Research On Public Offering REITs Financing Of Expressway Project Of S Group Under The Background Of Deleveraging

In 2015,China first proposed and implemented supply-side structural reform,making deleveraging one of the five major tasks.The 2018 Central Economic Work Conference even listed deleveraging as one of the key tasks.Shandong province has also issued many policy documents to promote enterprises to reduce the leverage ratio of enterprises.Expressway enterprises have a large asset investment scale,a high proportion of debt financing in the early stage of construction,and enterprises face greater capital pressure.At the same time,the financing demand to participate in the investment and construction of new projects is large,resulting in the rising asset-liability ratio of enterprises.Therefore,expressway investment enterprises have a strong motivation to realize the stock of expressway assets in advance by carrying out REITs,increase the stock,accelerate asset turnover,and realize the reduction of asset-liability ratio through reasonable structure design.In this context,based on the theory of capital structure,asset securitization and other related theories,this paper analyzes the financing situation and leverage of S Group through literature research,case analysis and field investigation,and finds that there are problems such as unreasonable financing structure,single financing channel and great financing pressure.In order to solve the above problems,this paper designs a public offering REITs financing scheme suitable for S Group from the perspectives of the selection of underlying assets,the future cash flow forecast,the transaction structure construction of "public offering fund+ABS+project company+underlying assets",the issuance and trading process,and the fund income distribution.This paper analyzes the risks of the financing plan in policy,operation,tax and credit,and guarantees the effective implementation of the risk release by taking measures such as providing fee reduction compensation,entrusting professional operation institutions,conducting tax planning in advance,and improving the long-term mechanism of risk prevention and control.The expressway public offering REITs financing scheme designed for S Group can relieve the financing pressure of the company and reduce the financial leverage.It also provides a new case for investment and financing innovation in the field of domestic infrastructure,provides a certain reference for similar enterprises,and also provides rare investment opportunities for public participants.