Dynamic Adjustment Model of the Water Rights Trading Price Based on Water Resource Scarcity Value Analysis.

The formation of the water rights trading price is an important part of the water rights trading system. In order to continuously and dynamically reflect the social-economic development changes and water resource scarcity, herein, we discuss the dynamic adjustment of the water rights trading price from the perspective of water resource scarcity value analysis. First, we constructed the water resource scarcity evaluation index system from the four dimensions of the water resource natural endowment, the water resource supply, the water resource demand, and the water environment, and then we constructed the water resource scarcity index calculation model of the transferor, the transferee, and the comprehensive water resource scarcity index calculation model of both parties of the trading. Second, by analyzing the 30 comparable water rights trading cases in China since 2016, we established the response function of the water rights trading price to the water resource scarcity index, and then we analyzed the impact mechanism of the water resource scarcity index on the water rights trading price. Third, based on the two factors of "the water resource scarcity value" and "the capital time value," we constructed a dynamic price adjustment model of water rights trading for different adjustment factors, so as to adjust the water rights trading price scientifically. Finally, we took the water rights trading in Helan County (Helan) of Ningxia Hui Autonomous Region (Ningxia) as an example. The research shows that: (1) During the trading period of water rights in Helan, the water resource scarcity index rises, and the water rights trading price should be increased year-by-year. Additionally, there are certain differences in the water rights trading price changes with the adjustment of different elements. Among them, considering the adjustment of "the water resource scarcity value" element, the water rights trading price of Helan should be increased from 1.0940 to 2.8574 CNY/m³ during the water rights trading period; (2) there are differences in the water rights trading cost under different payment modes, among which the annual payment mode increased the most, i.e., from 2.7350 × 108 to 7.4500 × 108 CNY. This study suggests exerting a regulating effect of the water scarcity value on the water rights trading price, so as to promote the construction of a more equitable and long-term water rights trading market.