| Expressway is a heavy capital investment industry,characterized by a long construction cycle,large initial investment,multiple requirements for supporting facilities,and a long payback period.Moreover,its cultivation period is mostly in a state of loss.The development of the industry relies on financial investment and bank loans for a long time,with fewer sources of funds and relatively difficult financing.The implementation of infrastructure REITs pilot projects is conducive to the diversified development of financing channels in the highway industry,optimizing asset allocation,and improving the efficiency of fund utilization.Firstly,based on the domestic and foreign research literature related to infrastructure REITs,cash flow theory,asset securitization theory,and principal-agent theory,and based on the relevant characteristics of infrastructure REITs and relevant information on highway operation,combined with relevant data from financing parties,performance indicators are selected to construct a financing performance analysis model for highway REITs.Secondly,using data from A-share markets and listed companies on the Hong Kong Stock Exchange,event analysis,improved Wall’s scoring method,and financial capability analysis are applied from both long-term and shortterm perspectives to analyze the financing performance of highway REITs based on financing parties.Finally,based on the above analysis ideas and results,propose countermeasures and suggestions that are conducive to REITs financing,providing reference for enterprises with similar financing needs.The research process is as follows:(1)The short-term financing performance analysis adopts event analysis method,starting from the reaction of the capital market to the financing of highway REITs.The estimated window period and window period are used,and linear regression is used to simulate the relationship between normal return and actual return,analyzing the direct performance impact of REITs financing on the financing party.(2)The longterm financing performance analysis adopts improved Wall’s scoring method and financial capability analysis method.Similar enterprises are selected as comparative samples,and the weights of each performance indicator are determined based on entropy weight method and report data.Subsequently,the selected enterprises are rated for financing performance,and the reasons for the formation are analyzed based on the scores of Yuexiu Communications among enterprises.Specifically,it includes four aspects: in terms of debt repayment ability,it focuses on analyzing the changes in the financing party’s survival ability;In terms of profitability,it focuses on analyzing the scale effect of the financing party’s returns;In terms of operational capability,it focuses on analyzing the sustainability of stable operations by financing parties;In terms of development ability,it focuses on analyzing the predictability of the healthy development of the financing party’s enterprise.Through financial data analysis,it is possible to speculate on the specific reasons for the changes in Yuexiu Transportation’s performance,and thus understand the impact of the issuance of highway REITs on the financing performance of financing parties.Based on the above research ideas,the adoption of a financing performance analysis model has improved the systematization and accuracy of performance data analysis,thereby obtaining relatively accurate analysis conclusions.It not only helps the financing party to understand the financing performance of highway REITs more comprehensively,but also provides reference for similar enterprises with financing needs in the future. |
