污水处理PPP项目投资回报指标研究——基于财政部PPP入库项目
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摘要
污水处理是生态环境保护公共服务的重点领域之一。污水处理PPP项目由于合理收益回报不明晰,导致在市场公平竞争、工程建设质量、运营服务保障等方面不同程度地产生一些问题,影响了行业健康有序发展。文章基于全国PPP综合信息平台项目库278个污水处理项目,开展了污水处理项目常用的投资回报相关指标对比分析和适用性分析,得出不同地区、投资规模、项目类型、运作模式下的投资回报的市场预期,指出污水处理PPP项目全投资财务内部收益率指标应在5.5%～8%,并验证了该指标区间的合理性,提出污水处理行业应定期发布基准收益率、完善投资回报机制、建立动态定价及调价机制、健全绩效考核机制等建议,为加强污水处理PPP项目管理提供参考。
Wastewater treatment is one of the key areas of public services for ecological protection. Due to the unclear reasonable income return mechanism, sewage treatment PPP project have different problems in fair competition of the market,construction quality, operation and service protection, which affect the healthy and orderly development of the wastewater treatment industry. Based on the 278 sewage treatment projects of the National PPP Integrated Information Platform Project Library, this study carried out comparative analysis and applicability analysis about relevant indicators of investment return which is commonly used in sewage treatment projects, and obtained market expectation on investment return under various investment scales, project types, and operation modes from different regions, which indicates that the financial internal rate of return of the entire PPP project for wastewater treatment should be in the range of 5.5%～8%, and the rationality of this indicator range is verified. It is proposed that the sewage treatment industry should publish the benchmark rate of return and improve the investment return mechanism, establish a dynamic pricing and price adjustment mechanism and improve performance assessment mechanism, which provide suggestions for strengthening management of the PPP project of wastewater treatment.
Wastewater treatment is one of the key areas of public services for ecological protection. Due to the unclear reasonable income return mechanism, sewage treatment PPP project have different problems in fair competition of the market,construction quality, operation and service protection, which affect the healthy and orderly development of the wastewater treatment industry. Based on the 278 sewage treatment projects of the National PPP Integrated Information Platform Project Library, this study carried out comparative analysis and applicability analysis about relevant indicators of investment return which is commonly used in sewage treatment projects, and obtained market expectation on investment return under various investment scales, project types, and operation modes from different regions, which indicates that the financial internal rate of return of the entire PPP project for wastewater treatment should be in the range of 5.5%～8%, and the rationality of this indicator range is verified. It is proposed that the sewage treatment industry should publish the benchmark rate of return and improve the investment return mechanism, establish a dynamic pricing and price adjustment mechanism and improve performance assessment mechanism, which provide suggestions for strengthening management of the PPP project of wastewater treatment.
引文
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[2]陈宏能,肖靓.如何正确选用PPP项目收益率指标[J].中国投资,2016(17):66-68.
[3]蔡晓琰,周国光.PPP项目政府和社会资本合作的投资回报机制研究[J].财经科学,2016(12):101-109.
[4]黄晓.基础建设PPP项目财务评价指标体系的构建及其应用研究[J].成都师范学院学报,2017(5):89-95.
[5]李满坡,陶伦康.城市基础设施中政府规制行为研究——以浮动投资回报率担保为视角[J].西南石油大学学报(社会科学版),2014(6):29-34.
[6]吴亚平.科学设定PPP项目投资回报率[J].中国投资,2016(11):76-77.
[7]相亚成.基于政府管制视角的PPP项目民间资本投资回报率研究[D].杭州:浙江工业大学,2015.
[8]伊然.国家两部委要求建立PPP动态投资回报机制[J].工程机械,2016(7):58.
[9]杨震.政府付费类PPP项目投资回报财务模型的对比研究[J].工程经济,2017(2):40-42.
[10]张海乐.环保利废投资项目评价指标体系及应用研究[D].成都:西华大学,2008.
[11]袁紫月.PPP项目大数据——投资回报率分析[EB/OL].(2016-10-12).http://huanbao.bjx.com.cn/news/20161012/779654-2.shtml.