Research On The Problems And Countermeasures In The Financing Application Of Infrastructure REITs

At present,domestic infrastructure construction industry generally has the characteristics of high capital pressure,high leverage ratio and poor asset liquidity.Under the influence of the epidemic,the external financing constraints faced by enterprises are also very tense.As a form of asset securitization,real estate investment trusts(REITs)can help my country’s infrastructure enterprises make full use of their own high-quality assets,ease financial pressure,and rationally increase the proportion of direct financing and reduce the leverage of the real economy.The development of the domestic market economy is of great significance.This paper takes the "Zhejiang Shanghai-Hangzhou-Ningbo Special Assets Management Plan" as the research object,systematically sorts out the implementation process of this REITs financing,and finds out the advantages and disadvantages of the financing process through the comprehensive evaluation of financial effect and market effect.Insufficient,and put forward targeted optimization suggestions for the problems in financing.The research results show that this REITs financing can indeed alleviate the capital pressure of Zhejiang,Shanghai,Hangzhou and Ningbo,and at the same time reduce the financing cost of enterprises.Problems can be improved by selecting appropriate underlying assets and optimizing the transaction structure.At the same time,REITs financing can make up for the shortcomings of infrastructure assets that are highly specialized and difficult to use efficiently,and is suitable for the promotion and application of infrastructure enterprises.The domestic market can vigorously and actively guide the financing of public REITs to optimize resource allocation.The main innovations of this paper are: First,most of the current research on REITs financing domestic and foreign focuses on risk prevention,securities pricing and other fields.There is little literature on how to improve the financing effect of domestic REITs.Domestic infrastructure enterprises provide reference experience in the implementation of REITs financing to achieve the improvement of financing effect;secondly,Zhejiang Huhangyong,as one of the first pilot projects of public REITs financing domestic,has representative significance for the exploration path of REITs financing.The evaluation of the implementation effect of this case is still insufficient.This paper not only analyzes and evaluates the market response after the implementation of REITs financing from a financial perspective.