| In recent years,China’s traditional infrastructure construction has gradually entered the era of inventory management.By the end of 2019,the cumulative investment scale of China’s traditional infrastructure reached 128 trillion,and the growth rate of infrastructure investment was only 3.3%.With the coming of a new round of technological change,the demand for many new infrastructure construction is emerging.The new infrastructure is the foundation of the next round of industrial development and the key step of reverse regulation of the economy.Under the background that a large amount of funds is deposited in traditional infrastructure and the investment in new infrastructure is weak,"Chinese version" public REITs gradually stepped onto the stage of the times in the appeal of the society.In June 2021,China’s first public infrastructure securities investment funds were listed,opening up a new path to revitalize the stock assets and promoting the development of China’s new infrastructure.Firstly,this paper expounds the background of the launch of REITs,and finds that some domestic enterprises with high-quality infrastructure stock assets give up using REITs as one of the company’s financing channels because they do not have a deep understanding of the financing mode of REITs,which leads to the slow progress of the pilot of infrastructure REITs in China.Therefore,it is of great significance to carry out case studies on the first batch of REITs.After that,this paper combed the relevant research results of public REITs at home and abroad,elaborated and defined the relevant concepts and theoretical basis of REITs.Then selected the representative REITs of infrastructure of China Merchants Shekou Industrial Park in the first batch of issuance as the case study object and introduced in detail the issuance subject,basic assets and product mechanism of the case.Then focused on analyzing the issuance motivation of REITs from the perspective of financing enterprises,excavate the highlights of the scheme in the aspects of asset restructuring,leverage structure and governance mechanism in the case,analyze the financing benefits of REITs products by investigating the primary and secondary investment returns of products and the financial improvement of the issuer.Finally,analyze and summarize the possible risks of the products,and finally draw the conclusion and Enlightenment of the public REITs case.Through the research and analysis of this case,it can be concluded that(1)REITs can effectively revitalize the stock assets of enterprises,improve capital efficiency,realize the withdrawal of assets and shorten the return cycle of investment;(2)At the same time,it also helps to reduce the dependence of enterprises on debt financing,optimize the capital structure and reduce the debt burden;(3)In addition,REITs can be used as a listing platform for heavy assets,promote the transformation of enterprises from heavy assets to light assets,and open up the whole life cycle development cycle of "investment,construction,management and retirement".This paper also provides some enlightenment for the financiers.When issuing REITs,we should comprehensively consider the company’s tax planning,financial objectives and asset management rights,reasonably carry out asset restructuring,build the optimal share debt ratio,actively use external financing for leveraged investment,properly select accounting treatment methods and build governance structure,so as to give full play to the advantages of REITs products,improve the financial situation of enterprises and improve financing efficiency,At the same time,we should pay attention to REITs product risks and make coping strategies in advance. |
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