Research On The Performance Evaluation System Of Public REITs In Industrial Parks

With the development of economy,industrial parks play an increasingly important role in promoting urbanization and industrial development in China.However,the industrial park has a large investment intensity,a high debt ratio and a high proportion of heavy assets,which creates a great financial and financial pressure on the original equity holders.The issuance of public REITs can control the risk of industrial park development,improve the capital demand of the original equity holders,and revitalize the stock assets.Building a scientific performance evaluation system of public REITs in industrial parks not only enriches the research in the field of public REITs in industrial parks,but also provides a theoretical basis for regulatory authorities to formulate or improve regulatory rules;It can also facilitate the government to supervise the public offering of REITs in the industrial park,protect the interests of all participants and improve the ability of investors to obtain information.This study takes public REITs in industrial parks as the evaluation object,identifies the government as the evaluation subject through systematic analysis,satisfies the interest demands of the evaluation subject and realizes the evaluation objectives of the evaluation subject with the help of the balanced scorecard,thus realizing the construction of the performance evaluation system of public REITs in industrial parks.The main results of this study are summarized as follows:(1)This paper analyzes the connotation of public REITs products,points out the differences between them and financial products such as stocks and bonds,and introduces the selection methods of their underlying assets;Analyze the industrial park and clarify the motivation of REITs financing in the industrial park.(2)By analyzing the operation mode and participants of public REITs in the industrial park,the evaluation subjects are selected.Formulate evaluation objectives through the interests of evaluation subjects.Furthermore,it clarifies the connotation of the performance of public REITs in the industrial park,that is,the operation ability of the industrial park,the sustainable development ability and the reflection of the benefits of public REITs customers(investors)in the industrial park.(3)Based on the balanced scorecard,this paper designs indicators for the performance evaluation system of public REITs in industrial parks,calculates the weight of indicators through analytic hierarchy process,and establishes an evaluation model with the help of cloud model.And the grade standard of performance evaluation is clarified.(4)Taking the public REITs of Boshi Merchants Shekou Industrial Park as an example,the performance evaluation model is verified and applied,and the safeguard measures for the performance evaluation system of public REITs of the industrial park are proposed.