Abstract:

Venous industry is young, formed during recycling the wastes. Its circular economy is a solution to resources bottleneck during a fast economic development, which can extend the value chains of traditional industries. China's venous industry is still at its starting point, limited by lack of financing. Civil capital can be adopted into BOT financing mode, and dilute the over fluidity in the civil capital, further extend the potential of venous industry and promote its allocating efficiency, reaching a green economic growth. There is a dynamic gaming between government and operating units that government must use guarantee and compensation to unsure a payback for civil capital. For government, a little capital can bring billion of civil capital, a leverage mitigating government's burden in financial output.

Key words: venous industry, BOT financing, dynamic gaming

摘要：

静脉产业是废弃资源在专业化和规模化经营过程中形成的朝阳产业，其核心在于再资源化。它的循环经济理念能打破经济快速发展中呈现的资源“瓶颈”，有效地延伸传统产业价值链。我国静脉产业仍在起步阶段，融资〖JP+1〗路径的封闭性未能使它的正外部性得到充分释放。把民间资金池引入的BOT融资模式能稀释当前民间资本的流动性过剩，进一步拓展静脉产业的发展空间和提高环境资源的配置效率，实现经济的绿色发展。在该模式中，政府与〖JP〗项目单位存在着动态博弈，政府要采取担保、补贴等措施使民间资本获得稳定的资本回报率。对政府而言，只是以少量的资金撬动了数千亿的民间资本，其杠杆效应减轻了财政支出负担。

关键词: 静脉产业, BOT融资, 动态博弈