Study On Capital Structure Optimization Of SPV Company In Ecological Water Conservancy PPP Project

Ecological water conservancy construction is an important way to promote the construction of aquatic ecological civilization,which is of great significance to China's ecological environmental protection and sustainable development of water resources.The PPP model is an investment model in which the government introduces social capital to participate in the supply of public goods.It can effectively alleviate government financial pressure and improve the quality of public services.The choice of the capital structure of the PPP project SPV company is one of the core elements of the franchise agreement,which has an impact on the risk sharing,profitability and operation level of the PPP project that cannot be ignored.As an important infrastructure to benefit the country and the people,the PPP model has a great application prospect in its construction field.Therefore,it is of great significance to carry out research on the optimization of capital structure of the SPV company of the ecological water conservancy project for the standardized development and good operation of the PPP model.This study starts with the stakeholders of the capital structure of the SPV company in ecological water conservancy PPP project,analyzes the interests and conflicts of all parties,and uses a series of key financial indicators to quantify the interests target of the government,social capital,and financial institutions.Then take the quantified target as the objective function,and take the key decision indicators in the concession agreement of the project such as capital structure,franchise price and government subsidies as variables,constructed a multi-objective optimization model for the capital structure of ecological water conservancy PPP projects.When solving the model,this study first adopted a multi-objective particle swarm optimization algorithm.Through a number of iterations,a set of Pareto optimal solution sets was obtained,and then the entropy weight TOPSIS method was used to rank the Paretosolution sets in order to choose an optimal solution to the satisfaction of all parties from them.Finally,taking the A sewage treatment plant as an example,the predicted values of various parameters in the model were determined according to the actual situation of the project,and then the obtained mathematical model was solved to obtain the optimal capital structure of the A sewage treatment plant.The results show that the capital structure of the SPV company has a significant impact on the profitability of the PPP project of the A sewage treatment plant and the amount of government subsidies.The results obtained by the model are in line with practical experience and can provide strong support for the capital structure decision of the ecological water conservancy PPP project.