Reserch On Social Benefit Bonds Pricing Of Ecological Water Conservancy PPP Project

The government is an important participant in the PPP model and the ultimate risk undertaker of the project.The further improvement direction of the PPP model is to alleviate the financial pressure of local governments,improve the efficiency of the use of public service funds,and reduce the risk borne by the government.Social impact-bonds(SIBs)is a new type of public service financing in the world.Its concept coincides with the PPP model,and an organic combination of the two is an important way for China’s PPP to break the current bottleneck and achieve innovative and standardized development.The ecological water conservancy project has a large investment scale and a long operation cycle,so it is theoretically suitable to adopt the mode combining PPP and SIBs.The prerequisite and core content for local governments to issue SIBs based on ecological water conservancy PPP projects is to sign contracts.Bond pricing,as an important parameter of contract,is the decisive factor of benefit distribution between government and bond investors.Firstly,this paper mainly expounds the background,significance,objectives and main contents of SIBs pricing research on ecological water conservancy PPP projects.By literature review,it summarizes the current research status of relevant theories by domestic and foreign scholars,analyzes the current research progress and shortcomings,and puts forward the research difficulties and technical key points to be solved in this paper.Secondly,on the basis of theoretical research on ecological water conservancy projects,PPP model and SIBs,the necessity and feasibility of the application of SIBs in ecological water conservancy PPP projects are discussed,and the SIBs model design of ecological water conservancy PPP projects is carried out.Thirdly,referring to the principle of pay-for-performance in government issuance of SIBs,this paper considers adopting the pricing form of "fixed interest rate + floating interest rate".Among them,the fixed interest rate pricing is based on the future cash flow of the project,the monte carlo pricing model is used for calculation,the floating interest rate pricing is based on the project performance evaluation results,and the appropriateinterest rate level is selected on the basis of the performance evaluation of the project by using the comprehensive evaluation method.Finally,the paper analyzes the Yinma river ecological water conservancy project with the established model,obtains the coupon rate of SIBs,and compares the result with the yield rate of similar projects,so as to test the feasibility of the pricing model in this paper.