Environmental Capital Project Financing Business Capital Operation Theory

Capital is in essence the permanent greedy pursuer of profits. During the long course of dominating the world for human beings, the unity of opposites (in detail, the mutual dependence, mutual action, mutual restriction and mutual transformation), existing between the human capital and the natural capital, always runs through the development of human society. However, the human capital tramples on the natural capital while doing utmost to pursue profits, which facilitates the shape of traditional unsustainable development mode and even leads to severe regional crisis of environmental capital, In present China particularly, the source causing this irresolvable crisis lies in: 1) Regional ecologic capital crisis and existing crisis are formed by severe confrontation of environment and development. 2) The governmental financial burden, aggravated by the low efficiency of governmental supply and operating environment capital, results in grave deficient of environmental investment directly. 3) Continuing owing of regional environmental capital leads to grave environmental problems. 4) The deficiency of technique and policy support for income returns of regional environmental capital restrains the investment of huge civilian capital. All of the above indicates that it has become the highlight of the present government and theoretical field of China how to realize the effective combination of environmental capital projects (that is needed urgently for the government) and huge civilian capital (that is always seeking for projects as investment), and how to realize the effective combination of governmental capital (that remains to exit from environmental market urgently with unclear property right and low-efficient management) and civilian capital (that is of clear property right and high-efficient management).Starting from the capitalized operating concept that remolds the environmental capital, this dissertation lists four kinds of return mechanisms of environmental assets in de tail: no nrecoverable r eturn m echanism, m aterial inc rement r eturn mechanism, service charging mechanism (Type I: reducing return of environmental diseconomy) and service charging mechanism (Type II: increasing return of environmental economy). M eanwhile, t he r elation o f P igouvian t ax m echanism, C oase's p roperty mechanism about returns of operating environment capital and types of the environmental capital is concluded here. The most important is that this paper innovatively lists the problem that is quite troublesome for current governments and always regarded as the theoretical vacancy into the research core based on theanalysis of capitalized management of present charging environmental assets. This crucial problem refers to financing and commercialized & capitalized operation of regional environmental capital projects, characterized with strong economical externality overflow without return mechanism yet, huge investment & financing scale, huge governmental fiscal capital and serious arrear management). The multiple research achievements are provided with initiative with the main contents as follows:1 . On the basis of thoroughly analyzing the current bottleneck problem of the marketized financing supply of regional environmental capital projects in China, the dissertation lays emphasis on the research of the key problem to hinder the marketized financing supply of regional environmental capital projects - the return of regional environmental capital, first puts forward the dispersion theory of ecological service value current of regional environmental assets initiatively, and reveals the implementation mechanism of the economic externality service value of the regional environmental assets, as well as the network effects of the dispersion, overlapping and boost of the ecological service value currents of neighboring regional environmental assets. Based on the theory, it first builds up the regional environmental assets pack (pool) theory of the intemalization of economical externality, thus changing the public goods of...