Research On Penghua Shenzhen Energy REITs Product Valuation Optimization

In recent years,under the background of the "two-carbon" policy,the national energy system has been actively transformed to build a new type of national power system,and strive to realize electricity cleanliness and high efficiency as soon as possible.The clean energy industry has a high initial investment and a long investment cycle,making it difficult for traditional financing methods to bear the growing financing needs of the clean energy industry.In June 2021,on the basis of the successful issuance of the first batch of REITs,the National Development and Reform Commission issued No.958,which included clean energy in the pilot scope of public REITs,providing a new financing idea for the clean energy industry.It is a move in line with the development of The Times.For enterprises,compared with traditional financing channels,REITs can obtain tax advantages,credit enhancement,leverage reduction and other effects.For investors,buying REITs products can reduce the volatility of earnings and have advantages such as rigid inflation.However,at present,there are few listed REITs in China and the market valuation system is not perfect,so investors tend to ignore various risks of the products.Therefore,this paper focuses on the research of product valuation optimization.Based on the review of the theoretical knowledge and development status of REITs,combined with the existing literature research at home and abroad,this paper selects the first clean energy REITs--"Penghua Shenzhen Energy REITs" as the research object,reviews the company background,basic assets and project situation of its products,and carries out risk analysis.It is found that it is similar and unique to other REITs products.Then,combined with the characteristics of the clean energy industry and the company,this paper uses the income method to measure the financing scale of REITs.On this basis,key risk variables are introduced and Monte Carlo simulation is used to verify the valuation.The research shows that the asset value of Shenzhen clean energy REITs optimized by Monte Carlo is RMB 3.768 billion,and there is an asset undervaluation phenomenon.In conclusion,this paper studies the valuation optimization of Penghua Shenzhen Energy REITs,the first clean energy REITs product,analyzes the difficulties in product valuation,and tries to put forward solutions with certain reference value,which enriches relevant domestic research and has important reference significance for the subsequent market pricing and valuation of energy REITs in China.