| With the successful issuance of the first batch of public offering REITs,Chinese public offering REITs have officially entered the era of standardization.The initial investment of infrastructure construction projects is huge,and the time of return is relatively long.However,the current industry is facing the tightening of credit policy and the deterioration of business conditions,enterprise capital flow is severely restricted.Therefore,the state should increase the support for public REITs,in order to solve the double dilemma of enterprise financing and operation.Therefore,in this context,it is of practical significance to study whether domestic infrastructure public REIT can help enterprises revitalize their stock assets and improve their asset structure.After in-depth research,the author of this paper believes that Huaxia Yuexiu High-speed REIT is a project of great significance.By carefully studying its background,participants,trading patterns and other aspects,and extract valuable information from it.Finally,this paper will deeply explore the project’s motivations,advantages and disadvantages,and analyze its financing effect.Yuexiu Transportation through the issuance of REIT to obtain more financing opportunities,which mainly benefit from the current policy support and active international REITs market,specifically the introduction of tollway and REITs related policies and market excellent table to enhance the financing letter of enterprises.Through the analysis of the advantages of Huaxia Yuexiu high-speed REIT,it is found that the REIT not only has the advantages of high-quality underlying assets to guarantee stable returns,but also has the advantages of liquidity service priority and professional operation escort.In terms of the financing effect analysis of Huaxia Yuexiu High-Speed REIT,the event study method and financial index method are adopted to analyze the operation effect of special plan,market effect analysis and financial effect analysis.The results of market analysis show that: under the influence of the epidemic,the market performance is not as expected,but also more recognized the financing behavior of the REIT,to a certain extent improved the enterprise value of Yuexiu Traffic;The results of the financial index method show that the REIT has improved the profitability of Yuexiu Traffic and other financial indicators,and optimized the capital structure of Yuexiu Traffic.After an in-depth analysis of Huaxia Yuexiu High-Speed REIT,it can be found that China’s REITs market has huge potential.By ensuring the quality of underlying assets and the cooperation of all parties,the stock of assets can be effectively activated,so as to achieve a positive impact.However,turnpike REits also have certain limitations.In order to better support the public offering of infrastructure REITs in China,the government should increase its policy support and improve relevant laws and regulations;At the same time,the industry should also explore more financing methods,strengthen market supervision;In addition,companies should be well prepared before issuing REits and continue to expand financing channels to maximize the use of existing infrastructure assets. |
