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The Study on ROI in China Water Industry

Author: LuoGang
Tutor: LiuXiLiang;YanQingMin
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Urban Water Investment rate of return ROE Capital Asset Pricing Model Dividend growth model Cash flow Fixed-income securities
CLC: F299.24
Type: Master's thesis
Year: 2007
Downloads: 368
Quote: 0
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Abstract


The rate of return on investment is an important indicator of the investment decision-making, is to guide the direction marked funds. The funds are chasing profits, investments in securities or investment require investment yield of not less than the cost of capital investment. The higher the rate of return on investment, an industry, and more able to attract capital inflows. The same time, any investment faces a certain risk, the higher the risk, investors expect the higher the yield. Therefore, the rate of return on investment is an important factor of social capital investment decision-making and risk decisions, the industry's rate of return on investment is characterized by the core elements of social capital industry access to decision-making. With the social and economic development of our country, our institutional investors have large development institutions such as insurance companies, social security funds, policy banks, commercial banks, securities companies already have a very strong financial strength. These institutional investors from the asset allocation and improve the income requirements to consider, from the point of view of to explore integrated operations, improve competitiveness, hope to expand investment channels, while also seeking to lower risk, income to invest in a stable industry. Urban water infrastructure industry as the focus of government support, has a low risk, stable cash flow characteristics, and is a good choice to seek a stable income funds. Study urban water investment yields for institutional investors to invest pricing and investment decisions has important theoretical guidance and practical operational meaning. Also for the Government of the urban water industry investment yield regulation to provide a theoretical draw. Firstly, an overview of the theory of the cost of capital and the rate of return determined; followed by analysis of the factors of the urban water industry investment yield characteristics and the impact of the level of investment yield, followed by exposition Why To determine the yield of urban water investment regulatory Urban Water monitoring the investment yield to determine what is the significance of the urban water investment and financing, as well as urban water price reform; Next, using classic capital asset pricing model (CAPM) and the dividend growth model (Gordon model) of the capital costs of urban water investment analysis, and a reasonable range of urban water investment yield is determined from the point of view of the empirical research; Finally, the water industry investment rate of return compared with fixed-income securities in the bond investment yield. Description of the theory, analysis of influencing factors, the research significance of the main model comparison and combination of empirical research, we have come to the main conclusions of this paper: urban water investment yield fixed-income securities of certain investment income nature However, urban water investment rate of return will be higher than the yield of the fixed income securities investments, and urban water investment to defuse the impact of interest rate risk and inflation risk. Logical ideas of this study: the first to see the one hand, the larger the development of institutional investors in China, already has strong financial strength, the urgent need to seek low risk, stable investment income areas; hand, industrialization, urbanization, rapid The rapid growth in demand brought about by the development of urban water services, relying solely on government investment and financing of urban water unsustainable. Therefore, it is necessary to study the combination of the two points - urban water industry investment rate of return, and provide theoretical reference for institutional investors to enter the urban water industry. What characteristics of urban water investment yield Why do we need a reasonable level of supervision, as well as monitoring the yield level of the urban water investment yield should be? Urban water investment by the government approved rate of return on investment, is not a fixed return and fixed income securities investments What is the difference? article is a study in accordance with such a tightly interlocking logic thinking, and one by one had to answer to the above question. See the following logical structure: in accordance with the above logic ideas, in the process of urban water investment yield, the main innovation two: first, groundbreaking determined from the point of view of theoretical and empirical cities yield range of water investment regulatory capital, social capital into urban water industry pricing and government regulators to provide a theoretical reference for the urban water industry; Second, the urban water businesses β value is calculated, the water companies are mostly non-trading enterprises (unlisted companies), so this article using the data of listed companies as the market average, and then depending on the gearing ratio, adjusted financial leverage, calculated under different gearing ratio β value. The main conclusions of this paper are: the urban water industry investment rate of return by the regulated rate of return, the yield level is not high, but the benefits can accurately expected and more stable; urban water industry approved the investment rate of return should be recognized by the Government, society and the residents can withstand water companies can accept within reasonable limits, but also should take into account the water companies, financial sustainability, urban water industry investment regulation yield a reasonable range of 8.8% -12%; urban water investment yield fixed income securities investment yields are similar, but the urban water investment rate of return is higher, and able to reduce the volatility of interest rate risk and inflation risk, have special asset allocation value.

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CLC: > Economic > Economic planning and management > Urban and municipal economy > Municipal economic profiles of countries in the world cities > China > Infrastructure and utilities
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