Research On Financing Motivation And Effect Of REITs Of Clean Energy

In the context of the "dual carbon" goal,New Infrastructure,including clean energy,will also become a new investment hotspot.However,the traditional financing means of the clean energy industry mainly rely on bank credit or bond issuance and other channels,so it is difficult to obtain stable and sustainable cash flow,and the single form of financing is likely to lead to increased financing costs and financial risks.On April 30,2020,the National Development and Reform Commission and China Securities Regulatory Commission issued the "Notice on Promoting the Work Related to the Pilot of Real Estate Investment Trusts(REITs)in the Infrastructure Sector" and the "Guidelines for the Public Offering of Infrastructure Securities Investment Funds(for Trial Implementation)",marking the beginning of the pilot of public offering of REITs in China’s infrastructure.REITs,as innovative financing models that revitalize assets and broaden financing channels,are of great significance to the development of the clean energy industry.Based on the above background,this article takes Penghua Shenzhen Energy REITs,the first public offering of clean energy REITs in China,as the starting point.It first sorts out and analyzes the research status of REITs at home and abroad,summarizes the development and successful experience of REITs in foreign countries,and then uses case analysis to conduct a detailed analysis of Shenzhen energy companies and REITs products,exploring the background and motivation of product issuance,Through the event research method and the financial indicator analysis method,the market effect and financial effect of the product after its issuance are analyzed,and the effect of its issuance is discussed,and finally relevant conclusions are drawn.The study found that,first of all,the development of the clean energy industry is a major national strategy,and the proposal of the "dual carbon" goal has brought enormous opportunities for it.There is a large demand for clean energy infrastructure construction and a broad prospect.As the first large joint-stock company listed in Shenzhen in the national power industry,Shenzhen Energy has been actively committed to the development of clean energy.The issuance of public REITs is important for broadening the company’s financing channels,Improving the financial situation of enterprises has a positive impact;Secondly,from the perspective of market effects,investors have a high investment enthusiasm for products,and the issuance of REITs has brought a positive impact on the stock price of Shenzhen Energy;From the perspective of financial effects,the issuance of products has a certain positive effect on alleviating financial risks of the company,indicating that Shenzhen Energy has significant financing effects by using public REITs.I hope that the analysis and research in this article can provide some reference and ideas for the subsequent clean energy industry in terms of financing channel selection,and help achieve the carbon peaking and carbon neutrality goals.