金融学院知识库

基础设施投资指的是为社会生产和居民生活提供公共服务的投资活动，是在相关工程和基础建设上进行建造或购买导致的支出。改革开放以来，基础设施投资由于显著的正外部性，成为了国家经济发展的重要物质保障，在国家经济持续增长中扮演了重要角色。但是，基础设施的投融资长久以来都面临融资渠道狭窄、过度投资、资金短缺、运营效率低和资本退出困难等结构性问题。与此同时，作为基础设施建设的重要一环，在追求“双碳”目标的大背景下，包括光伏发电在内的新能源领域，成为新兴投资热点。然而，新能源行业传统上主要依靠银行信贷和债券发行等方式融资，这导致融资方式单一并容易积累过多债务，增加财务风险。鉴于此，为了保证基础设施建设的持续推进，着力实现“双碳”目标，探索更广泛的融资渠道显得尤为重要。在此情况下，随着政策对补齐基础设施短板的强调，基础设施REITs开始引起学术和产业界的关注。REITs产品可以盘活存量资产，降低政府杠杆率，并为基础设施资产融资带来新的方案和机遇。

基于上述背景，本文选取我国第二批REITs产品中的中航京能光伏REITs项目为研究对象，首先梳理、评述国内外关于REITs融资模式、基础设施REITs融资模式和新能源项目融资模式的相关文献，其次通过案例分析法对本文案例的融资可行性、底层资产稳定性、融资效果、项目可复制性与推广价值和项目潜在风险展开深入剖析，得出相关结论。

最后，从政府和基金管理人两个角度出发提出相关建议。从政府角度出发，政府应该制定并完善相关法律体系，细化监管机制，优化税收政策并完善特别是在国有资产转让方面的资产转移制度。从基金管理人的角度出发，基金管理人应该多元化配置底层资产，改进市场准入机制，建立监督机制与优化激励措施，减少原始权益人在REITs产品中的持有份额比例，强化底层资产现金流的重要性，优化交易结构，从而加快基础设施公募REITs的发展，推动早日实现“双碳”目标。

Infrastructure investment refers to the expenditure on the construction or purchase of related projects and basic facilities aimed at providing fundamental services to public life and company production or improving environmental issues. Since the reform and opening up, infrastructure investment has played an important role in China's economic development due to its significant positive externalities. It has become an important material guarantee for national economic growth and has played a vital role in the sustained growth of the national economy. However, the infrastructure financing model has long faced structural issues such as limited financing channels, overinvestment, capital shortages, low operational efficiency, and difficulties in capital exit. At the same time, against the backdrop of pursuing the "dual carbon" goals, new energy sectors, including photovoltaic power generation, have emerged as hotspots for investment. However, the new energy industry traditionally relies mainly on bank credit and bond issuance for financing, leading to a single financing method that can easily accumulate excessive debt and increase financial risks. In view of this, exploring a broader range of financing channels is particularly important to maintain the continuous advancement of infrastructure construction. Under these circumstances, with the policy emphasis on addressing the shortcomings in infrastructure, infrastructure REITs have started to attract attention from academic and industrial circles. REITs products have the potential to revitalize existing assets, reduce government leverage, and bring new schemes and opportunities for infrastructure asset financing.

Based on the aforementioned context, this paper selects the second batch of China's REITs products, focusing on the AVIC Jingneng Photovoltaic REITs project as the research subject. It begins by sorting and reviewing domestic and international literature on REITs financing models, infrastructure REITs financing models, and new energy project financing models. Subsequently, through case analysis, it conducts an in-depth dissection of the financing feasibility, stability of underlying assets, financing effects, replicability and promotional value of the project case, as well as its potential risks, to draw relevant conclusions.

Finally, recommendations are proposed from the perspectives of both the government and fund managers. From the government's standpoint, it is advised to develop a comprehensive legal framework, refine regulatory mechanisms, optimize tax policies related to REITs products, and clarify the asset transfer system particularly in the context of state-owned assets. From the perspective of fund managers, they should diversify the allocation of underlying assets, improve market access mechanisms, establish supervisory systems and enhance incentive measures. It is also recommended to reduce the proportion of original equity holders in REITs products, emphasize the importance of cash flow from underlying assets, optimize transaction structures, thereby accelerating the development of public infrastructure REITs.