division is based on the economic value of the water resources of the river basin used by each city,which mainly reflects the willingness of the beneficiaries to pay.Based on the ecological compensation value shared by the water surplus or deficit,the sum of the compensation amounts for the cities along the Yangtze River Basin in 2015-2018 was 16.971 billion,9.415 billion,20.216 billion,and 17.495 billion,respectively,and the economic value of unit water volume and the ecological compensation correction factor Allocated to the coastal cities of the river basin.3.Aiming at the problem of high compensation amount,heavy government pressure and difficult financing in ecological compensation,the idea of ecological compensation based on asset securitization is proposed.The static spread method is used to price the assetbacked securitization products for ecological compensation in the Yangtze River Basin.NS and NSS models are used to fit the maturity structure of treasury bonds.Zero-volatility spreads are used to predict the risk premium of securities products.The gray forecast model is used to predict the expected cash.To predict the sale price of five-year ecological compensation for the Yangtze River Basin at 290 billion yuan,and design a three-year priority A-grade bond with a credit rating of AAA and a four-year priority B-grade with a credit rating of AA.The issuance scale of bonds,five-year senior C-grade bonds and subordinated bonds with a credit rating of AA was 100 billion yuan,100 billion yuan,70 billion yuan,and 20 billion yuan,respectively,and coupons of A,B,and C grade bonds Interest rates are 4.261%,5.768%,and 5.886%.Through reasonable design of the pricing model of securitization,it provides a reference for the pricing of similar types of securitization products.Based on the above conclusions,combined with the status quo of ecological compensation in the Yangtze River Basin,policy recommendations on the improvement of compensation mechanisms,the marketization and securitization of water resources transactions are put forward.