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徽杭高速REITs融资案例研究_MBA毕业论文DOC

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摘要
基础设施建设对一国经济社会发展能产生至关重要的推动作用,在我国新型
城镇化社会的不断建设与发展的过程中,亟需巨额资金投入到基础设施建设中去。
当前,我国基础设施传统融资方式在支持项目建设的过程中暴露出了一系列的问
题,如融资渠道单一,地方政府债务压力大,社会资本参与度低等,制约了基础
设施建设发展。因此,引入有效的基础设施建设融资工具迫在眉睫。不动产投资
信托基金(REITs)作为一种新兴的融资方式,已经在国内开始得到大量应用,
以商业物业和长租公寓为代表的资产通过 REITs获得了大量的资金融入,有力的
支持了产业发展。
2019年,REITs被首次引入到基础设施领域,让基础设施建设迎来发展契
机。本文基于国内首单基础设施类 REITs——沪杭甬徽杭高速资产支持专项计划,
从多个角度分析从案例。首先,基于相关理论,详细介绍了 REITs有关概念,分
析 REITs融资优势。其次,在对我国高速公路融资背景进行充分了解后,详细介
绍徽杭高速 REITs融资案例,包括案例的参与主体、交易结构及底层资产。再者,
深入分析徽杭高速 REITs,从项目动因、产品结构、融资效果和主要风险四个方
面进行分析。具体得出了以下研究发现:第一,沪杭甬公司进行此次 REITs融资
主要是出于国家政策支持,盘活存量资产,优化融资结构等三个目的;第二;徽
杭高速 REITs在底层资产、交易结构、增信措施以及节税措施这四个方面的精心
设计,为项目的顺利发行提供重要保障;第三,徽杭高速 REITs的顺利实施给沪
杭甬公司在多个方面带来了极大利好,首先是优化了公司的融资结构,较其他传
统融资方式降低公司的融资成本、优化公司的资本结构,其次是提升了公司的市
场价值,获得了市场的一致看好,最后,在疫情的冲击下帮助了公司有效的稳定
财务状况,避免经营状况进一步恶化;第四,徽杭高速 REITs项目在此次融资过
程中,主要面对着现金流风险、利率风险和管理风险三大风险,需要沪杭甬公司
对此提高警惕。
最后,本文基于徽杭高速 REITs案例对我国基建企业利用 REITs融资进行
了总结。在此之后,提出了对未来发展的启示,有如下四个方面:第一,优质基
础资产是使用 REITs成功融资的基础;第二,合理产品方案是使用 REITs成功融
资的关键;第三,REITs融资能解决企业融资的局限性;第四,REITs融资能够
提升企业绩效。以期发挥徽杭高速 REITs案例的首创示范效应,促使 REITs的本
土化发展与应用、推动基建企业融资能力的进一步提高。
关键词:REITs;基础设施;徽杭高速;融资

Abstract
Infrastructure construction plays an important role in promoting a country's
economic and social development. In the process of the continuous construction and
development of China's new urbanization society, a huge amount of money is urgently
needed to invest in infrastructure construction. At present, a series of problems have
been exposed in the process of supporting the construction of infrastructure projects in
China, such as single financing channel, high debt pressure of local government, low
participation of social capital, which restrict the development of infrastructure
construction. Therefore, the introduction of effective infrastructure financing tools is
imminent. Real estate investment trusts (REITs), as a new way of financing, have been
widely used in China. The assets represented by commercial properties and long-term
rental apartments have obtained a lot of capital integration through REITs, which
strongly supports the development of the industry.
In 2019, REITs was introduced into the field of infrastructure for the first time,
which created a development opportunity in infrastructure construction. Based on the
first REITs of infrastructure in China - Shanghai Hangzhou Ningbo Huizhou Hangzhou
Expressway Asset support special plan, this paper analyzes the case from multiple
perspectives. Firstly, based on the relevant theories, this paper introduces the concepts
of REITs and analyzes the financing advantages of REITs. Secondly, after fully
understanding the background of Expressway Financing in China, this paper introduces
the Huihang Expressway REITs financing case in detail, including the participants,
transaction structure and underlying assets. Furthermore, it analyzes Huihang
Expressway REITs from four aspects: Project motivation, product structure, financing
effect and main risks. The specific findings are as follows: Firstly, the purpose of this
REITs financing is to support the national policy, revitalize the stock assets and
optimize the financing structure; Secondly, the careful design of Huihang REITs in the
four aspects of underlying assets, transaction structure, credit enhancement measures
and tax saving measures provides an important guarantee for the issuance of the project;
Thirdly, the successful implementation of Huihang high-speed REITs has brought great
benefits to huhangyong company in many aspects:First of all, it has optimized the
company's financing structure, reduced the company's financing cost and optimized the
company's balance sheet compared with other traditional financing methods. Then, it
has improved the company's market value and won the consensus of the market. Lastly,
。。。以下略