Sewage Treatment Of The Listed Company Financing Mode And Operating Performance Study

With the rapid development of social economy, the problem of environmental pollution is serious, the water pollution situation has reached the cordon, frequent water pollution incidents, and presents to a vicious cycle. In 2012, the national water environment quality condition investigation reveals that the situation of the current water resources in our country is very grim, structural shortage of water resources and serious water pollution, water ecological environment deterioration will directly or indirectly affect economic and social sustainable development. How to protect and purify water resources has become an important problem to be solved, the development of the sewage treatment industry become the important factors that affect the economic and social development.Sewage treatment facilities as a part of the infrastructure are responsible for the management of water environment and increasing the dual tasks of available water resources. However, due to the sewage treatment industry obviously guided by laws,regulations and policies, investment scale is large, investment return period is long,Characteristics of the regional development imbalances, market is not perfect, research on the financing model of sewage treatment industry has practical significance and industry required. Overall, the sewage treatment industry in our country's investment demand level was increased, by the influence of the traditional concept of "environmental protection relies on government", the government fiscal funds is still the main sources of funds for the sewage treatment, with the development of economic and social, pure government funding,policy bank loans can't meet the needs of the sewage treatment industry, which will hinder the efficiency of the sewage treatment industry, increase the pressure of local government debt, increase local government debt crisis. At the same time, "who pollution, who governance" enterprise self-raised funds mode of financing mechanism is relatively single,it is difficult to get specialization and scale effect, directly affect the efficiency and effect of water pollution prevention and control, which leads to enterprise to participate in the will of the sewage treatment by means of self-raised funds in general is not strong. To meet the capital needs ofthe sewage treatment industry, realizing the water environment protection target, broadening the financing channels is necessary. According to the characteristics of the sewage treatment industry financing, we analyze the existing advantages and various financing constraints, and then put forward suggestions for the sewage treatment financing model.This thesis introduces the sewage treatment industry financing model and related theories, as well as the related financing model applied in the sewage treatment industry, to lay the basis of full text research. This part of content mainly adopts literature research and the induction deductive method. Secondly, from the general situation of the sewage treatment industry and the supply and demand relations, we describe the analysis of the current situation of sewage treatment industry, from the sewage treatment industry financing channels, financing structure, financing scale, financing costs, etc, we describe analysis the financing situation of the sewage treatment industry. On the basis of this, we explore the development of the sewage treatment industry in our country financing mode.The first part is introduction. This part introduces the topic background and research value and reviews literature at home and abroad with summaries. Analyzing the related literature both at home and abroad, We establish the formation of a preliminary understanding of selected topic related theory and research. Additionally, it shows the potential innovations and defects in the end.The second part is the definition and theoretical basis. This part mainly defines the concepts in the thesis such as operational projects, sewage treatment industry, the financing mode concept, etc. This part also introduces the relevant theoretical basis,including public goods theory, effective competition theory, and the theory of project financing.The third part is analysis of the sewage treatment industry financing situation. Using inductive deductive research methods, we analyze the general situation of the industry of the sewage treatment industry in our country by industry scale, financing present situation.The data analysis shows the sewage treatment industry overall development situation and the present situation of financing in our countrypresent stage.The forth part is descriptive analysis of listed companies. By constructing the index system of listed companies to select 11 sewage treatment industry listed companies from the profit ability, debt paying ability, operation ability, growth ability in four aspects: 12 indicators financing present situation analysis, using SPSS principal component analysis was carried out on the financial data.The fifth part is the policy Suggestions. Owing to previous theory combing,industry analysis, this part puts forward the overall plan of sewage treatment industry financing mode. In the part we also put forward the corresponding policy recommendations to perfect our country sewage treatmentindustry.