| Integrated watershed management is one of the key areas for the construction of ecological civilization.At present,the fund for integrated watershed management relies mainly on government input,and faces multiple pressures of large demand gaps and low management efficiency.Especially in the context of the slowdown in the growth of domestic economy and local government fiscal revenue,simply relying on government investment will be difficult to meet the needs of China's ecological civilization construction.Therefore,it is necessary to introduce the participation of social capital in the integrated watershed management,taking into account the introduction of "wisdom" and " foreign capital",exerting the role of the market in the allocation of resources,and solving the problems of insufficient funds and management inefficiencies in integrated watershed management.Since 2014,the Chinese government has initiated the upsurge of “Public Private Partnership”(PPP)projects in all areas of public investment.Integrated watershed management is also one of the key areas of PPP projects.The advancement of the integrated watershed management PPP model not only helps to leverage the financial resources,but also mitigates the deficiencies of excessive capital gaps and low management efficiency.It also helps stimulate the vitality of social capital and enhance the market value of integrated watershed management projects.However,the PPP model is not optimistic in integrated watershed management practice.Due to its large investment scale and long investment cycle,the PPP model faces serious problems such as low landing rate,low corporate acceptance,and difficult project risk assessment.Based on the source of funding and whether it has a sponsorship and decision-making role for the project,this paper believes that government agencies,entity companies,and financial institutions are the core stakeholders of the PPP project for integrated watershed management.This paper first analyzes the motivations,methods,and obstacles of core stakeholders participating in the integrated watershed management PPP project.Second,the performance,willingness,satisfaction,and risk control are the main aspects that reflect the satisfaction of core stakeholders' interests.A framework of factors for empirical analysis was established toseek for a path to further interest pursuit,and on this basis,risk sharing and benefit coordination recommendations were proposed through game analysis.Finally,the Shiyang River Basin was used as a case study to provide reference for promoting the implementation of the integrated watershed management PPP project.Conclusions are as follows.First,the core stakeholders influencing the implementation of integrated watershed management PPP projects include the government,industrial enterprises,and financial institutions.The roles,objectives and interests of the three parties in the integrated watershed management PPP project are different,and there is a lack of coordination of interests among stakeholders which will hinder the landing of PPP projects.In the PPP project,government departments use limited financial resources to leverage and instigate social capital to participate in the construction and operation of integrated watershed management,in order to comply with the reform trend of “the market plays a decisive role in the allocation of resources”;enterprises participate in the integrated watershed management PPP projects,use their own advantages in capital,technology and management to obtain stable expected economic returns and policy gains;financial institutions participate in the integrated watershed management PPP project to create new profit points for funds while controlling risks.Through the analysis of core stakeholders,this paper believes that in order to promote the implementation of integrated watershed management PPP project,it is necessary to meet the interest appeals of core stakeholders.If its interest claims are not met,it will be expressed as a low level of performance at the government level.At the corporate level,it shows that the willingness and satisfaction of participation are low,and it is difficult to control the project risk at the financial institution level.Second,in order to promote the implementation of the integrated watershed management PPP project and seek to meet the interests of core stakeholders,this paper constructs indicators for evaluating government participation performance,exploring companies' willingness to participate and factors affecting policy satisfaction as well as influencing financial institutions' evaluation of project risks.Conducting empirical analysis on the performance,willingness,satisfaction and risk control of the three core stakeholders.Firstly,the Data Envelopment Analysis(DEA)was used to evaluate the level of performance of the government departments in promoting the implementation of integrated watershed management PPP projects.In the DEA analysis,the performance evaluation established include seven input indicators reflecting the level of local government financial resources,demand and credit,and two output indicators that reflect the current landing status of PPP projects.Using the DEA model with variable returns to scale to evaluate the performance of PPP projects in 31 provinces(cities)in China,the average performancelevel of China's PPP projects is 0.846,and the scale efficiency level is 0.922.While technical efficiency still has room for further improvement.Most provinces(cities)that do not achieve at a stage of increasing returns to scale,so they can increase their investment by further expanding their performance.Secondly,using the structural equation model and the ordered Probit model to analyze the willingness,satisfaction and influencing factors of the enterprises participating in the PPP project.On the basis of the investigation of senior executives of listed companies,this paper based on the theory of planned behavior combined with the structural equation model,found that the integrated watershed management PPP project is of great significance to the development of the industry,but it has not yet had a strong attraction