Research On The Influencing Factors Of Underlying Asset Selection Of Infrastructure Public REITs

In recent years,the growth rate of infrastructure construction has slowed down.The central government and various ministries and commissions have taken a series of measures,which have become important measures to stabilize growth and have achieved certain results.However,outstanding problems in the development of infrastructure construction still exist.First,there are insufficient financing channels for local governments,and local debts are under great pressure;second,there is a lack of equity funds for infrastructure construction;third,there is a mismatch between financing tools and project revenue deadlines.Infrastructure public offering REITs came into being in this context.In the short term,to deal with the impact of the epidemic and the downward pressure on the economy,revitalize existing assets,improve asset utilization,and support the restart of the economy;in the long run,REITs will be the solution to China’s real estate investment and financing system.A solution to many structural problems.The key to the successful issuance and continuous operation of publicly offered REITs depends on the quality of the underlying assets.The selection of high-quality underlying assets plays a fundamental role in the issuance of REITs.At the same time,screening high-quality underlying assets is also a difficulty in practice.Research.First,the related concepts and theories of public REITs are sorted out,and the importance of the underlying assets in the overall framework of public REITs is clarified.Through the study of domestic and foreign literature and research reports,the influencing factors of the underlying asset selection were identified,and the 11 publicly offered REITs that had been issued in my country were used as research cases to further identify the influencing factors.A total of 19 influencing factors were identified,and expert opinions were used to determine the impact.The selection of factors is reasonable.Secondly,using DEMATEL-ISM model to analyze the influencing factors,on the basis of DEMATEL analysis,the centrality,causal factors and result factors are obtained.On this basis,ISM analysis is carried out,and the influencing factors are divided into 7 levels,and divided into three levels: surface direct factors,intermediate indirect factors and deep root factors,and then use MICMAC to analyze the driving force and dependence.Dependent factors,spontaneous factors,independent factors.Further sort out and form the transmission path of the management subject’s root-driven influence on the asset entity,the asset entity’s intermediary transmission affecting the asset’s financial quality,and the financial quality intuitively reflecting the underlying asset quality,providing theoretical reference for the selection of high-quality underlying assets.Among them,the asset dividend rate,capitalization rate,cash flow status,profitability,marketization of user fees,and turnover are related to financial quality.The middle-level factors and deep-level factors are consistent with the causal factors.MICMAC further decomposes the middle-level factors,and divides the weaker driving forces into spontaneous factors,including asset size,regional location,asset income source,project legal compliance,and industry;driving force;Stronger factors are independent factors,including asset type,asset nature,age,remaining useful life,and operating life.Middle-level factors are closely related to asset entities.The underlying factors include the qualifications and backgrounds of the original stakeholders,the qualifications and management capabilities of the project company,and the diversification of asset portfolios,which are all related to the management entity.The driving force of the underlying factors is stronger and belongs to independent factors.Finally,it provides suggestions on the selection of underlying assets of infrastructure public offering REITs.It believes that special program manager level should focus on screening high-quality underlying assets,the company level should focus on improving the quality of underlying assets,the government level should optimize the underlying asset-related systems and mechanisms,and the investor level should treat underlying assets rationally value,and supporting specific detailed measures to provide reference for public REITs to choose highquality underlying assets,and help public REITs develop steadily and continuously.