水利建设投融资问题研究

水资源是国民经济发展的基础要素之一，目前我国水利建设的滞后已成为制约经济建设、改善发展环境的重要因素，因而加快水利建设已成为当前乃至今后解决我国区域性资源分布不均匀进而促进经济发展的一项重要措施，具有很强的公益性、战略性及效益性。

在此形势下，对我国水利建设项目投融资现状进行分析，创新投融资机制，集中力量加快水利建设就显得尤为重要及迫切。

一、水利工程的特征及其对国民经济发展的重要性水利工程是指用于控制、治理、调配和开发利用自然界的地表水和地下水，达到除害兴利目的而修建的工程。

包括水库工程、排水灌溉工程、水土保持工程、防洪工程、跨流域调水工程和水力发电工程等。

水利工程具有很强的系统性和综合性，同区域各项水利工程作为一个有机整体，既相辅相成又相互制约，并且与国民经济其他部门有着紧密的联系。

同时水利工程在建设中一般具有投资金额大、工期较长、施工条件复杂等特点。

另外，水利工程建设对周边地区自然生态环境和社会环境会产生较大影响，并且水利工程的建成还会创造一定的社会及经济效益。

水利工程是国家经济和社会发展的重要基础设施之一。

我国幅员辽阔，水资源总量较为丰富，但各区域分布差距较大，人均水资源占有量较少。

随着国家经济建设的飞速发展及提高民生福祉的需要，加快水资源调配工作大力开展水利建设也就变得更为迫切，并对目前我国经济稳增长目标也有重要意义。

同时开发建设水利工程对农业发展也至关重要，有助于提高农业综合生产能力增加农民收入。

另外还能促进生态环境的改善、防洪减灾、保障人民生命财产及民众用水安全。

同时水电作为绿色可再生能源符合当前我国经济发展模式，大力发展水电既满足能源需求促进经济发展，也能调整能源及经济结构、改变生产生活方式。

二、当前我国水利建设投融资问题近几年我国水利建设投资额每年都有所增长，2012年至2014年全国水利建设投资分别为4303亿元、4397亿元及4881亿元。

但是2012年至2014年全国水利投资额占当年GDP 比重分别为0.828% 、0.773%和0.767%，反而呈下降趋势。

因此目前急需扩大水利建设投资以满足经济发展需要。

水利建设社会效益巨大，但经济效益相对滞后，因此在资本市场上融资较为困难，我国目前水利建设投融资领域仍有如下问题急待解决：（一）水利行业管理体制问题阻碍投融资发展目前政府对水利行业干预较多，水利管理体制呈现政企不分、权责不清、多头管理的现象。

其中水利项目申报和立项由各级发改委负责，水资源开发由各级水利部门监管，水利设施由政府相关职能部门管理，企业作为投资主体反而没有相应权力。

这些弊端导致政府投资的责任虚化、管理过程的混乱，没有考虑到市场经济的需求。

并且水管单位管理混乱，机制僵化，运营跟不上市场经济的变化及行业的发展，也使与之相对应的投融资政策改革就带有一定的局限性，存在产权不明、投贷不分等问题，从而导致水利项目本身难以从资本市场融资，严重影响水利建设及现代水利企业规范发展。

（二）当前水利投融资政策有待完善我国很多水利设施中同时存在经营性与非经营性资产，这就使企业在运营过程中无法区分公益效益与经济效益，导致政企分工不明，缺乏合理的投融资定位，由此水管单位常得不到应有的补偿。

另外水利项目建设具有周期长、投入产出比不匹配等特点，而水利企业所提供的产品很多又是公益效益与经济效益并存，当政府在投融资政策上没有相应补偿时，金融机构就会本着逐利原则不愿将资金投资到水利项目建设上，转而投向高回报项目。

在资本市场方面，我国目前尚未完善相关政策，如没有建立真正的投资风险约束机制、缺乏吸引民间及外商资本的相应政策等。

（三）水利行业市场化程度低，企业经营管理较差目前政府在水利工程建设与管理基本上处于垄断或主导地位，这就导致水利企业普遍存在资产管理体制不顺、机构庞大、激励及约束机制不健全、经营效率效益都不高等问题，进而导致企业缺乏市场竞争能力、效益较低甚至亏损、管理者无竞争意识等。

这些问题在降低资金资产的使用效率同时还影响企业融资能力。

（四）我国水利项目投融资渠道狭窄，效率较低我国水利建设投资的主渠道仍然是财政无偿性资金，而从资本市场融资的方式及品种都较为单一，主要是金融机构的一些政策性贷款，以及各地根据自身情况而发行的一些债券。

