| In the 20th century,Guangdong province proposed the policy of "loan to repair road,charge to repay loan",which became the main means of highway financing and successful practice in the beginning,which made the Chinese highway infrastructure enter the stage of rapid development.But as the speed of urban urbanization and the mature development of economic and trade,the existing highway infrastructure in our country has not satisfied the huge traffic demand.In the future for a very long time,there are still a large number of highway projects need to be implemented,so as to enrich and improve our transportation and traffic network constantly.It is conservatively estimated that by 2030,the total km of highway projects will reach26,000 km,and the fund demand for the development of the highway industry will continue to expand.The fund gap will bring great financial pressure to the government’s infrastructure construction.How to solve the problems of difficult financing,high risk and poor liquidity of existing projects has become a problem that must be solved at present.This paper is to discuss how to establish the PPP REITs linkage financing model,to optimize the allocation of social resources,the government and enterprises win-win,alleviate the financing contradiction of the empirical research results.This paper makes comprehensive use of public goods theory,project financing theory and principal-agent theory to discuss the theory and method of PPP REITs linkage financing mode.Empirical methods such as literature research method,summary method and case study method are adopted to complete the research.The results show that,first of all,PPP REITs financing mode has a good effect on improving the overall business condition of enterprises;Secondly,in the research on the implementation effect of PPP REITs,PPP REITs have a better effect on the assets,income,profit and other aspects of the enterprise,which can bring continuous earnings to the enterprise in a certain period of time.Thirdly,some problems can not be ignored,such as product liquidity,product pricing basis,product income evaluation,etc.Finally,based on the problems found in the research and the existing national policy situation,the paper puts forward some suggestions for reference.It is hoped that the study of this paper can provide some ideas and data help for the follow-up research of innovative financing mode in the process of infrastructure construction,and promote the better development of PPP REITs linkage financing mode in infrastructure projects.As China Securities Regulatory Commission and National Development and Reform Commission jointly promote the continuous improvement of the policy of public offering of infrastructure REITs,it is believed that PPP REITs will become the main way of financing infrastructure construction in the future. |
