[摘　要]　选取中美两国两例典型污水项目债券的融资结构进行细致解读，研究两国污水项目债券在合同结构、现金流和担保等方面的特点，分析比较采用两种融资结构的利弊和潜在财务风险。在借鉴美国污水债以项目收益为主要支持的思路基础上，结合我国国情，提出改进污水项目债券结构的若干意见，以期为我国新生的污水项目债券市场的发展提供参考。

[关键词]　债券,污水项目,融资结构,案例分析,比较研究

Abstract: The paper develops an in-depth comparison and analysis of typical bonds financing structure for wastewater projects in China and the USA, based on two samples taken from each country. Characteristics of covenant provisions, cash flows and guarantees have been closely examined in order to unveil both the advantages and inherent financial risks of the two structures. The revenue-supported structure from the USA sets a good example for China to develop its nascent project bond market.

Key words: bond, wastewater project, financing structure, case study, comparative study

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建筑经济，2010（5）：19-22