这些融资金额都相对较小，比例偏低，且融资过程手续复杂，融资资金发放缓慢，无法满足水利建设需要。

同时我国很多水利项目都是带有公益性的民生工程，因此政府在引入民营及外商资本方面有所顾虑，设制许多限制措施，无法吸收各方面投资资金，制约了水利建设可持续发展。

三、水利建设投融资改革的建议加快水利建设是我国目前基础产业优先发展战略的重要体现，为解决水利建设投融资难问题，必须依据我国国情现状，通过借鉴国外经验，提出如下建议。

（一）改革水利行业管理体制，改善水利投资环境首先各级政府要明确水利项目的管辖权、监督权和建设权，调整水利设施管理模式，将行使投资主体的权力下放企业。

其次各级政府机构应简化水利项目的申报审批手续，降低申报成本，以利于项目投融资。

另外为改变政府多头管理现象，须建立水利投融资平台，通过系统化、规范化的专门机构进行投融资运作，使其在实现运营规模化、资源资产化、资产资本化运作方面发挥重要作用。

同时还需营造公平的市场竞争环境，建立健全法律法规及监管制度作为保障，明确水利投资的分类界限、资产权属及投资比例等措施来改善水利投资环境、保障投资者利益。

转变投融资机制，建立由政府指导，国有资本与社会资本合作共羸的建设经营模式。

（二）健全完善我国水利投融资政策加大政府财政公共预算和政府性基金预算中水利投资的比重，严格管理财政资金的使用。

改变水利建设基金筹措方式，合理拓宽征收渠道提高征收标准，以增加水利资金来源。

充分利用金融市场筹措水利建设资金。

如制订政策倾斜制度及金融激励方法，鼓励金融机构向水利企业提供低息贷款；研究适合水利建设的债券产品来吸纳社会资金；鼓励通过银行间交易商协会等融资平台向资本市场筹措资金等。

进一步发挥财政贴息的政策扶持、引导作用。

同时努力完善水利补偿政策，如通过适当调整水电价格、减免税收等方法来补偿水利企业，提高效益以吸引社会资本投资。

（三）大力拓宽投融资渠道，创新利用各种投融资方式首先要充分发挥政府投融资平台作用，将平台打造成政府从金融市场融资的重要枢纽，整合资源、盘活存量资产资金的重要载体，通过投融资平台发行债券、票据等多种方式筹措市场资金。

其次在完善政策基础上大力加强公私合作，发展BOT、TOT、BT、PPP等多种特许经营投融资模式。

另外尝试进行水利资产证券化（即ABS）融资，整合盘活优良资产以吸收社会资本。

还可推动条件适合的水利项目通过股改后上市融资，以及在水利建设中使用融资租赁、采用高新技术等方式来降低成本、减少投入以减轻资金压力。

（四）推进水利行业市场化建设、改善企业经营管理加快水利行业市场化建设，首先需理顺政府与市场的关系，坚持政府财政投入及宏观指导基础上充分发挥市场作用，同时转变职能减少行政干预。

其次改革产权制度，明确公益性及经营性资产的分类，并将经营性资产的法人财产权赋予其经济实体后推向市场，以实现资产增效目标。

同时从根本上打破水利企业垄断，以适应市场经济发展，满足企业面向社会的投融资要求。

在改善企业经营管理上需转变思路，依据水利行业特点，按照市场价值及经济规律制订企业战略以谋求长远发展，同时通过精简机构、提高效率、培育人才、制订考核激励机制等措施来提高管理水平，打造符合市场经济的现代企业以吸引社会资本投资。

四、结束语当前我国正处于经济转型升级的重要时期，需要我们打破常规，转变思路，建立适合我国水利建设发展的投融资机制，只有这样才能从根本上扭转水利建设投融资难的困境，促进区域经济协调发展。

