Study On Financing Risk Evaluation And Control Of A PPP Project Of Wastewater

During the;"Thirteenth Five-Year Plan"period,China's"quality improvement,lifting and standardization" of urban sewage treatment was taken as a strategic task in the field of ecological and environmental protection.The"Nineteenth National Congress"proposed to"solve outstanding environmental problems and accelerate water pollution prevention and control."The request."The promotion and comprehensive application of the PPP model in the field of water pollution control highlights the government's determination to vigorously improve the level of sewage treatment,improve the utilization rate of funds,and revitalize the assets of the society.However,the implementation of the sewage treatment PPP project is not optimistic,the financing structure is complex,and the financing risk is difficult to control,which is the constraint for the successful operation of the PPP project.Therefore,how to scientifically and systematically identify risks in the project financing process and regulate and rationally control financing risks become the key to improving the practical effect of water pollution treatment PPP projects.Water pollution treatment projects are quasi-public goods and quasi-operating projects,and financial support is the main source of funds.At the same time,due to the stable income and cash flow of the project in the future,the development prospects of the water pollution control industry can be expected to attract the participation of social capital.Bank loans,asset securitization and after-sales leaseback are the most common ways to use PPP financing in wastewater treatment projects.Due to the complicated financing structure,numerous participants,and long payback period,there are uncertainties in the financing process of wastewater treatment PPP projects.Based on the project itself,according to the risk source body,combined with the movement process of funds in the project,the financing risk assessment system for wastewater treatment PPP project can be established,and six first-level risk indicators such as debt repayment risk,financial risk and policy risk are identified.In view of the fact that the risk assessment index system of wastewater treatment PPP project contains risk indicators that are difficult to quantify,the fuzzy comprehensive evaluation method is used to evaluate the project financing risk.The C City Dongcheng Wastewater Treatment PPP project was selected as a specific case.The fuzzy comprehensive evaluation method can be used to find that the comprehensive risk value of the Dongcheng sewage treatment project is 4.424,and the project financing risk is generally moderate and within the controllable range.At the same time,the debt repayment risk is The"double high" risk of the highest risk value and risk contribution of project financing risk should be focused on;financial risk is"low and high"risk with low risk value and high risk contribution,and interest rate fluctuation is financial risk.The most important influencing factors;policy risk,legal risk and project construction risk are all'"high and low",risks with high risk value and low risk contribution,and legal changes,government default and construction cost changes have a greater impact on project financing risks.It should be considered in the risk control process.Natural risk is a"double low"risk with low risk value and low risk contribution,which has little impact on project financing risk and is not the focus of risk control process.The control of financing risk of PPP project in Dongcheng Wastewater Treatment is a comprehensive and systematic process,and it is necessary to establish a multi-party joint risk control system.According to the principle of empirical results and risk sharing,the government departments are mainly responsible for strengthening market supervision to reduce market volatility risks,improving the PPP project legislation and law enforcement system to avoid legal risks,establishing a government default guarantee fund to constrain government default behavior;sewage treatment project companies need more Take measures to promote the company's modern management system to weaken the operational risks of the project,extract the risk reserve to prevent the credit situation from deteriorating,introduce the market mechanism to deal with market fluctuations,focus on contract factors to transfer the risk of construction cost changes,and use financial instruments to control the range of interest rate fluctuations;Need to implement risk dynamic management and pay close attention to risk changes;commercial banks should strictly manage loan approval from pre-lending and post-lending aspects,strengthen their project selection,project evaluation and product service capabilities,and ensure the successfiul recovery of funds through multiple measures.Fully use its own professional advantages to assist project companies in controlling their financing risks,and continue to play an active role in striving to build a bank-centric risk control structure.