Analysis Of The Application Of REITs Inindustrial Parks

Due to the long construction cycle of the country’s industrial parks,the slow return of funds,and the long-term reliance on debt financing,some local governments and most real estate companies use high leverage methods to further increase debt risks.Since most of the debt creditors are banks.As the government continues to tighten credit policies and other issues,making its capital turnover more difficult,it is necessary to broaden the investment and financing model of industrial parks.Infrastructure public offering REITs fund is an emerging investment and financing model evolved from asset securitization.This investment and financing model allows fund investors to indirectly invest in infrastructure projects,reduce the cost of using capital for businesses,and help enterprises to increase risk.Resilience can also help enterprises realize the separation of light assets and heavy assets,and then revitalize the stock assets that occupy a lot of resources of the company,so they shine in the international market.First,this thesis analyzes the relevant literature on REITs at home and abroad,the five main theories related to REITs,namely asset securitization theory,bankruptcy isolation theory,ranked financing theory,proxy theory and reposal enhancement,are explained,and analyzing the current situation and existence of financing for industrial parks in the country issue to explain.In the next place,it present the condition of China Merchants Shekou Industrial Park’s implementation of public offering REITs financing,mainly including financing motivation analysis,operation analysis,financing effect and project risk analysis are carried out in four aspects.From the perspective of financing motivation: Start from the macro level,conduct in-depth analysis from the industry level,and finally conduct personality analysis from the enterprise level.From the perspective of operation mode: the dual SPV mode can isolate risks and help companies revitalize heavy assets that occupy a lot of resources,but it also requires necessary credit enhancement measures.From the perspective of financing effect: infrastructure public offering REITs can improve the short-term debt repayment ability of enterprises,make the operation ability of the enterprise also improved compared with the same period,give the enterprise a better growth ability,and also help to enhance the reputation of the enterprise and strength.From a risk perspective: the underlying asset projects have operational risks and risks of management transformation,and REITs funds may have risks of failure of credit enhancement measures,concentrated investment,and liquidity.Through the research on infrastructure public offering REITs,combined with the condition of China Merchants Shekou Industrial Park,we can conclude: first of all,the result of using REITs for financing in China Merchants Shekou Industrial Park is remarkable;second,infrastructure public offering REITs are suitable for China Merchants Shekou Industrial Park;third,China Merchants Shekou Industrial Park’s use of REITs financing model is worthy of promotion.And put forward countermeasures for the project risks of China Merchants Shekou Industrial Park REITs.Suggestions for coping with risks related to underlying assets: first,to strengthen the operation of infrastructure projects;second,to ensure the quality of underlying assets.Suggestions for dealing with risks related to REITs funds themselves: first,regularly review the credit enhancement plan;second,inject more underlying assets to alleviate the risk of concentrated investment;third,strengthen the liquidity of products and improve the exit mechanism.