Research On The Supervision Mechanism Of PPP Projects In The Sewage Treatment Industry Based On Principal-agent Theory

Now,the resource saving and environment protection is more practical for the city managers and residents.Under such background,this paper selects sewage treatment field as the research object which links resource conservation and environmental protection.Taking into account the cyclicity of water system and the characteristics of the administrative division of water system,this paper takes the integrity as the basis of the study,lists the provincial capital and the municipality as the survey objects based on the characteristics of the administrative division of water system,and collects the data of "sewage treatment"from the two aspects of function and supervision respectively.The data shows that the water supply industry maintains a leading position in both aspects of the investigation,and the sewage treatment industry is in a long-term disadvantage;meanwhile,the centralization trend,in the sewage treatment industry,is obvious,and the demand of function upgrading increase in recent years.Marketization becomes the main means to solve the problem of wastewater treatment.Last year,the ministry of finance,the ministry,the ministry of agriculture and environmental protection jointly issued "The notice about the full implementation of the PPP mode in sewage and garbage disposal project in which government involve" which also laid the PPP mode in the field of sewage treatment marketization mode in the mainstream.There is a long history of making the PPP project pilot.However,the upgrade is not along with the ability of the supervision function and between old mechanism and new model was a mismatch which led frequent moral hazard behaviors and unable to effectively realize sewage treatment function.PPP model becomes a double-edged sword,realizing functional requirements while exposing the problems of the regulatory system.Considering the principal-agent nature of PPP mode,through relevant theoretical analysis,payment contracts,observational information and regulatory capabilities are reasonably built into the model relationships,which provides a direction for the study of PPP project supervision mechanism.According to correlation analysis,this paper takes the matching of payment contracts and regulatory actions as a starting point and establishes the research model of "incentive contract" and "fixed contract" to study the relationship between the payment method and the behavior of both parties,discuss the phased characteristics of different contracts and the main factors influencing the behaviors of both parties,and prove the necessity and economy of supervision upgrading under PPP mode.Finally,according to relevant conclusions,the paper puts forward the direction of improving the supervision content and relevant policy suggestions.