A Study On The Effect Of Listed Companies Issuing Infrastructure Public Offering REITs

The construction of infrastructure projects is related to the people’s livelihood.Promoting the construction of infrastructure projects can enhance the people’s well-being and drive regional economic development,which is of great significance to the improvement of people’s lives.The research background of this thesis is that before the issuance of publicly offered REITs,companies with infrastructure as their main business mainly relied on traditional bank credit and corporate bonds to carry out their financing,purchasing a large amount of fixed assets and intangible assets to consume cash and generate cash in the balance sheet.A large number of interest-bearing liabilities eroded the company’s profits.In 2021,infrastructure public offering REITs will be launched on a pilot basis.Once the products are withdrawn,they will be favored by investors.Listed companies have also participated in the issuance of infrastructure REITs and have innovated their own financing models.In promoting their own assets listing and revitalizing assets has great significance.This thesis mainly takes the listed company Capital Eco-Pro Group as the research object,and the data of the case study mainly comes from the annual report data of Capital Eco-Pro Group,WIND and CSMAR.After studying the franchise model of Capital Eco-Pro Group and the underlying asset status and transaction structure of RETIs,it mainly conducts financial analysis,uses the Z-score model for processing,adopts the event research method,processes and tests the data with Stata software,and studies the issuance of Capital Eco-Pro Group.Financial and market effects of public infrastructure REITs.The main conclusions of this thesis are as follows: In terms of the reasons for the development,first of all,the competitive franchising model of the Capital Eco-Pro Group determines that the company needs financing to carry out its main business.The company needs a lot of financing to purchase fixed assets and vigorous financing is used to match the company’s main business development.Second,the support and encouragement of policies is also an important factor for Capital Eco-Pro Group to participate in the issuance of REITs.As a listed state-owned enterprise under the Beijing State-owned Assets Supervision and Administration Commission,it actively responds to the policy and strives to be the pioneer of reform,which is conducive to the establishment of an enterprising and innovative image of the listed company;the underlying assets of REITs are excellent,and the underlying assets have the location advantages of first-tier cities and provincial capitals.The characteristics of REITs non-equity and non-debt and the ability to provide stable dividends are also an important factor for the smooth issuance.In terms of issuance effect,first,through the data measurement of the Z-score model,it can be seen that the issuance of REITs by Capital Eco-Pro Group has brought financial effects,reduced its own financial risks and optimized the asset structure;second,the use of event research methods to conduct market effects According to the measurement of,this thesis believes that Capital Eco-Pro Group has brought positive market effects through the issuance of REITs and the accumulated excess returns are significant and positive,which means that the issuance of REITs has increased shareholder wealth and expanded the market influence of Capital Eco-Pro Group;third,compared with the allotment event of Capital Eco-Pro Group,which is also direct financing,the cumulative excess return brought by Capital Eco-Pro Group’s allotment is significantly negative,which reduces the wealth of shareholders.This comparison further shows that the market is optimistic about REITs as an innovative financing,which also reflects the market’s expectations for the company’s gradual transition to an asset-light operating model.