环境资本项目融资商业化资本化运作论

发布时间：2018-04-04 01:25

本文选题：区域性环境资本项目　切入点：生态服务价值流弥散机制　出处：《复旦大学》2004年博士论文

【摘要】：资本是赤裸裸的狼，对利益的穷尽追求是其本质终结。人类在开始主宰世界的漫长的历史征途中，本源上，仅只存在人力资本与自然资本的相互依存、相互作用、相互制约和相互转化的对立统一关系、且其始终贯彻着人类社会发展的全过程。人力资本在穷尽利益追求的同时，践踏了自然资本，于是形成传统的不可持续的发展模式，导致严重的区域性环境资本危机。尤其在目前的我国，这种危机无法有效解决的根源在于：环境与发展严重对抗形成区域性生态资本危机与生存危机，政府供给与经营环境资本的低效率加重了政府财政包袱、直接导致环境投资严重不足，区域性环境资本持续欠帐经营导致严重累积的环境问题，区域性环境资本缺乏收益回收的技术与政策支持制约了庞大民间资本的投资行为。上述根源的本质表明：如何实现政府资本投资不足迫切需要补充的环境资本项目与庞大的急待寻找投资项目的民间资本的有效结合，如何实现产权模糊、经营低效、急待适度退出环境市场的政府资本与产权清晰、经营效率良好的民间资本的有效结合，已成为当前我国政府和理论界特别关注的时代主题! 本文从重塑环境资产的资本化经营理念开始，详细梳理了环境资产的四种收益机制：即环境资产的收益不可回收机制、物质增值收益机制、服务收费收益机制Ⅰ型(降低环境不经济性获取收益)和服务收费收益机制Ⅱ型(增加环境经济性获取收益)，并归纳了环境资本经营收益回收的庇古税机制、科斯产权机制与环境资产类别的关系；同时在梳理现有收费性环境资产资本化经营的基础上，首次创新选择了当前政府最棘手的和理论研究空白的关键性问题，即具有外部经济性强度溢出而目前尚未有收益回收机制、投融资规模巨大、沉淀巨额政府财政资金、以及严重欠帐经营等特征的区域性环境资本项目融资供给与经营商业化资本化运作问题作为本文的研究核心；其取得的多项研究成果具有首创性，主要内容包括： (一)在深入分析目前我国区域性环境资本项目市场化供给的“瓶颈”问题的基础上，重点研究了阻碍区域性环境资本项目市场化融资供给的核心问题～区域性环境资本收益回报问题，首次创新提出了区域性环境资产生态服务价值流弥散理论，揭示了区域性环境资产外部经济性服务价值的实现机制，以及相邻的区域性环境资产生态服务价值流弥散叠加增强的网络效应；以此为基础，首次创新构建了外部经济性内部化的区域型环境资产包理论，从而将具有强烈正外部性溢出的区域性环境资产公共品转变为混合物品，实现了区域型环境资产包收益回报机制，奠定了民间资本市场化融资供给与经营区域性环境资本的前提基础；随盆皿大李博士伦义《稀境资4项目触资育么化资4化运作伦》之，笔者采用超边际分析方法，进一步提出了区域型环境资产包市场化分工与专业化经营的超边际决策，创新构建了区域型环境资产包特许经营权连锁承包专业化经营理论。 (二)从研究满足区域型环境资产包项目融资规模大、高风险性、资本化与专业化经营要求出发，首次创新提出了由环境投资银行、环境投资基金、环境信托基金、环境投资公司、环境经纪与租赁公司等组成的以政府为主导的“市场导向型”商业化环境金融体系框架，加快实现筹集民间资本，以市场机制培育大中型专业化环境资本项目经营公司，达到市场化经营区域型环境资产包项目的目的;同时进一步为不同性质的区域型环境资产包定制了最优的政府与民间资本整合的市场化融资与经营模式，如项目融资、BOT、TOT、ABS以及环境基金等，，从而更加丰富和完善了大中型环境资本项目的投融资理论。 (三)在深入分析我国传统环境制度存在的问题与缺陷的基础上，创新提出了以“市场为导向”的区域型环境资产包供给与经营的制度框架，其内容包括: 加快政府职能改革，加快建立专职、统一、问责的高效政府职能机构，加快以循环经济理论为指导的环境法律制度改革，加快建立环境资本项目政府招标公示制度，加快完善以特许经营权市场化转移为基础的环境产权制度，加快供给以环境资本市场化融资为基础的融资制度等多项制度改革建议，希望其不仅能够为区域性环境资本项目市场化融资供给与经营提供制度保证，而且也能够对我国环境制度改革产生深远的理论意义。总之，通过建立了区域型环境资产包的收益回报机制、区域性环境资本项目市场化融资机制、以及区域性环境资本项目融资与经营的制度基础，真正实现了区域性环境资本项目融资供给与经营的政府资本适度退出、民间资本进入、产权体系清晰的政府与民间资本有机合作模式，达到了加快补足我国环境资本历史欠帐、有效提高环境资本经营效率、以及实现区域性环境资本项目商业化资本化经营的目标。
[Abstract]:In the long history of human capital , human capital is only one of interdependent , interactive , interrelated and mutually transformed relations of human capital and natural capital , and it always carries out the whole process of human social development .

