会计学院知识库

随着经济的快速发展，国家越来越重视环境污染问题，全国各地加大了大气污染防治、河流湖泊生态修复、土壤污染、道路扬尘、农村环境等治理力度，环保产业及相关基础设施建设迅猛发展，迫切需要大量的资金支持。为缓解企业融资压力，从根本上解决制约企业发展瓶颈，不断促进环保产业做大做强。国家自2014年起陆续推出了一系列政策，鼓励企业通过创新融资方式筹集资金。首创环保紧跟国家政策，抢抓历史机遇期，在2021年6月发行了基础设施公募（REITs）基金，相比于传统的银行贷款和发行债券等融资方式，可以在较短时间内以更低的融资成本获取资金，实现企业与基金公司互利双赢。通过融资拉动企业发展、扩大生产、提档升级，实现企业在较短时间内创造财富。因此，作为环保行业首个进行基础设施公募REITs融资的企业，为企业融资开辟了新的途径。通过对此次融资效果进行研究，可以为企业和利益相关者带来启示与建议。

本文采用文献研究法和案例研究法，以外源增长理论、优序融资理论、价值评估理论为理论基础对事件进行剖析，对案例企业基础设施公募REITs的产品要素、发行流程和动因进行介绍，从财务与非财务角度对此次融资效果进行分析。在财务角度上，基础设施公募REITs融资能够为案例企业提供稳定的资金来源，并且减轻企业的债务压力；而从非财务角度来看，这种融资方式能够提高企业的品牌价值和社会形象。最后，本文针对上述分析提出相对应的结论，可以更好地理解和评估该融资工具在企业融资和资产配置中的作用与价值。本研究为环保企业提供了在资金筹集、运营管理和投资决策方面的有益参考，有助于提高企业融资效率和降低融资成本。

With the rapid development of the economy, the government's attention to environmental pollution issues has grown, leading to intensified efforts in various regions across the country to combat air pollution, restore ecological balance in rivers and lakes, address soil contamination, control road dust, and improve rural environments. As a result, the environmental protection industry and related infrastructure development have experienced significant growth, requiring substantial financial support. To alleviate the financial pressure on enterprises, address the bottlenecks hindering their development, and promote the growth and strength of the environmental protection industry, the government has implemented a series of policies since 2014 to encourage enterprises to raise funds through innovative financing methods.Beijing Capital Eco-environment Protection Group Co.,ltd, following national policies and seizing the opportunity, issued infrastructure public REITs in June 2021. Compared to traditional financing methods such as bank loans and bond issuances, this approach allows for faster access to funds at a lower financing cost, resulting in mutual benefits for both the enterprise and the fund company. By leveraging this financing to drive enterprise development, expand production, and upgrade operations, significant wealth creation can be achieved within a short period. Therefore, as the first enterprise in the environmental protection industry to engage in infrastructure public REITs financing, a new pathway for enterprise financing has been opened.By studying the effects of this financing, this research provides insights and recommendations for the enterprise and stakeholders. It contributes to a better understanding and evaluation of the role and value of infrastructure public REITs financing in enterprise financing and the growth of the environmental industry.

This study employs the methods of literature review and case study to analyze the event, drawing on the theoretical foundations of exogenous growth theory, pecking order theory, and value evaluation theory. It provides a comprehensive analysis of the case company's infrastructure public REITs, including an examination of the product elements, issuance process, and underlying motivations. Furthermore, an assessment of the financing outcomes is conducted from both financial and non-financial perspectives.From a financial standpoint, the financing of infrastructure public REITs offers the case company a stable source of funds and alleviates its debt burden. From a non-financial perspective, this financing method enhances the company's brand value and social image. In conclusion, this study presents relevant conclusions based on the aforementioned analysis, enabling a better understanding and assessment of the role and value of this financing tool in corporate financing and asset allocation. This research provides valuable insights for environmentally conscious enterprises in terms of fundraising, operational management, and investment decision-making, ultimately improving their financing efficiency and reducing financing costs.