Risk Identification, Assessment And Prevention Of Highway "quasi-REITs"

Expressway network is an important cornerstone for improving people's living standards and promoting the development of national economy steadily.In the "14th Five-Year Plan",it is clearly listed as a major project to promote the construction of expressway network.Expressway enterprises are the concrete executors to promote the efficient construction of expressway network.With the continuous expansion of expressway network construction scale and increasing financial requirement,the current capital supply has been difficult to meet the increasing capital demand,and the capital gap of enterprises has become more and more prominent.Expressway enterprises have solved this difficulty through innovative financing channels.Based on this background,"quasi-REITs" product came into being in the field of infrastructure.Expressway "quasi-REITs" product is a kind of infrastructure "quasi-REITs".As an innovative financial product with Chinese characteristics,it can broaden financing channels for enterprises,reduce capital costs and make up for the gaps in infrastructure investment and financing.However,"quasi-REITs" of expressway is still in its infancy,and as a special investment target combining highway infrastructure and securities of expressway infrastructure,it has special financial product attributes and high potential risks.In order to accurately identify the potential risks of "quasi-REITs" on expressways,scientifically evaluate the risk degree and realize accurate management and control,this paper takes the first batch of "quasi-REITs" product in China-Longna Expressway as an example,and makes a systematic study from the perspectives of "identification-evaluation-prevention".By this means this paper provides a thinking paradigm and path reference for solving the common risk problems of "quasi-REITs" on expressways,and promote the standardized development of "quasi-REITs" market.Firstly,based on the related theory of risk prevention,the potential risk of "quasi-REITs" product of Longna Expressway is comprehensively identified,and the risk system with six dimensions,namely,basic assets,product valuation,rights and obligations of managers,financial status of credit increasers,legal policies and others,is constructed.Secondly,the grey fuzzy comprehensive evaluation method is used to quantitatively evaluate the risk system.The results show that the operational risk,valuation risk and other risks of basic assets are the most prominent.Overall,the risks of "quasi-REITs" product of Longna Expressway is at the upper-middle level.Finally,according to the category and degree of risks in "quasi-REITs" product of Longna Expressway,some suggestions are put forward,such as selecting high-quality basic assets,perfecting product valuation mechanism,disclosing information on a regular basis,strengthening internal financial supervision,keeping up with the change of tax policies,strengthening product safety awareness and presetting asset disposal scheme.