| Infrastructure is the foundation and guarantee for the economic and social development of various countries,and it is also an important tool for counter-cyclical economic adjustment,and an important measure to stabilize growth and employment during the epidemic period.Since China’s reform and opening up,infrastructure construction has promoted economic and social development,but in this process,a large number of stock assets have also been formed,and the hidden debt pressure of local governments is increasing year by year.At present,China’s economy has changed from high speed to high-quality development,alleviating the hidden debt pressure of local governments,promoting the market-oriented transformation of urban investment platform companies,and becoming an important part of the central work deployment.On May 25,2022,the General Office of the State Council pointed out in the "Opinions on Further Revitalizing Stock Assets and Expanding Effective Investment"(Guo Ban Fa[2022] No.19)that in order to accelerate the construction of a new development pattern,it is necessary to actively promote the market-oriented transformation of urban investment enterprises,broaden project financing channels,form a virtuous circle of existing assets and new investment,and truly achieve "investment-return-investment".Infrastructure public REITs are an important measure for China to build a new development pattern and achieve high-quality economic development.China has officially started the pilot work of public REITs since June 2021,compared with the more mature REIT market abroad,in order to adapt to the development of China’s national conditions,China’s public REIT pilot work has made a certain degree of innovation.In terms of pilot areas,compared with the commercial real estate promoted by foreign REITs,China’s public REITs start from the infrastructure field,focusing on ten major industries,and have not included commercial real estate in the pilot scope for the time being,mainly to control the investment risk level of China’s public REITs and protect the interests of investors.In terms of asset compliance,the first batch of pilot projects are all projects with high cash flow efficiency,clear asset ownership and mature operating years,and it can be said that in order to improve the demonstration benefits of public REITs,regulatory review is also the best of the best projects.From June 2021 to the end of 2022,the pilot work of public REITs in China has been completed for one year,and the market sentiment of investors is high,but some problems have also been exposed.For example,after the listing of many products,the risk is too high,resulting in the suspension of trading.Since the price of infrastructure public REITs is the expected value of the future cash flow of the underlying assets,in theory,the price should not fluctuate too much in the short term,and investors are profit-seeking,and the market is keen,the phenomenon is likely to stem from the fact that the valuation model of China’s public REITs is not perfect enough,and the fund price does not truly and accurately reflect the operation of the underlying assets.As far as the premium of the issuance pilot is concerned,the issuance scale of some products is more than four times the book value,while the issuance scale of some products is basically the same as the book value,so this article will analyze the premium of public REITs at the time of issuance and explore the influencing factors affecting the premium.Since the pilot time of China’s public REIT industry is not long,most of the original data collection in this field only focuses on a few indicators,and the update speed also needs to be strengthened,so the data collection in this paper has become the first difficult focus.The data in this article are all from the prospectus of each product,and due to the listing of the product,the data and types are repeatedly updated and unified,and the process of collecting data is boring,but this article also collects true and accurate up-to-date data.Based on the theory of information asymmetry,the theory of principal-agent and the theory of financial innovation and financial supervision,this paper analyzes the correlation of 21 factors that may affect the premium of infrastructure public REITs,and analyzes the case studies of 24 listed products from the perspectives of asset nature and asset class,and finally concludes the corresponding premium influencing factors for infrastructure public REITs of different asset classes.In the valuation process,from the perspective of different stakeholders,we will give more targeted and practical suggestions,hoping to make certain contributions to the benign development of China’s public REITs. |
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