Research On Financing Efficiency Of PPP Project In ZQ Water Conservancy Project

The National 13th Five-Year Plan proposes to increase the construction of major water conservancy projects,enhance flood control,drought and mitigation,and water resources allocation,and accelerate the improvement of water conservancy infrastructure networks.From the current point of view,China's water conservancy project construction financing mainly relies on government financial support,and enterprises participate in the construction of water conservancy projects less,which restricts the development of water conservancy construction industry.Due to the fact that the public welfare of water conservancy projects is greater than the profitability,many enterprises with investment capabilities have turned to transportation and municipal projects.Therefore,how to reduce the cost of enterprises participating in water conservancy projects,broaden financing channels,improve financing structure,and ultimately improve the financing efficiency of enterprises under the established profit level is an important issue that enterprises are also concerned about.This paper takes the PQ project of ZQ water conservancy project as a practical case,adopts two methods of literature research and case analysis.Firstly,it reads the related literatures at home and abroad,and describes the related theories of water conservancy engineering infrastructure,PPP mode and financing efficiency.Secondly,it combines ZQ water conservancy project.In the case of PPP project,the financing status of ZQ water conservancy project PPP project is analyzed from the five aspects of transaction structure,investment and financing structure,investment plan,project assets and income,and then from the perspectives of financing cost,financing structure and mode and project income.Define the financing efficiency of PQ project of ZQ water conservancy project;then calculate the three indicators of weighted average cost of capital,net present value and internal rate of return,and evaluate the impact of financing cost,financing structure and mode and project income on financing efficiency.The evaluation results are as follows:financing cost and financing structure and method have a favorable impact on financing efficiency,and project income has an adverse impact on financing efficiency.Although the financing cost and financing structure and methods have a favorable impact on financing efficiency,the project also has problems such as single financing channel,high interest rate risk,lack of operating income and price adjustment mechanism.Finally,it proposes solutions from three aspects.The measures include increasing the sources of financing sources,selecting appropriate financing channels,multi-channel financing,optimizing financing costs,broadening the sources of income,and exerting price adjustment advantages to solve the problem of low financing efficiency of PQ projects in ZQ water conservancy projects.Through the research on ZQ water conservancy project PPP project,the analysis of financing efficiency from the three perspectives of financing cost,financing structure and method and income is more scientific and reasonable.The three evaluation indicators are linked to each other and jointly affect the financing efficiency.At the same time,in this project,the project income index can improve the financing efficiency as long as the change is small,and it is more sensitive to the project.Therefore,in the actual construction and operation of the project,the price can be adjusted from the internal comprehensive investment return rate,and the operation is increased from the outside.Both internal and external income will increase the overall revenue of the project.It is hoped that through the research and analysis of this paper,it can provide realistic and feasible basis and reference value for the social capital to improve the financing efficiency of water conservancy projects.