金融学院知识库

在“双碳”目标背景下，包括清洁能源等在内的新基建也将成为新的投资热点，而清洁能源行业传统的融资手段主要依赖于银行信贷或发行债券等渠道，难以获得稳定持续现金流，且融资形式单一，容易造成融资成本上升，财务风险加剧。2020年4月30日，国家发改委及证监会发布《关于推进基础设施领域不动产投资信托基金（REITs）试点相关工作的通知》和《公开募集基础设施证券投资基金指引（试行）》，拉开了我国基础设施公募REITs试点的序幕，REITs作为盘活资产，拓宽融资渠道的创新融资模式对清洁能源行业发展具有重要意义。

基于以上背景，本文以全国首单发行的清洁能源公募REITs产品——鹏华深圳能源REITs为切入点，首先对国内外有关REITs的研究现状进行梳理分析，概括REITs在国外发展的成功经验，接着利用案例分析法对深圳能源企业及REITs产品进行详细分析，探究产品发行的背景及动因，并通过事件研究法和财务指标分析法分别对产品发行后的市场效应和财务效应进行剖析，探讨其发行的效果，最终得出相关结论。

研究发现：首先，清洁能源行业发展是国家的重大战略，“双碳”目标的提出更为其带来巨大机遇，清洁能源基础设施建设需求大，前景广阔，深圳能源作为全国电力行业第一家在深圳上市的大型股份制企业，一直积极致力于清洁能源的发展，发行公募REITs是企业在国家政策支持下对拓宽公司融资渠道，优化资本结构的需要。其次，从市场效应来看，投资者对产品有着较高的投资热情，发行REITs对深圳能源股价带来了积极的正面影响，从财务效应来看，产品的发行对公司缓解财务风险具有一定的积极作用，说明深圳能源采用公募REITs进行融资效果显著。希望通过本文的分析研究，能够为后续清洁能源行业在融资渠道选择方面提供一些借鉴和思路，助力“双碳”目标的实现。

In the context of the "dual carbon" goal, New Infrastructure, including clean energy, will also become a new investment hotspot. However, the traditional financing means of the clean energy industry mainly rely on bank credit or bond issuance and other channels, so it is difficult to obtain stable and sustainable cash flow, and the single form of financing is likely to lead to increased financing costs and financial risks. On April 30, 2020, the National Development and Reform Commission and China Securities Regulatory Commission issued the "Notice on Promoting the Work Related to the Pilot of Real Estate Investment Trusts (REITs) in the Infrastructure Sector" and the "Guidelines for the Public Offering of Infrastructure Securities Investment Funds (for Trial Implementation)", marking the beginning of the pilot of public offering of REITs in China's infrastructure. REITs, as innovative financing models that revitalize assets and broaden financing channels, are of great significance to the development of the clean energy industry.

Based on the above background, this article takes Penghua Shenzhen Energy REITs, the first public offering of clean energy REITs in China, as the starting point. It first sorts out and analyzes the research status of REITs at home and abroad, summarizes the development and successful experience of REITs in foreign countries, and then uses case analysis to conduct a detailed analysis of Shenzhen energy companies and REITs products, exploring the background and motivation of product issuance, Through the event research method and the financial indicator analysis method, the market effect and financial effect of the product after its issuance are analyzed, and the effect of its issuance is discussed, and finally relevant conclusions are drawn.

The study found that, first of all, the development of the clean energy industry is a major national strategy, and the proposal of the "dual carbon" goal has brought enormous opportunities for it. There is a large demand for clean energy infrastructure construction and a broad prospect. As the first large joint-stock company listed in Shenzhen in the national power industry, Shenzhen Energy has been actively committed to the development of clean energy. The issuance of public REITs is important for broadening the company's financing channels, Improving the financial situation of enterprises has a positive impact; Secondly, from the perspective of market effects, investors have a high investment enthusiasm for products, and the issuance of REITs has brought a positive impact on the stock price of Shenzhen Energy; From the perspective of financial effects, the issuance of products has a certain positive effect on alleviating financial risks of the company, indicating that Shenzhen Energy has significant financing effects by using public REITs. I hope that the analysis and research in this article can provide some reference and ideas for the subsequent clean energy industry in terms of financing channel selection, and help achieve the carbon peaking and carbon neutrality goals.