The essence of the above - mentioned root causes is that how to realize the effective combination of the government capital and the large amount of private capital of the investment project , how to realize the effective combination of the government capital and the property right and the good operation efficiency of the regional environmental capital , has become the special attention of the government and the theorists in our country .

Starting from the capital management idea of remolding environment assets , this paper details four kinds of income mechanism of environmental assets : the non - recovery mechanism of the income of environmental assets , the mechanism of material value - added benefit , the mechanism of service charge return mechanism I ( to reduce the income of environmental non - economic acquisition ) and the service charge return mechanism II ( increase the income of environmental economics ) , and induces the relationship between the Pigou tax mechanism , the property right mechanism and the environmental assets category of the environmental capital operation benefit recovery .
At the same time , on the basis of combing the capital operation of the existing charging environment assets , the key problem of the current government ' s most difficult and theoretical research blanks is selected for the first time , that is , the problems of the external economic intensity overflow and the current financial supply and operation of the regional environmental capital project , such as large - scale investment and financing , large government financial resources and serious debt management , as the research core of this paper .
The results of several research achievements have the first nature , the main contents include :

( 1 ) Based on in - depth analysis of the " bottleneck " problem of the market - oriented supply of regional environmental capital projects , the core issues that hinder the market - oriented financing of regional environmental capital projects and the return of regional environmental capital returns are studied . First , the paper puts forward the diffusion theory of regional environmental assets ecological service value flow , and reveals the realization mechanism of the value of regional environmental assets external economic service , and the network effect of the adjacent regional environmental assets ecological service value stream dispersion overlay enhancement ;
On the basis of this , the regional environmental assets package theory of externalization of external economy is built for the first time , so that the regional environmental assets public goods with strong positive Externalities are converted into mixed items , and the return mechanism of the regional environmental assets package returns is realized , which lays a foundation for the market - oriented financing of private capital and the operation of regional environmental capital ;
with

Pan - Li Po - lun , Pan - dish

4 Project touch - raising funds for 4 projects , Rendered operation

In this paper , the author adopts the ultra - marginal analysis method to further put forward the market - oriented labor division and special purpose of regional environmental assets package .

The ultra - marginal decision - making and innovation of the industrial operation have constructed the regional environmental assets package franchise chain contracting discipline .

Theory of business operation .

( 2 ) In order to meet the large scale , high risk and capitalization of the project financing of the regional environmental assets package ,

According to the requirement of professional operation , the first innovation put forward the environmental investment bank , the environment investment fund and the environment letter .

Government - led " market guide " consisting of trust funds , environmental investment companies , environmental brokerage and leasing companies , etc . Market - oriented " commercial environment financial system framework , accelerate the realization of the mobilization of private capital , and cultivate large - sized enterprises by market mechanism

Specialized environment capital project management company , achieve the goal of market - oriented operation regional environmental asset package project

In addition , the optimal government and civil capital are further customized for regional environmental asset packages of different properties .

Combined market - oriented financing and operating modes , such as project financing , BOT , TOTs , ABS and environmental funds , etc . ,

so as to enrich and perfect the investment and financing theory of large and medium - sized environmental capital projects .

( 3 ) Based on an in - depth analysis of the problems and defects existing in the traditional environment system in China , the innovation is put forward

A institutional framework for the supply and management of regional environmental asset packages based on " market - oriented " is presented .

Speed up the reform of government functions , accelerate the establishment of high - efficiency government functional institutions with full - time , unified and accountable government functions , and accelerate the follow - up of government functions

Environmental legal system reform guided by the theory of circular economy , speeding up the establishment of environmental capital project government tender metric system

Speeding up the improvement of the environmental property right system based on the market - oriented transfer of franchise rights , and speeding up the supply of the environment

It is hoped that it can not only be the region , but also the reform proposals of the system such as the financing system based on the market - oriented financing of capital .

The market - oriented financing supply and operation of the environmental capital project provide a system guarantee , and can also be used for the environment system in China

The reform of degree has far - reaching theoretical significance .

In summary , the regional environmental capital project has been established through the establishment of a return mechanism for the return on regional environmental assets

The market - oriented financing mechanism , as well as the system foundation of the financing and operation of regional environmental capital projects , are truly realized

Local environmental capital project financing supply and management of government capital moderate withdrawal , private capital entry , property right

The clear government of the system and the civil - capital organic cooperation model have reached an accelerated complement to China ' s environmental capital history .

Ledger , effectively improve the efficiency of environmental capital operation , and realize the commercial capitalization of regional environmental capital projects

The goal of the camp .

【学位授予单位】：复旦大学
【学位级别】：博士
【学位授予年份】：2004
【分类号】：F062.1

【引证文献】