中国水利Issue(8)：64-72,9.DOI:10.3969/j.issn.1000-1123.2026.08.008
拓宽水利基础设施投融资渠道的体制机制改革研究
Research on institutional mechanism reform to broaden investment and financing channels for water infrastructure
摘要
Abstract
Water infrastructure is an important foundation for ensuring national water security,enhancing disaster prevention and mitigation capabilities,and supporting high-quality economic and social development.With the accelerated construction of the national water network,investment demand for water conservancy projects continues to grow,while the traditional investment and financing model dominated by fiscal input is confronted with problems such as heavy pressure on funding supply,low participation of private capital,and an underdeveloped investment and financing system and mechanisms.Based on the characteristics of water infrastructure including strong public-welfare attributes,large investment scale,long construction period,and weak operating returns and practical exploration of investment and financing models for purely public-welfare and commercial water infrastructure,this study analyzed the bottlenecks in existing models in terms of the leveraging effect of public funds,the formation of returns on investment,risk allocation and compensation,revitalization of existing assets,and full life cycle management of projects.The study argues that to broaden investment and financing channels for water infrastructure,the key lies in promoting a shift in water conservancy investment and financing from reliance on a single fiscal guarantee toward a pattern in which fiscal input provides guidance,finance offers support,private capital participates extensively,and market mechanisms work in a coordinated manner.Efforts should be made to further optimize the way fiscal funds are allocated,improve mechanisms for guiding public funds and sharing expenditure responsibilities in line with administrative powers,strengthen mechanisms for private capital participation,deepen reforms of water rights and water pricing and promote institutional innovation in franchise operations,innovate the supply of financial instruments such as green finance,policy-based finance,industrial funds,and REITs to enhance the capacity to both revitalize existing assets and finance new projects,and strengthen project reserves,performance evaluation,and debt risk control,so as to build a multi-channel,sustainable,and risk-controllable investment and financing system for water infrastructure.关键词
水利基础设施/投融资/社会资本/水利金融/市场机制/两手发力/多元化投资Key words
water infrastructure/investment and financing/private capital/water conservancy finance/market mechanism/promoting government-market synergy/multi-variety investment分类
建筑与水利引用本文复制引用
田贵良,夏晴..拓宽水利基础设施投融资渠道的体制机制改革研究[J].中国水利,2026,(8):64-72,9.基金项目
国家自然科学基金面上项目(42371312). （42371312）
