Penghua Shenzhen Energy REIT Financing Case Analysis

In recent years,with the contradiction between economy and environment becoming increasingly prominent,the Chinese government has introduced a series of energy-saving and environmental protection policies one after another,and has made the development of clean and low carbon energy the main direction of adjusting the energy structure.At present,the domestic energy structure is continuously transforming to low-carbon,environmental protection and clean.Under the goal of reaching the peak of carbon and carbon neutrality,the clean energy industry has ushered in a huge space for development.However,energy enterprises generally have high asset-liability ratio and financing difficulties.At the same time,a number of policies were introduced to support the construction of the REITs market and promote the high-quality development of the multi-tiered capital market.In July 2022,Shenzhen Stock Exchange launched the first clean energy REITs in China--"Penghua Shenzhen Energy REIT".This single public offering of clean energy REITs is of great significance to the financing field of energy infrastructure and has a very good demonstration effect for related enterprises to expand financing paths in the future.Therefore,it is necessary to analyze the case of Shenzhen energy utilization public REITs financing.On the basis of comprehensive domestic and foreign research,this paper analyzes the first clean energy REIT in China--Penghua Shenzhen Energy Re IT through literature research method,event research method and quantitative analysis,mainly from the aspects of financing motivation,financing plan,financing effect and financing risk.The following conclusions are drawn: As an innovative financial product,public offering REITs is a safe,stable and feasible financing model for clean energy enterprises with financing needs.Penghua Shenzhen Energy REIT is a successful case worth learning from.Project companies can timely seize the policy dividend,use public REITs for financing,and promote the transformation of clean energy enterprises;Its trading structure is reasonable,the underlying assets are high quality,and the original owner’s operating capacity is stable.The project fund has a good performance in the secondary market and the issuance of the project has a positive effect on the short-term stock price of the originator.The GARCH-Va R model is used to measure the market risk of Penghua Shenzhen Energy REIT,and it is found that the fund has risk volatility and the fluctuation of Va R is proportional to the fluctuation of return rate.As time goes by,the volatility of fund return tends to be stable,and the corresponding extreme risk VAR value also decreases correspondingly and gradually approaches zero.Based on the analysis,it can be seen that the REIT financing case of Penghua Shenzhen Energy has reference significance.It is suggested that the government expand the pilot scope of public offering REITs,reduce the agency cost,and build a comprehensive legal system guarantee.It is suggested that clean energy enterprises with relevant financing plans can refer to Penghua Shenzhen Energy REIT,build high-quality assets at the bottom,set up a reasonable trading structure,improve their own profitability,establish a risk prevention system,and actively participate in the market practice of public offering REITs.