| Facilitated by national policies,environmental protection industry is developing fast.As the most important part of the environmental protection industry,the Water industry have entered its prime time for development.With China's macro-economic experiences structural adjustment and kinds of capital accumulation enter the environmental industry speedily;water industry is now phase with profound changes and reconstruction.The traditional asset-heavy companies adjust their developing strategies and transformation from investment-driven to comprehensive service enterprise has become the water industry leading enterprises' inevitable choice.This paper selects the BEWG Group's transition of operation mode and financial tactics cases as the research object to study following problems:(1)Through analyzing the motivation for BEWG to transform,the transforming measures,the change of market response before and after the transformation and the financial and business indicators to find transition effects from the traditional pattern of single water service with heavy-assets to comprehensive environment and water service supplier combined with light-assets and heavy-assets;(2)Through analyzing one of BEWG's PPP projects using water industry funds for financing to find how does it realize financing mode innovation and become an important part of strategy transition.After in-depth study,this paper has the following findings:(1)In the early stage,BEWG reorganized to list on the stock market,M&A pluralistically to expand,took full advantage of mixed ownership and exploit the overseas market to become leading company.(2)In the context that comprehensive services become the core of industry and heavy-assets affect company's financing channel and efficiency,it is necessary for the companies develop to comprehensive business mode according to their own characteristics;(3)Optimizing the business structure,breeding technology advantages and activating organization can successfully transform to the comprehensive environmental services in the aspect of business composition,expand the scale of the enterprise and maintain sustained profitability,but the operation mode of the heavy assets into weight combination still needs to reduce the asset-liability ratio and expand the financing channels;(4)Water industry funds can broaden financing channels,make assets out of the table,and finally promote light-assets mode.The main innovation of this paper lies in:(1)analyzed motivation,measures and effects of expansion process transformation of the large state-owned water group,showed a number of research issues from a single case study.(2)Analyzed the water companies ' development mode combining with financing because the financial support directly determines the transformation of heavy-assets water companies whether can be successful;(3)For the first time studied the operation model of water industry fund scheme in the form of case study.The enlightenment of this paper:(1)Considering the industry status and market effect,BEWG Group's transition of operation mode and financial tactics can provide a good reference for other tradition heavy-assets companies in water industry.(2)Water industry funds can help water enterprises use very little their own capital to develop projects which need large investment.In the future,water industry funds will play an important part in financing of water industry,so BEWG set up Equity Fund Company and establish industry fund successfully can provide a good reference for other companies in water industry which also want to do so. |
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