环保产业成为国家“十二五”规划重点发展的产业,借政策的东 风,环保产业迎来了新的发展契机。环保产业作为具有公益性的产业 其发展顺应时代发展的潮流,而且在当前经济形势低迷的大环境下, 鼓励环保产业的发展能够有效扩大就业,刺激经济的发展,防止经济 下滑风险。目前国内环保产业主要分布在东部经济发达地区,主要依 靠东部便于融资的区位优势,而广大西部地区的环保产业限于资金投 入不足难以获得突破性发展。 环保产业发展需要大量前期基础设施投入,而其收益会在项目建 成后逐渐获得,项目投资回报期较长。但环保项目具有稳定的回报预 期,并且有随环保政策逐渐严格而产生的递增收益。鉴于此环保产业 应积极参与资本市场融资,扩大资金来源,促进自身发展。国内投融 资矛盾十分显著,一方面,环保产业发展需要大量资金的注入,传统 仅仅依靠政府投入的模式难以解决环保资金不足的困境,尤其在西部 地区政府财力拮据,同时又存在着广阔的环保市场;另一方面,国内 游资炒作风气日盛,股市、楼市甚至艺术品市场都遭受过游资的围堵, 充分说明了国内过剩流动性无处投资的窘境。环保产业融资难与资本 市场投资难表明了我国资本市场融资渠道的深层次问题,资本市场投 融资渠道的通畅是其健康发展的必要前提。资产证券化(ABS)可以 将社会闲散资金集中起来投资于急需资金的领域,因为经过了严格的 信用评级因而能够产生稳定的收益,为投资者资产保值增值。同时, 资产证券化能够为资本市场幵拓一条新的投资渠道,避免在投资渠道 单一的情况下游资对某一领域的过分炒作。 该文旨在分析西部地区环保产业与ABS融资模式的匹配程度,通 过对环保产业发展路径、西部地区自身特点、融资模式建构方忒、经 济理论扩展延伸及历史数据呈现特点等方面运用文献研究、数据分 析、模型推导及对比等方法对西部环保产业的融资模式进行了可行性 的分析。由于环保产业广阔的发展前景,坚实的客户群体,优良的盈 利预期,作者认为环保产业作为ABS的融资标的进行融资几有n/操作 性。将ABS融资模式引入环保行业也足坏保产业发展的人创新,似 仍需克服如政策支持、法律完善、市场成熟等方面存在的W题,作者 相信随着国内资本市场的逐步成熟,这些问题都会得到解决。该文对 环保产业ABS融资进行了详尽的设计,同时也是对传统ABS融资模式 的一种创新和发展。 关键词:西部地区,环保产业,环保融资,资产证券化 ABSTRACT The environmental protection industry has a good opportunity to develop itself. The Twelfth Five-Year Plan of the county focus on the development of the environmental protection industry. As a public welfare industry, the development of the environmental protection industry conforms to the trend of the times. In addition, in the current economic situation, to encourage the development of the environmental industry can effectively expand the employment, stimulate the economic, and to prevent the risk of economic downturn. Now times, the environmental protection industry of our country mainly locate in the eastern region where the economic developed very well. The eastern region rely on the location advantages to financing for the environmental protections industry, but the environmental protection industry of the vast western region is limited to insufficient capital investment and have a lot of difficult to obtain the breakthrough. The development of environmental protection industry needs a large number of early infrastructure investments. The benefits of the project will be obtained long ago after the completion of the project, but the return will be stable. As well as, the return could be more and more as a result of the stringent environmental policies. Therefore the hi environmental protection industry should participate in the capital markets actively, to expand the sources of funding, promote their development. Domestic investment and financing contradiction is very sharp. On the one hand, the development of the environmental protection industry requires the injection of lots of money. The traditional model which relies on government investment solely cannot solve the problem. Especially in the western region in which the government can't pay for the project, it has a large market. On the other hand, domestic hot money affects the stock market, property markets, and even the art market has suffered from the containment of hot money. It illustrates that Investment channels are so less to invest. The difficulties between financing in environmental protection industry and investment in capital markets show the deep-rooted problems of China's capital market financing channels. The patency of the capital market investment and financing channels is a necessary precondition for their healthy development. Asset back securitization (ABS) can make social idle funds together to invest in areas of urgent need. Through a rigorous credit rating, the project is able to generate stable earnings, increase the value of assets for investors. The same time, asset back securitization can open up a new investment channels for capital markets to avoid over-speculation of hot money in the case of a single investment channels. This paper aims to analyze the match between environmental protection industry in the west region and ABS financing mode. Research the environmental protection industry development path, the western region with its own characteristics, financing model construction, economic theory, extend the extension and the historical data showing with data analysis, model derivation and contrast the financing model of the environmental protection industry in the western region. Because of the broad prospects for development of the environmental protection industry, solid customer base, excellent earnings expectations, the author believes that the subject of ABS financing is feasible. Introducing the ABS financing mode to the environmental protection industry is a major innovation, but it still needs to overcome some difficult, such as policy support, improve the legal, market maturity and other aspects of the problems. The author believes that with the domestic capital market matures, these issues will be resolved. The author carried out a detailed design on ABS financing for environmental protection industry in the article. At the same time, it is also an innovation and development of traditional ABS financing mode. KEY WORDS the western region, the environmental protection industry, environmental protection financing, asset back securitization v 目录 辦 1 一、选题意义 1 二、国内外研究现状 2 1.国内外环保投融资研究现状 2 2.环保ABS融资在国内的研究现状 4 三、研究内容和研究方法 5 四、研究特色及创新 6 第一章环保产业发展的理论基础 7 第一节公共物品和外部性理论 7 第二节可持续发展理论 8 第三节环境库兹涅茨曲线 9 第二章环保产业发展及其制约因素分析 11 第一节概述 11 --、环保产业及环保投融资的界定 11 二、环保产业地域分布特点 12 第二节环保产业发展前景及制约因素 14 一、环保产业在国民经济中地位 14 二、环保产业在发展中遇到的问题 15 第三章国外ABS融资模式经验及ABS在我国的发展 17 第一节ABS融资模式概述 17 一、ABS相关概念及发展历史 17 二、ABS模式融资原理 18 第二节国外ABS融资发展情况 20 第三节ABS融资在国内的发展 21 第四章ABS融资方式在西部环保项目中运用的可行性分析 23 第一节我国西部地区环保投融资现状 23 一、西部地区环保投融资供需矛盾 23 二、现行融资渠道不畅 24 三、东部地区凭借优势挤占西部市场 25 第二节基于蒂布特模型的环保融资分析 26 一、蒂布特模型概述 26 二、蒂布特模型揭示西部地区对环保资金的需求 26 第三节环保产业发展与融资的实证分析 27 一、环保投资与环保产业产值的实证分析 27 二、环保ABS融资模式收益分析 31 第四节西部环保项目建设引入ABS模代的优势分析 33 一、环保产业受政策倾斜,“丨预见的收益巨大 33 二、ABS融资加速两部环保让设 34 三、国内热钱涌动,环保概念引￥社会投资 35 第五节西部地区环保项目ABS的具体运作 36 第五章结论与建议 39 第一节主要结论 39 第二订实施建议 40