Research On The Financing Effect Of Energy And Power REITs Product

Under the background of China’s “dual carbon” policy,the energy and power industry urgently need to change its development thinking and focus on environmentally friendly clean energy power generation.The energy and power industry is a typical capital-intensive industry,and a large number of energy and power enterprises have problems such as high debt ratio,single financing channels and limited equity financing.Financing methods are mainly limited to bank loan financing and issuance of corporate bonds,and these large interest-bearing liabilities seriously affect the profitability of enterprises.In 2021,infrastructure public REITs officially began to be piloted,and the products better fit the characteristics of the energy and power industry,can be better applied to the energy and power industry,and help original stakeholders achieve their own underlying asset listing,which is of great value to the healthy development of the energy and power industry.In this context,this thesis mainly focuses on Shenzhen Energy and its issued Penghua Shenzhen Energy REIT,and collects the data of Shenzhen Energy and Penghua Shenzhen Energy REIT,WIND database and Juchao Information Network to study the financing effect of REIT products on original stakeholders.After analyzing the industry characteristics of Shenzhen Energy,the transaction structure and the underlying assets of RETIs,the financial risks of the original shareholders before and after the issuance were analyzed and evaluated through the Z-score model,the market data of the original shareholders was processed by Stata software through the event research method,the cumulative excess rate of return after the issuance was calculated,the market effect of the public REITs issued by Shenzhen Energy Issuance Infrastructure was studied,and the production efficiency of the original shareholders after the issuance was calculated by using the DEA-Malmquist index.Study the production efficiency changes of Shenzhen Energy Issuance Infrastructure Public REITs.The main conclusion of this thesis is that the issuance of REIT products can effectively alleviate the financial risks of original shareholders,optimize asset structure,and improve operational efficiency through the Z-score model.The market effect measurement results show that Shenzhen Energy’s declaration and issuance of REIT products and the approval of this event can have a significant positive impact on market performance,indicating that investors affirm and recognize Shenzhen Energy’s underlying asset issuance of REIT products,and are optimistic about the positive effect of issuing REIT products on original rights holders.The DEA model is used to analyze the production efficiency changes before and after Shenzhen Energy’s issuance of REITs,and the empirical results show that Shenzhen Energy’s issuance of REITs can significantly improve the total factor productivity of enterprises,effectively improve the operation and management level and production technology level of the original stakeholders,but have limited impact on scale effects.The results of the study prove that the issuance of REIT products by original equity holders can revitalize existing assets,promote revaluation,broaden financing channels,alleviate financial pressure,improve operation and management levels,and increase shareholder wealth.According to the research conclusion,this thesis puts forward the following suggestions:the original rights holder should ensure the quality of the underlying asset pool,and high-quality underlying assets are the prerequisite for achieving better financing results;Perfect legal norms are the basis for original equity holders to expand financing space;A sound investor education system is the basis for establishing a mature market,giving full play to the investment and financing role of market REITs,and using market supervision to improve management level.