Research On Financing Risk Management Of Expressway REITs In My Country

At present,highway REITs is a new financing mode of highway companies in China.It is mainly based on the highway toll right,through the cash flow generated as a source of income to issue a special plan of asset support certificate.Due to the large demand for highway construction funds and long capital turnaround cycle in China,a single source of funds can not meet the huge highway construction fund gap.Therefore,under the background of vigorously promoting infrastructure public offering REITs,toll road has become a key support industry.With the rapid development of the new expressway financing mode,the financing risk and the imperfection of relevant laws and policies are gradually revealed.It is of practical significance to study the risk of this new financing mode of expressway construction.This paper takes Huihang Expressway REITs,the first infrastructure REITs in China,as a case study to analyze and evaluate the risk of Expressway REITs financing mode.Firstly,based on the specific product structure of highway REITs in China,the risk of highway REITs is decomposed by using the basic method of project risk identification,and the risk index system is formed.Then combined with the actual case of Huihang Expressway REITs,the comprehensive risk assessment of this kind of REITs is obtained through F-AHP fuzzy comprehensive evaluation method,and the relevant risk factors are given.Further,according to the core risk factors obtained from the study,the paper makes a qualitative analysis of the actual operation of the underlying assets and its cash flow risk,calculates the cash flow coverage by Monte Carlo simulation method,and carries out a quantitative empirical study on the cash flow risk,and obtains the relevant risk assessment conclusion.Finally,according to the risk identification and evaluation,the paper provides constructive suggestions for highway REITs financing mode from the perspective of risk management.