| New urbanization construction is the policy proposed by the 18 th National Congress of China,and improving the quality of new urbanization construction needs to make up for the shortcomings of infrastructure and public services,sewage and waste treatment projects are among the key elements.Along with the project’s strong demand for construction,the project construction funds can not be ignored.And for a long time,China’s sewage and waste treatment projects mainly rely on the investment form government and state-owned enterprises,PPP mode,special bonds and other financing modes have been unable to meet the project investment needs,China urgently needs to develop capital market instruments,from relying on government investment to diversified financing direction.China’s infrastructure REITs pilot project was officially launched in April 2020,bringing a new financing channel for infrastructure projects,and urban sewage and waste treatment projects as pollution control projects are also included in the pilot scope.However,the development of infrastructure REITs is still immature,and the products may have certain degree of defects,and the risk problem cannot be ignored.In order to promote the better application of infrastructure REITs in wastewater and waste treatment projects,this study identifies and analyzes the risk indicators of infrastructure REITs in wastewater and waste treatment projects,evaluates the risk level of infrastructure REITs product,and constructs a financing risk management method system for infrastructure REITs in wastewater and waste treatment projects,to deal with all aspects of financing risks.The main research contents are as follows:(1)Related concepts and applicable theoretical definitions of infrastructure REITs.This paper define the concepts of infrastructure REITs analyze the characteristics.(2)The operation and applicability analysis of infrastructure REITs applied to sewage and waste treatment projects.This paper analyzes the applicability of infrastructure REITs in sewage and waste treatment projects,and makes an in-depth analysis of the main operational aspects at each stage of the application process and the key issue of the transaction structure.It goes on to analyze the problems existing in the application of infrastructure REITs in sewage and waste treatment projects to provide reference for the identification of risk factors.(3)Financing risk evaluation of infrastructure REITs in urban sewage and waste treatment projects.First,this paper uses case analysis and literature analysis to identify and determine risk evaluation indicators,including underlying assets,fund operation,market and environment.Then,this paper uses grey fuzzy comprehensive evaluation method to comprehensively evaluate the financing risk.In addition,the GARCH-VAR model is constructed by value-at-risk method,and the objective data of the market performance of infrastructure REITs products are used as auxiliary evaluation.(4)The case analysis of ZHONGHANGSHOUGANG BIOMASS REIT.The established risk evaluation method is applied to the actual infrastructure REITs,the risk level of the product is evaluated as relatively low risk,so as to verify the feasibility of the risk evaluation method.This paper also analyzes the results of risk evaluation and puts forward corresponding strategies for different types of risks.This study proposes innovations in research ideas and methods.The financing risk index system of infrastructure REITs in the specific underlying asset type--sewage and garbage treatment project is improved,and the research method of financing risk of infrastructure REITs products is expanded by combining grey fuzzy comprehensive evaluation with GARCH-VAR model.The strategies proposed in this study to address the financing risks of infrastructure REITs in urban sewage and waste treatment projects can provide a reference for relevant entities to prevent risks.However,there are still deficiencies in the descriptive nature of some indicators,which can be optimised in subsequent studies. |
PDF Full Text Request