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1、-------AbstractAsourgovernmentandthepublicregardenvironmentprotectionasamoreimportantissueinrecentyears,wehavedevotedmoretreatmentsonenvironmentpollution.Thegovernmenthasincreasedfiscalinputonenvironmentprotectionduringthesedecades,tostimulatethesewagetreatmentindustryb
2、oostspeedilyintothesummitwhichplaysavitalroleinenvironmentprotection.Intheperiodof"12thFive-YearPlanning",thetotalinvestmentonurban
sewagetreatmentisexpectedtoreach430billionyuanandatleast1184new
urbansewagetreatmentplantswillbeconstructed.Accordingtostatistics,bythe
th
3、irdseasonof2012,therehasbeenconstructed3272sewagetreatmentplantsin
theurbanareainChina,withadailytreatmentcapacityof0.14billiontonsin
total.Therefore,onlyfewerthan100treatmentplantsownedbythetopthree
enterprisesinsewagetreatmentindustry.Theprocessingrateofoururban
sewag
4、etreatmenthasreachedto83.63%,whichleadtoasaturationpointinthis
industry.Itseemshardtoestablishanymegaprojectwithadailytreatment
capacitymorethan50thousandtons.Forthecapitalintensityofthisindustry,inordertogetlargescale
development,theenterpriserequiresgreatfinancialsupp
5、ortwhichrestrictsthe
privateenterprise'sdevelopmentalot.Withthedecreaseonconvertibleprojects,
theinvestorshasturnedtofocusonMergeandAcquisitionactivities,expecting
toimproveownvalue.Evensomestate-ownedenterpriseshaveacceleratedon
thepaceofM&A.Firstly,thisthesisbasesonth
6、ecurrentsituationofsewagetreatmentindustry,
toanalyzethesignificanceondevelopingthisindustrywithindustrialpoliciesin
China.Secondly,thispaperbringsthenecessityofmergeforsewagetreatment
plants,underthissaturationpointinbigcities.Next,fromtheangleofbankingfinancingcombini
7、ngwithcreditpolicy,this
thesisdiscussesrisksonfinancingofsewagetreatmentmergeproject.
Finally,thispaperintroducespracticalapplicationonsewagetreatment
projectandbankingfinancingproductswithexemplifyingaexample,basedon
Assetsappraisalstandardsandincomeapproach,showingthe
8、feasibilityon
combiningcreditfundandsewagetreatmentproject.Keywords:Sewagetreatment，Merge，Bankingfinancing，Ris
