Research On Financing Effect Of Infrastructure REITs

Since 2000,after more than 20 years of construction and accumulation,China has formed a huge scale of infrastructure construction.By the end of 2021,the cumulative investment in China’s urban infrastructure has exceeded 150 trillion yuan.The capital turnover cycle of the infrastructure construction industry is long.Funds mainly come from the central government budget funds,self-raised funds and domestic loans.The infrastructure construction industry is under great debt pressure.Therefore,it is necessary to make good use of the liquidity of its own stock assets to realize the realization of infrastructure construction.Rolling development is the key to solving the funding problem in the infrastructure construction industry.At the end of April 2020,the China Securities Regulatory Commission and the National Development and Reform Commission jointly issued the "Notice on Promoting the Pilot Project of Real Estate Investment Trust Funds in the Infrastructure Field",marking China’s official launch of the pilot project of infrastructure public offering REITs,providing a solid foundation for infrastructure construction.new financing methods.As a new type of financing tool,infrastructure REITs can provide financial support for the development of the infrastructure industry and play an important role in accelerating the turnover of stock assets.This paper studies the financing effect of infrastructure REITs by taking Bosera China Merchants Shekou Industrial Park Closed Infrastructure Securities Investment Fund(hereinafter referred to as "Bosera China Merchants Shekou Industrial Park REITs")as an example.This paper firstly introduces the basic situation,main business status,financing status and the general situation of China Merchants Shekou Industrial Park REITs of China Merchants Shekou Industrial Park Holdings Co.,Ltd.(hereinafter referred to as "China Merchants Shekou").Secondly,it studies the financing motives of China Merchants Shekou using REITs from the macro,industry and enterprise levels,focusing on China’s macroeconomic environment and the industry in which China Merchants Shekou is located,combined with the analysis of the company’s own financial situation.Financing motives of China Merchants Shekou Industrial Park REITs.Thirdly,using the financial index method,event research method and data envelopment analysis method,the solvency,operating ability,financial risk and weighted average cost of capital,and the market effect after financing of China Merchants Shekou before and after the financing of Bosera China Merchants Shekou Industrial Park REITs were analyzed.Analysis,using the data envelopment analysis method to compare the level of financing efficiency,in order to measure the impact of Bosera China Merchants Shekou Industrial Park REITs financing on China Merchants Shekou Company.From the case analysis of REITs financing in Boshi Merchants Shekou Industrial Park,it can be seen that enterprises issuing infrastructure REITs financing can effectively reduce the financing burden,accelerate cash return,reduce financial risks,expand the brand influence of enterprises,and improve the market performance of enterprises.The cumulative excess return rate of REITs in Boshi Merchants Shekou Industrial Park increases,which improves enterprise value to a certain extent in the short term.REITs financing is the main reason for the improvement of total factor productivity in Merchants Shekou.This paper believes that enterprises should introduce high-quality underlying assets to guarantee REITs earnings,and the government should improve relevant laws and regulations to promote the development of infrastructure REITs.