| As the large-scale construction of expressways in China,the investment expenditure of expressway enterprises has also increased,resulting in huge capital needs.The financing of Expressway is mainly relied on bank loans,resulting in a rising debt ratio,and the financing problems have become more prominent.Based on the accumulation of a large number of assets,it is worthwhile to explore in depth how to make full use of the stock assets for financing.REITs can release the value of stock assets and broaden the source of equity capital,which is an important tool to attract social capital to participate in investing in infrastructure construction.Previously,China actively promoted private REITs that are still debt financing in nature,and only by launching public offering REITs can the equity part be released to the public market.On April 30 th 2020,the China Securities Regulatory Commission and the National Development and Reform Commission issued [2020] No.40,marking the launch of China’s infrastructure REITs.In June 2021,the first batch of public infrastructure REITs in China were successfully issued.This paper selects ZJEC REITs,the first expressway public REITs,to begin with the practice of domestic and foreign expressway-type REITs,and then briefly introduces the operation and financing process of the ZJEC,and sorts out the product elements,main participants,transaction structure and underlying assets of ZJEC REITs.In the case analysis section,this paper mainly starts from three dimensions: financing motivation,transaction structure and financing effect.Firstly,the financing motivation of ZJEC is analyzed.The design of the two major transaction structures of "public fund + asset special plan" and equity and debt structure is analyzed,with the advantage of simple structure and easy operation and rapid recovery of funds.In terms of financing effects,this paper provides an in-depth analysis of the market,financial and tax performance after the issuance.Through the analysis of income effects and stock price changes,and it is found that market have a positive reaction.The analyze of the accounting treatment and financial indicators of enterprises,and conclude that insurance of Public REITs have a positive influence on financial performance.Finally,the paper analyzes tax burden effect of enterprises in the establishment stage of REITs and the stage of going concern,and finds that the overall tax burden level is at a low level.The innovation of this paper is that the current research on REITs focus on private REITs in the commercial real estate industry,and the application of public REITs in the expressway industry is rarely studied.This paper counters the expressway industry,and takes the first expressway-type REITs–ZJEC REIT as an example.From the perspective of financier,this paper analyzes the financing motivations,transaction structures and financing effects,in order to explore the practical achievements of expressway-type REITs in China,and try to provide reference for the releases of similar products in China. |
