金融学院知识库

2021年6月21日，我国首批公募基础设施不动产信托基金（Real Estate Investment Trusts，以下简称REITs）正式在上海交易所发行上市，这标志着我国不动产信托投资基金领域进入了一个全新的发展阶段。基础设施建设在我国国民经济中发挥了举足轻重的作用，发展公募REITs融资模式进行基础设施融资既有利于缓解政府债务、盘活存量资产，又有利于企业减轻经营负担，同时还可以为资本市场和投资者提供新的投资标的。目前我国的公募基础设施REITs相较于海外市场还处于起步阶段，国内对于公募基础设施REITs的研究主要聚焦在投资者角度，结合具体案例对公募基础设施REITs这种融资模式进行的研究较少。鉴于首批公募基础设施REITs对我国资本市场以及基础设施融资领域意义重大，对于今后我国其他企业拓展融资路径具有非常好的示范效应，因此对基础设施REITs融资模式进行研究具有十足的必要性。

本文选取本次在上交所发行的公募基础设施REITs中规模最大的中金普洛斯REITs进行分析。中金普洛斯REITs通过搭建合理高效的交易结构，成功融资58.35亿元，改善了资产方的经营状况。本文通过文献研究法、案例分析法与对比分析法，首先梳理了基础设施REITs的相关理论，其次对中金普洛斯REITs融资模式进行了多角度的研究分析。最后得出研究结论认为中金普洛斯REITs融资模式可以有效盘活存量资产，并为其他有REITs融资需求的资金需求者提供了可以借鉴的经验，但也存在一些潜在问题，并针对以上结论，提出如下建议：加强对资产方的监管与信息披露、严格把控底层资产质量与发行过程以及进一步完善相关支持政策与税收制度。

On June 21, 2021, The first batch of publicly offered infrastructure real estate trusst funds (Real Estate Investment Trusts, hereinafter referred to as REITs) of our country was officially issued and listed on the Shanghai Stock Exchange, which means that our country’s real estate investment trust fund field has gotten into a new development stage. Infrastructure construction has played a vital role in our country's national economy. The development of public offered REITs financing model for infrastructure financing is not only conducive to alleviating government debt, revitalizing principal assets, but also assisting enterprises to reduce operating burdens, Meanwhile, it can also provide capital markets and investment. provide new investment targets. At present, our country's public infrastructure REITs are still in their infancy compared to overseas markets. Domestic research on public infrastructure REITs mainly focuses on the investor's perspective, and there are few studies on the financing model of public infrastructure REITs combined with specific case. For the sake of the great significance of the first batch of public infrastructure REITs to our country's capital market and the field of infrastructure financing, it will have a very beneficial demonstration effect for other enterprises in our country to expand financing paths in the future. Therefore, it is necessary to study the financing model of infrastructure REITs.

This paper selects CICC-ProLogis REITs, the largest public infrastructure REITs issued on the Shanghai Stock Exchange this time for analyzing. By building a reasonable and efficient transaction structure, CICC-ProLogis REITs successfully raised funds of 5.835 billion yuan and improved the operating conditions of the asset side. This paper firstly sorts out the relevant theories of infrastructure REITs through literature research method, case analysis method and comparative analysis method, and then conducts a multi-angle research and analysis on the financing model of CICC-ProLogis REITs. Finally, through the research above, it is concluded that the financing model of CICC-ProLogis REITs can effectively revitalize the stock assets, and provides experience for the issuance of similar products, but there are also some potential problems, and in view of the above conclusions, put forward the following Recommendation: Strengthen the supervision and information disclosure of the asset side, strictly control the quality of the underlying assets and the issuance process, and further improve the relevant support policies and taxation systems.