The Research On The Financing Mode Of REITs On Su-Ning

In our country,the development of retail industry is facing enormous challenges.In 2016,the growth rates of traditional grocery stores and big stores were-10.4%and-0.2%,respectively.The growth rates of supermarkets and small supermarkets slowed down.Although the growth of large shopping malls such as Darun Fa and Yonghui still reached 12%and 14%in 2015,the growth was mainly due to the expansion of stores.Meanwhile,online retailing grew by 36.5%in 2015.In order to reverse the downturn of sales performance,traditional channels and large retail formats are facing the challenge of transforming business models and maintaining profits.In order to build a new retail model of online,offline,logistics,data and other whole industry chains,traditional retail enterprises need to invest a lot of money to build a new retail platform.With the arrival of the era of real estate stock,the traditional retail industry has accumulated a large number of commercial property assets.With the arrival of the era of real estate stock,the traditional retail industry has accumulated a large number of commercial property assets.However,the large expansion of offline stores not only occupies enterprise funds,but also is not conducive to the transformation of enterprise operation mode.There are also a lot of depreciation costs.The development of e-commerce has made a huge impact on the traditional retail industry.In the future,enterprises need a large amount of cash flow to upgrade and rebuild offline stores and build online e-commerce platform.The financing structure of traditional retail industry has many problems,such as high debt and dependence on commercial credit financing.Therefore,it is necessary to find innovative financial means to finance.In this context,the real estate investment trust fund has gradually developed in China.Only by adapting to the market demand and residents’consumption habits can retail enterprises stand out in the increasingly fierce competition.Therefore,enterprises need to continue to expand the scale of capital.MM financing theory holds that the tax reduction effect of debt financing can effectively reduce the financing cost of enterprises when considering income tax in reality,but the dependence on debt financing,especially short-term debt financing,will have an impact on the financial stability of enterprises.REITs in the United States is relatively mature.REITs in the United States is relatively mature.Since its birth in 1970,REITs has made rapid development.Since its development,REITs in the United States has made adjustments and Optimization in tax revenue,real estate management and REITs distribution.By 2017,there were 222 REITs in the United States,with a total market value of 113.36 billion US dollars and a total return of 9.27%.Compared with foreign countries,Real Estate Investment Trust Fund started late in China.In 2002,China issued the first REITs-New Shanghai International Building Project Trust Fund.However,due to legal and tax restrictions,there are no real REITs in China,only REITs that meet some REITs standards.The development of REITs-like products is also rapid in China.In 2017,16 single-type REITs products were issued in China,with a scale of 37.767 billion yuan,an increase of 156.10%compared with 2016.As a new financing tool,REITs has many advantages.For enterprises,it can alleviate the difficulty of financing and raise a large amount of cash for enterprises,and promote the transformation of enterprises to light assets operation mode.For investors,REITs provides a new investment channel for small and medium-sized investors to invest in the real estate market.This paper is to explore how REITs can help retail financing,and how financing through REITs can affect the financial indicators and non-financial indicators of enterprises.Therefore,this paper chooses Suning Yunchuang REITs issued in Shenzhen Stock Exchange at the end of 2014 as a case study to analyze the operation structure,implementation motivation,key subjects,risks and performance before and after REITs implementation,and to explore the impact of REITs on enterprises.Finally,the following conclusions are drawn:the innovative measures of Real Estate Investment Trust Fund to adapt to the new system and new environment are the complement and optimization of the traditional financing mode,the scientific scheme and structured design,as well as the strengthening of the supervision of the whole process during the lifetime,which are the prerequisites for the success of Real Estate Investment Trust Fund.Finally,this paper puts forward some suggestions on the shortcomings of REITs,which can be used as a reference for the development of REITs in China.This paper is to explore how REITs can help retail financing,and how financing through REITs can affect the financial indicators and non-financial indicators of enterprises.Therefore,this paper chooses Suning Yunchuang REITs issued in Shenzhen Stock Exchange at the end of 2014 as a case study to analyze the operation structure,implementation motivation,key subjects,risks and performance before and after REITs implementation,and to explore the impact of REITs on enterprises.Finally,the following conclusions are drawn:the innovative measures of Real Estate Investment Trust Fund to adapt to the new system and new environment are the complement and optimization of the traditional financing mode,the scientific scheme and structured design,as well as the strengthening of the supervision of the whole process during the lifetime,which are the prerequisites for the success of Real Estate Investment Trust Fund.Finally,this paper puts forward some suggestions on the shortcomings of REITs,which can be used as a reference for the development of REITs in China.