Water resource is one of the basic element of the development of the national economy, at present China's water conservancy construction lag has become restricting economic development, improve the environment for the development of important factors, andaccelerate the construction of water conservancy has become at present and in the future to solve the regional resources are not evenly distributed and promoting the economic development, an important measure, has a strong public welfare, strategic and effective. Under this situation, it is particularly important and urgent to analyze the current situation of investment and financing of China's water conservancy construction projects, to innovate investment and financing mechanism and to concentrate on the construction of water conservancy projects.The characteristics of water conservancy project and its importance to the development of national economyWater conservancy project is referred to as the control, management and deployment and development of the nature of the surface water and groundwater, to benefit the purpose built engineering. Including reservoir engineering, drainage irrigation works, water and soil conservation projects, flood control works, inter basin water transfer projects and hydropower projects, etc..Water conservancy project has a strong systemic and comprehensive, the same area of the water conservancy project as an organic whole, both complement each other and mutual constraints, and the national economy and other departments have a close link. At the same time, the water conservancy project in the construction of the general has a large amount of investment, long construction period, complex construction conditions and other characteristics. In addition, the construction of water conservancy project will have a greater impact on the natural ecological environment and social environment of the surrounding areas, and the completion of the water conservancy project will create a certain social and economic benefits.Water conservancy project is one of the important infrastructure of national economic and social development. China has a vast territory and abundant water resources, but the regional distribution gap is relatively large, the per capita water resources are less. Along with the rapid development of national economic construction and improve the well-being of the people's livelihood, accelerate the deployment of water resources vigorously carry out water conservancy construction becomes more and more urgent, and the current China's economic steady growth target has an important significance. At the same time, the development of water conservancy project is also very important to the development of agriculture. It is helpful to improve the agricultural comprehensive production capacity and increase the income of the farmers. In addition, the improvement of ecological environment, flood control and disaster reduction, protection of people's lives and property and public water security. Hydropower as a green renewable energy with current our country economy development mode, vigorously develop hydropower not only meet the demand for energy to promote economic development, but also to energy and adjust the economic structure, change the mode of production and life.Two, the current investment and financing problems of water conservancy construction in ChinaIn recent years, China's water conservancy construction investment has increased every year, from 2012 to 2014, the national water conservancy construction investment was 430 billion 300 million yuan, 439 billion 700 million yuan and 488 billion 100 million yuan. However, from 2012 to 2014, the national water conservancy investment accounted for 0.828%, 0.773% and 0.767% respectively, but showed a downward trend. Therefore, the urgent need to expand water conservancy construction investment to meetthe needs of economic development.The social benefit of water conservancy construction is huge, but the economic benefit is relatively backward, so it is difficult to finance in the capital market, the investment and financing of water conservancy construction in our country still has the following problems to be solved:(a) water conservancy industry management system to hinder the development of investment and financingThe government of the water industry, intervention is more, the water management system presented indistinction between the functions and responsibilities unclear, bull management phenomenon. The water conservancy project reporting and project by the national development and Reform Commission at all levels responsible for, exploitation of water resources by water conservancy departments at all levels of supervision, water conservancy facilities by the relevant functional departments of the government management, enterprise as the main body of investment but not corresponding to power. These drawbacks lead to the responsibility of the government investment, the management process of chaos, not taking into account the needs of the market economy. And conduit unit management confusion, rigid mechanism, operations can not keep up the development of the market economy and the change of industry, also make corresponding reform of the investment and financing policy with some limitations, the existence of unclear property rights, investment and credit not grading, resulting in water conservancy project itself to financing from the capital market, serious impact on water conservancy construction and specification of the modern water conservancy enterprises development.(two) the current water conservancy investment and financing policy needs to be improved Many of China's water conservancy facilities exist at the same time operating and non operating assets, which makes the enterprise in the operation process cannot distinguish between social benefits and economic benefits, resulting in unclear division of government and enterprises, lack of reasonable investment and financing, which conduit unit often do not get due compensation. In the construction of water conservancy project with long period, input and output than does not match the characteristics, and water conservancy enterprises provide products many is the coexistence of social benefits and economic benefits, when the government in investment and financing policy no corresponding compensation, financial institutions will be spirit of profit principle than the funds to invest in the construction of water conservancy projects and instead invest in high return projects.In the capital market, China has not yet perfected the relevant policies, such as the lack of a real investment risk constraint mechanism, the lack of relevant policies to attract private and foreign capital, etc..(three) the low degree of marketization of water conservancy industry, enterprise management is poorAt present, the government in the construction and management of water conservancy project basically in a monopoly or dominant position, leading to the water conservancy enterprises widespread asset management system is not smooth, giant mechanism, incentive and constraint mechanism is not perfect, management efficiency and benefit are not high, resulting in enterprises lack market competition ability, benefit is low, and even a loss, management without competition consciousness and so on. These issues in reducing the use of capital assets and efficiency also affect the ability of corporate finance.。