Research On The Highway Enterprises Financing Model Innovation:A Case Study From Public REITs Of S Group

As the basic industry of the national economy,the highway industry has made rapid development in recent years.The investment scale and traffic mileage have increased rapidly,which has greatly improved the highway density and traffic capacity,and provided a strong foundation for economic development during the 13th Five Year Plan period.Under the development pattern of "double circulation",China has repeatedly proposed to increase infrastructure investment.Since the 14th five year plan,the investment and financing mode of the highway industry has been more diversified than before.The traditional financing mode of highway industry is debt financing.The asset-liability ratio of enterprises increases with the increase of financing scale,which brings a certain repayment risk to the operation of enterprises.On the other hand,highway operation enterprises also have the demand to revitalize the stock assets.In this context,the requirements of highway industry enterprises for financing innovation are further strengthened,and the financing of highway industry enterprises is facing new opportunities and challenges.This thesis mainly introduces the financing situation of expressway industry.Starting from the actual situation of expressway operation and management enterprises,this thesis analyzes the problems of traditional financing in expressway industry,as well as the rationality and necessity of transforming to diversified financing.Taking S group company as the carrier,starting from its current operation and current financing mode,this thesis states the advantages and disadvantages of the existing financing mode and analyze the demand of financing mode innovation.Through the analysis and comparison of asset securitization financing,perpetual debt financing and public real estate trust and investment funds(REITs),this thesis discusses the research and exploration of China’s expressway management enterprises from traditional financing to diversified financing,so as to establish the rationality of REITs financing.At present,the domestic research on infrastructure REITs financing is generally similar to REITs,that is,the financing mode of "Fund+asset-backed notes/asset-backed securities(ABN/ABS)".For public REITs,the existing analysis basically remain in the study of relevant conceptions and policies,they do not propose constructive opinions and recommendations on the actual operation of public REITs.The innovation of this thesis lies in the exploration of Expressway enterprises from traditional financing to innovative financing,the analysis of the problems encountered in infrastructure financing,and the feasibility of the implementation of public REITs in the field of infrastructure,especially in the field of expressway.After analysis,the public REITs financing found in this thesis can effectively help enterprises reduce the asset liability ratio,revitalize the stock assets,form a virtuous circle,and reduce the debt and repayment risk of enterprises.For enterprises with single financing form,the innovation of public REITs financing can effectively disperse the financing risks of enterprises and make some financing structure adjustment at the same time.Finally,combined with the financing mode of public REITs,this thesis gives the suggestions and Strategies of diversified financing of Expressway.enterprises.