随着国内外环保意识的不断增强，PPP模式作为一种新型国际投资方式已被广泛运 用于国家的环保领域项目建设。但是PPP模式在我国发展时间较短，尤其是在环保领域， 现阶段仍处于财政扶持资金需求与政府实际财政拨款失衡状态，且失衡程度愈发明显， 特别是中低利润项目最为严重。由此，为了保障中低利润环保项目得以有序推进，确保 我国中小企业实现稳步发展，就必须探寻新的融资渠道，不仅确保企业资金需求能够得 到满足，而且能有效减轻各地方政府财政支出负担。 在此背景下，本文主要对我国目前中小企业参与环保行业投融资的发展阶段存在的 问题和潜在风险进行了深度剖析。探索了环保型中小企业参与PPP项目融资普遍面临的 融资约束、资本结构不稳定和收益回报风险较大，分析了营商环境和企业内部管理对企 业带来的潜在风险等问题。以环保行业为例，具体分析了PPP环保产业中小企业融资在 实践中相关问题，并针对环保行业现阶段所采用的产业投资基金入股PPP项目的模式开 展了系统分析，对PPP环保产业投资基金具体运作模式进行了详细论述，提出项目融资 存在的主要问题包括:项目面临融资约束、项目资本结构不稳定、项目收益回报率低，存 在的潜在风险包括：其一，项目营商风险：政府履约风险、法律变更和政策调整风险、 地方政府保护主义带来不公平竞争、资金分配不当所造成的风险、项目定价非市场化风 险；其二，企业管理及营运风险：包括专业人才匮乏、收入公司分配不均、项目预期能 力不足。通过提出一系列改善营商环境、提高企业管理水平的措施，来缓解中小企业参 与环保行业PPP项目融资带来的各项问题和风险。 最后通过虞城县城区内河综合整治PPP项目，具体剖析PPP 环保产业中小企业融 资在实践中相关的问题，分别提出针对性的建议和对策。从营商环境和改善企业管理两 个层面分析了融资约束等问题，提出完善PPP模式相关法律，建立产业基金与银行贷款、 买断应收账款相结合的融资组合模式，提出克服成本加成定价机制的弊端，建立激励性 价格机制，引入价格听证和价格监督制度，加强政府补贴，落实税收优惠，给予社会资 本合理的投资回报，保障公共项目的有效供给。在企业管理层面，提出构建企业盈利模 式、拓宽经营业务范围、重视技术专业人才和经验以及提高企业综合实力的建议。 关键词：中小企业；环保型PPP项目；融资 II Abstract With the increasing awareness of environmental protection at home and abroad, PPP mode, as a new type of international investment, has been widely used in the construction of national environmental protection projects. However, the PPP model has a relatively short time of development time in China, especially in the field of environmental protection. At the present stage, it is still in an imbalance between the demand for fiscal support funds and the actual fiscal allocation of the government, and the imbalance degree is increasingly obvious, especially for medium and low-profit projects. Therefore, in order to ensure the orderly progress of medium and low profit environmental protection projects and the steady development of small and medium-sized enterprises in China, it is necessary to explore new financing channels to not only ensure that the capital needs of enterprises can be met, but also effectively alleviate the financial burden of local governments. In this context, this paper makes a deep analysis of the problems and potential risks existing in the current development stage of investment and financing in the environmental protection industry of small and medium-sized enterprises in China. This paper explores the financing constraints, capital structure instability and return risk that environmental small and medium-sized enterprises generally face when participating in PPP project financing, and analyzes the potential risks brought by the business environment and internal management of enterprises.Environmental protection industry, for example, the concrete analysis of the PPP environmental protection industry small and medium-sized enterprise financing related problems in practice, adopted by the industry at present stage in environmental protection industry investment fund in the PPP pattern of project, the system analysis, specific operation mode for the PPP environmental protection industry investment fund in detail, this paper put forward the main problems of project financing include: project face financing constraints, the project is not stable, low project returns on capital structure, the existence of potential risks include: first, the business risk of the project: Risk of government performance, risk of legal change and policy adjustment, risk caused by unfair competition brought by local government protectionism, risk caused by improper capital allocation and non-marketization of project pricing; Second, enterprise management and operation risks include shortage of professional talents, uneven distribution of income companies and insufficient project expectation ability. Through a series of measures to improve the business environment and the management level of enterprises, the problems and risks arising from the participation of SMEs in the financing of PPP projects in the environmental protection industry will be mitigated. III Finally, through the comprehensive remediation of the inland river in Yucheng county, this paper analyzes the problems related to the financing of small and medium-sized enterprises in PPP environmental protection industry, and puts forward corresponding Suggestions and countermeasures. From two aspects: business environment and improve enterprise management analyses the financing constraint problem, put forward to perfect the relevant laws, the PPP model established industry funds and bank loans, buy out the combination of accounts receivable financing combination model, is proposed to overcome the disadvantages of cost-plus pricing mechanism, establish incentive price mechanism, introducing price hearings and price supervision system, strengthen government subsidies, to carry out the preferential tax, to give a reasonable return on investment of social capital, guarantee the effective supply of public projects. At the level of enterprise management, this paper puts forward Suggestions on the establishment of enterprise profit model, expansion of business scope, emphasizing on technical professionals and experience, and improvement of enterprise comprehensive strength. Key words: SMEs; Environment-friendly PPP Project; Financing IV 目 录 第1章 序言 ............................................................ 1 1.1 选题背景和意义 ..................................................... 1 1.1.1 选题背景 ...................................................... 1 1.1.2 选题意义 ...................................................... 3 1.2 国内外相关研究综述 ................................................. 3 1.2.1 国外相关研究综述 .............................................. 3 1.2.2 国内相关研究综述 .............................................. 4 1.3 研究思路 ........................................................... 6 第2章 PPP运营模式及理论基础 ........................................... 9 2.1 PPP运营模式 ....................................................... 9 2.1.1 PPP模式概念 ................................................... 9 2.1.2 PPP模式类型 ................................................... 9 2.1.3 PPP模式的优势 ................................................ 10 2.2 PPP模式的理论基础 ................................................ 10 2.2.1 项目区分理论 ................................................. 10 2.2.2 公共物品理论 ................................................. 11 2.2.3 委托代理理论 ................................................. 11 2.3 小结 .............................................................. 12 第3章 环保型PPP项目融资的主要特征 ................................... 13 3.1 投资规模大 ........................................................ 13 3.2 运营期限长 ........................................................ 13 3.3 收益分配复杂 ...................................................... 14 3.3.1 投入比重 ..................................................... 14 3.3.2 风险分摊系数 ................................................. 14 3.3.3 项目参与度 ................................................... 14 3.3.4 激励机制的设置 ............................................... 15 3.4 资金流动力强 ........................