Research On The Risk Of Infrastructure REITs

Infrastructure construction is of great significance in the process of modernization construction in China,which has a great impact on promoting the development of national economy.At present,the total size of the assets in the field of infrastructure in China is about 380 trillion yuan,but most of them belong to non operating assets.At present,the domestic infrastructure REITs products are just starting,and there are relatively few cases to study.At the same time,most of the scholars on the research of these products mainly focus on the function,characteristics,product structure design,etc,and few researches on their risks.This paper selects the first REITs product of domestic infrastructure.Through the analysis of the actual cases,based on the principal-agent theory,enterprise financing theory,bankruptcy isolation theory and other relevant theories,this paper makes a deep discussion on the structure design and risk of REITs model of expressway,which has certain application value.Specifically,combining with the REITs example of Huihang expressway,this paper analyzes the transaction structure,basic assets,credit increase method and cost and income of REITs model,which provides reference for the promotion of REITs products of infrastructure in the future;meanwhile,it uses the grey fuzzy comprehensive evaluation method to summarize the risks that may encounter in the REITs mode of high-speed public roads,and makes a detailed analysis of the risks,and provides the future infrastructure The risk identification and control of REITs project can be used for reference.Through the research of this paper,we find that the case has many places to learn from: constructing tax shield to save taxes;rich credit enhancement means;and stable income of basic assets.Finally,the paper puts forward the corresponding suggestions: to formulate preferential tax policies;to classify and improve the legal system;to improve the management system for the project leader;to formulate the scheme to guarantee the income of basic assets.In the trend of the gradual development of domestic public infrastructure recruitment REITs,through the case study,the purpose of this paper is to provide some reference for the future development of REITs.