刘双柳,陈鹏,徐顺青,高军.水污染防治领域PPP项目投资回报机制设计[J].中国环境管理,2018,10(5):65-69
水污染防治领域PPP项目投资回报机制设计
Study on the Investment Return Mechanism of Water Pollution Control PPP Projects
  
DOI:10.16868/j.cnki.1674-6252.2018.05.065
中文关键词:  水污染防治  PPP项目  投资回报机制  社会资本  付费方式
英文关键词:water pollution control  PPP project  investment return mechanism  social capital  payment method
基金项目:2017年原环境保护部委托课题"饮用水水源环境监管"。
作者单位
刘双柳 生态环境部环境规划院, 北京 100012 
陈鹏 生态环境部环境规划院, 北京 100012 
徐顺青 生态环境部环境规划院, 北京 100012 
高军 生态环境部环境规划院, 北京 100012 
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中文摘要:
      在国家相关政策的支持引导下,采用政府和社会资本合作(PPP)模式实施的水污染防治项目逐渐增多。合理的投资回报是社会资本参与PPP项目的关键所在。本文通过对水污染防治项目特点、不同付费方式及适用条件进行分析,对投资回报的内在机理进行了分析,提出水污染防治PPP项目投资回报机制设计原则,包括应符合市场配置特点,充分考虑项目风险影响,确保社会资本"盈利但不暴利"、以政府财政承受能力为底线、不以保底承诺、固定回报变相融资。在此基础上,从投资回报是社会资本方服务绩效的对价、合理设计保底需求和超额收益分享机制、合理设计服务价格及调整机制、合理拓宽可行性缺口补助投资回报方式等方面对投资回报机制要点进行了探讨,以期为同类项目的实施提供参考。
英文摘要:
      Under the guidance of related policies, water pollution control projects implemented by PPP mode are gradually increasing. Reasonable investment return is the key of social capital participation in PPP projects. Based on the analysis of water pollution control projects characteristics, payment methods and the application conditions, the inner mechanism of a reasonable return on investment was defined, the investment reward system design principles were put forward, which including in line with market configuration characteristics, fully considering the project risk, to ensure that social capital profit but not profiteering, the government fiscal capacity as the bottom line, not guaranteed disguised financing commitment or fixed return. Last, the key points of water pollution control PPP projects investment return mechanism were discussed from aspects as the return on investment is parallel to social capital's service performance, reasonable design demand and excess revenue sharing mechanism, reasonable design prices and adjustment mechanism, reasonable broadening the feasibility gap subsidies, so as to provide references for similar projects implementation.
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