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  目前政府的宏观调控政策已经在楼市中运用的日益熟练，对于降低企业杠杆的政策要求也逐年加码，面对此形势，找到高适配度的融资途径对于房地产企业来说十分必要的。当前国内大环境下应用率较高的融资手段之一为资产证券化，房地产投资信托基金（Real Estate Investment Trusts，简称REITs）是此种融资手段下的创新路径之一。由于当前REITs在我国仍处在发展的初步阶段，此方式的融资效果如何值得进一步分析，通过REITs的研究可帮助房地产行业拓宽符合国家政策和监管指导的融资渠道，也有益于REITs相关法律制度的构建。

  本文研究方法的选取，遵循理论与案例相结合的原则，一方面，对于已有的REITs相关研究归纳整理，另一方面，结合过往研究，借助于案例对REITs融资效果进行研究。首先，从概念和融资特点出发，对投资信托基金（Investment Trusts）进行阐述。其次，从定义、分类和构成这三个方面介绍REITs，并介绍相应的理论基础。同时，从融资的结构、效果这两个方面分析我国房企的融资现状，介绍REITs目前在我国发展的进程。在案例研究部分围绕碧桂园REITs展开，首先，对案例企业碧桂园集团进行介绍，进一步地，依据对碧桂园融资结构的分析，对其融资需求从企业内部和外部分别进行研究，与此同时，分析其选取REITs作为融资工具的动机。最后，依据构建评价体系得到碧桂园构建REITs的结果，分析其对经营绩效和财务风险变化的影响，评价碧桂园REITs的融资效果。

  对于企业采取构建REITs的方式来获取融资能在以下四个方面有卓越表现：使股东获取更多的价值创造收益、使企业财务方面的绩效得到显著的进步、使企业所负担的融资压力得到减轻、使企业面临的财务风险得到控制和降低。同时，本文将事件研究法、EVA价值评估、财务指标法和Z值模型应用于案例分析的过程中，发现以上方法在对REITs融资效果进行分析时适配度较高。除此之外，对REITs在我国房地产企业中的运用发展进行分析的过程中，本文也得到了关于REITs如何在我国获得长足的发展的启示：REITs发展的基础是来自于国家政策层面、监管部门强有力的支持；有较高质量保证的基础资产是构建REITs的必不可少的要素；企业发行REITs仍需加强风险防范。

    At present, the government's macro-control policies have been increasingly used in the real estate market, and the policy requirements for reducing corporate leverage have increased year by year. In the face of this situation, it is very necessary for real estate companies to find a high degree of financing. One of the financing methods with a higher application rate in the current domestic environment is asset securitization. Real Estate Investment Trusts (REITs) are one of the innovative paths under this financing method. As REITs are still in the preliminary stage of development in my country, how the financing effect of this method is worthy of further analysis. Research on REITs can help the real estate industry to broaden financing channels in line with national policies and regulatory guidance, and is also beneficial to the development of REITs related legal systems Construct.

     The selection of research methods in this paper follows the  principle of combining theory and cases. On the one hand, it summarizes and sorts out existing REITs related research. On the other hand, it combines past research to study the financing effects of REITs with the help of cases. First of all, starting from the concept and financing characteristics, the investment trust fund (Investment Trusts) is explained. Secondly, it introduces REITs from the three aspects of definition, classification and composition, and introduces the corresponding theoretical basis. At the same time, it analyzes the financing status of my country's real estate enterprises from the two aspects of financing structure and effect, and introduces the current development process of REITs in my country. The case study part of this article is based on Country Garden REITs. First, the case company Country Garden Group is introduced. Further, based on the analysis of Country Garden’s financing structure, the financing needs of the company are studied separately from inside and outside the company. At the same time, it is analyzed. Select REITs as the motivation for financing tools. Finally, based on the establishment of the evaluation system, the results of Country Garden's construction of REITs are analyzed, and its impact on changes in operating performance and financial risks is analyzed, and the financing effects of Country Garden's REITs are evaluated.

     For enterprises to adopt the method of constructing REITs to obtain financing, they can have excellent performance in the following four aspects: enable shareholders to obtain more value-creating income, make the financial performance of the enterprise get a significant improvement, and reduce the financing pressure on the enterprise , Make the financial risks faced by enterprises controlled and reduced. At the same time, this article applies the event research method, EVA value evaluation, financial indicator method and Z-value model to the case analysis process, and finds that the above methods have a high degree of adaptability when analyzing the financing effects of REITs. In addition, in the process of analyzing the application and development of REITs in my country's real estate enterprises, this article has also gained enlightenment on how REITs have achieved substantial development in my country: The development of REITs is based on the national policy level and regulatory authorities. Strong support; basic assets with higher quality assurance are essential elements for the construction of REITs; enterprises still need to strengthen risk prevention when issuing REITs.