Research On Financing Model Of REITs Of Sewage Treatment Infrastructure

REITs,namely real estate investment trusts,in April 2020,the national development and Reform Commission and China Securities Regulatory Commission jointly issued the notice on promoting the pilot work of REITs in the field of infrastructure,marking the formal introduction of public REITs in the field of infrastructure in China.This measure is to increase the financing tools in the capital market,optimize the capital structure of enterprises,and reduce assets and liabilities It also creates important opportunities in improving the asset turnover rate and strengthening the asset light operation ability of the company.At present,the research on public REITs mainly focuses on the experience of overseas real estate public REITs,mainly in the United States and Singapore market.Since the real estate REITs landed in China’s capital market,it has attracted extensive attention of Chinese academic circles.So far,the research scope has been more comprehensive.The research mainly focuses on the motivation,financial effect and economic consequences of issuing REITs,the qualitative and quantitative research on risk and risk control management,tax accounting treatment and the experience of issuing REITs in overseas markets.This case study combined with the present of macro economy and micro enterprise policies and hot phenomenon,put forward in this paper,the research question,the public offering REITs focus on infrastructure financing model research,the selection of sewage treatment infrastructure-Beijing Capital.First,by introducing the basic situation of Beijing Capital,the industry situation,the financial and financing situation,as well as the financing difficulties of traditional financing methods of infrastructure,and briefly elaborating the basic assets and product elements of public offering REITs.Then it analyzes the three main aspects of public REITs financing mode for sewage treatment infrastructure.In terms of the feasibility of financing mode,the marketization degree of sewage treatment is high,the country promotes to make up for the shortcomings,high-quality basic assets and guarantee investment returns,and policy-driven demand release and broaden the source of funds.Financing mode path analysis,analysis of the enterprise financial guarantee,the stability of the underlying assets,the rationality of the transaction structure.Guarantee analysis of financing mode,analyzes the guarantee of the operation ability of the enterprise team,the guarantee of the operation and investment of the basic assets,and the guarantee of dealing with other related potential risks.Through the analysis of three aspects and nine dimensions,the conclusion is as follows: The issuance of public infrastructure REITs will have a positive impact on enterprises,which can effectively solve the difficulties faced by traditional financing methods of infrastructure enterprises and broaden the financing channels of enterprises.The fit between Beijing Capital and public REITs is high,and the financial situation of enterprises is optimized at the same time.The issuance of public REITs of Beijing Capital will have a positive impact on enterprises.It has a significant positive influence on the establishment of a good listed company image,the development of new strategic investment tools,and the revitalization of stock assets.At the same time,it also puts forward further suggestions from the aspects of enterprises,basic assets and relevant policies: pay attention to the profitability of the main enterprise and actively carry out due diligence;The basic assets selected by the enterprise should have stable cycle cash flow and strengthen project operation and management.Regulators need to continue to improve the relevant system,clear the relevant provisions and support policies.