for social capital.Behavioral attitudes,subjective norms and perceptual behavior control have a significant positive impact on the willingness to participate,and their effects increase in turn.A sound external policy environment,suitable company development strategies,and opinions of industry practitioners are the most important indicators affecting the willingness to participate.In addition,this paper also established an ordered Probit model to analyze the satisfaction of corporate executives with current PPP policies and found that the satisfaction of corporate executives with PPP policies for watershed management is generally satisfactory,the relevant policies are generally understood and they are optimistic about future developments.While the score of the perfection of the operating mechanism of the project and the degree of trust of the government department are low;the degree of standardization of the bidding and tendering process of the PPP project,the reasonableness of the commitment and responsibility sharing,as well as the enhancement of the trust of senior executives to government departments can significantly promote the satisfaction of company executives;the direction of future policy improvement is to improve the government's credit level and create an environment for the development of a standardized project.Finally,an indicator system for risk assessment of PPP projects for integrated watershed management was established,and indicators were empowered using the analytic hierarchy process.The risk assessment indicators established in this paper include project company qualifications,project company credits,and local government levels.These three levels cover 12 indicators such as managers' industry experience,technology supply and innovation capabilities,internal process management capabilities,partnership rapport,and projects continuing development level,debt repayment ability,project company profitability,clarity of project claims,credit and compliance,laws and regulations,contract risks and regional social environmental risks.After empowerment through the analytic hierarchy process,it was found that the four indicators of internal process management capabilities,project company profitability,debt repayment ability,andpartnership rapport are the most important factors affecting project risk.Based on the results of the evaluation,the risk control plan for the integrated watershed management PPP project involving financial institutions is put forward,which provides guidance for the risk control of integrated watershed management PPP projects and provides direction for the reverse incentive project companies and local governments to create a good project business environment.At the same time,it can also unite the core stakeholders to rationally allocate resources.Third,in order to promote the coordination of the interests of different stakeholders in the PPP project for integrated watershed management,this paper conducts a risk sharing analysis based on the three-party static game model,and divides the factors affecting the distribution of core stakeholder interests into profitability levels,input proportions,risk factors,government policies and supervision,of which the project profitability is the most important factor;in order to promote the coordination of interests of stakeholders,it is necessary to establish a reasonable risk sharing and revenue coordination,and tap the profitability point of the integrated watershed management PPP project.In order to promote the coordination of interests among stakeholders,it is necessary to establish a reasonable risk sharing and revenue coordination mechanism,and tap the profitability point of the integrated watershed management PPP project to urge the three stakeholders of the core stakeholders to coordinate interests.On this basis,the paper concludes that the nature of the quasi-public goods possessed by the integrated watershed management PPP project determines that the investment returns that are fully evaluated by the market are not sufficient to attract social investment.It is necessary to maximize the common interests of both enterprises and financial institutions under the premise of reasonably protecting the interests of the three parties and promoting the maximum of the overall benefits of the PPP project,thus increasing the appeal of the integrated watershed PPP project in order to truly achieve the purpose and effect of benefit coordination.The realization of optimizing the interest coordination under the current conditions requires that the government continue to dig the basic profit point of PPP project,by the methods of expansion of the profit chain,increasing the source of income,profitability and reputational capital to narrow the gap between the capital gains and the market average profit margin of PPP projects,thereby attracting social capital into the watershed management to promote the landing of integrated watershed management PPP project.Fourthly,based on the theoretical research of this paper and the results of model construction,a case study of the PPP project of Minqin National Wetland Park in Shiyang River Basin was conducted.The study found that companies in the Shiyang River Basin arenot willing to participate in comprehensive PPP project management.The scale of the company and its awareness of the ecological environment of the river basin have a positive impact on the willingness of enterprises to participate in PPP projects.The nature of the enterprise and the years of its establishment have no significant effect on the willingness to participate;the government promotes the performance of comprehensive PPP projects far lower than other provinces in the country,so the development of integrated watershed PPP projects has great potential,and it needs continuous expansion of input to improve the level of technical efficiency;through the fuzzy comprehensive evaluation method and the financial institution risk assessment index system,the risk assessments of the Shiqin River Basin Minqin National Wetland Park PPP project perform excellent and the project risk level is low. |
PDF Full Text Request