统计与数据科学学院知识库

    2021年，我国首次正式推出公募基础设施REITs，此次REITs的发行，对于我国利用不动产投资信托基金盘活基础设施存量资产，改变传统的投融资方式，从而助力地方政府性债务的有效化解具有重要意义。然而，在基础设施REITs化解地方债问题的机制中同样存在不少问题与风险，尤其是我国刚开始正式设立公募基础设施REITs，市场环境、制度体系等均不完善，因此，研究基础设施REITs在化解地方债问题的机制中可能出现的风险，并建立有效的防范机制，才能为基础设施REITs发挥化解地方债问题的作用打下良好基础。

    文章首先梳理了REITs的相关文献和理论以及我国地方政府债务的现状，从而对我国基础设施REITs的概念和特点以及地方债现状有一个清晰的了解。其次，对我国以往基建融资导致地方债难以化解的原因以及基础设施REITs化解地方债的基础条件进行梳理，并将基础设施REITs化解地方债的机制过程分为三个环节（基础设施REITs底层资产转让环节、基础设施REITs运作交易环节、基础设施REITs上市经营环节）展开具体的理论分析；然后，分别基于三方博弈模型、委托代理模型、GARCH-VaR模型对三个环节可能出现的风险进行实证分析。

    最后，对研究结果进行总结并提出针对性政策建议：（1）在基础设施REITs底层资产转让环节，要建立有效的信息披露机制；建立对地方政府在该环节的责任机制，加强对项目相关信息的透明化。（2）在基础设施REITs运作交易环节，需要提高资产运营管理团队的专业性，完善现有的基础设施REITs管理体系；提高公众投资者的话语权，降低原始权益人作为高份额基金持有者滥用权利的可能性。（3）在基础设施REITs上市经营环节，需要建立完善的风险评价系统，并加速形成专业、成熟的REITs基金管理体系，学习国外REITs管理体系的人才配置经验以及管理REITs的规范制度体系，降低REITs作为创新型金融产品的可控的管理风险，从而确保对其不可控的市场风险能够及时把握，保证风险管理流程实施的及时性和有效性。

  In 2021, China officially launched publicly offered Infrastructure REITs for the first time. The issuance of this REITs is of great significance for China to use real estate investment trusts to revitalize the stock assets of infrastructure, change the traditional investment and financing methods, and help effectively alleviate local government debt. However, there are also many problems and risks in the mechanism of infrastructure REITs to alleviate local debt problems, especially the market environment and institutional system of public infrastructure REITs, which have just been officially established in China. Therefore, only by studying the possible risks of infrastructure REITs in the mechanism of alleviating local debt problems and establishing effective prevention mechanisms can we lay a good foundation for the real role of infrastructure REITs.

  This paper firstly combs the relevant literature and theory of REITs and the current situation of local government debt in China, in order to have a clear understanding of the concept and characteristics of Infrastructure REITs in China and the current situation of local debt. Secondly, it sorts out the reasons why it is difficult to resolve local debt caused by infrastructure financing in the past and the basic conditions for Infrastructure REITs to alleviate local debt. And the mechanism process of Infrastructure REITs to alleviate local debt is divided into three links (Infrastructure REITs transfer of underlying assets link, Infrastructure REITs operation and trading link, Infrastructure REITs listed operation link) to carry out a specific theoretical analysis; Then, based on the three-party game model, principal-agent model and model, the possible risks of the three links are empirically analyzed.

  Finally, the research results are summarized and relevant policy suggestions are put forward :(1) in the transfer of underlying assets of Infrastructure REITs, an effective information disclosure mechanism should be established; Establish responsibility mechanism for local government in this link, strengthen transparency of project-related information.(2) In the operation and transaction of Infrastructure REITs, it is necessary to improve the professionalism of the asset operation management team and improve the existing Infrastructure REITs management system; Improve the voice of public investors and reduce the possibility of the original equity holders abusing their rights as high-share fund holders.(3) In the listed operation of Infrastructure REITs, it is necessary to establish a sound risk evaluation system, accelerate the formation of a professional and mature REITs fund management system, learn from the experience of talent allocation of foreign REITs management system and the standardized system of REITs management, and reduce the controllable management risk of REITs as an innovative financial product. So as to ensure the timeliness and effectiveness of the implementation of its market risk management process.