Research On Financing Issues In Infrastructure Industry Based On PPP+public Offering REITs Financing Model

For a long time,our country’s economic development has been promoted by infrastructure projects.Traditional infrastructure investment mainly includes market entities such as urban investment platforms and state-owned enterprises.The financing method is mainly completed through bank loans and bonds.Under this model,local debt pressures are increasing,leverage has continued to increase,and the dependence of indirect financial systems such as banks is also increasing.In 2020,our country began to launch policies on public offering REITs.The launch of public offering REITs was actually a change in the field of infrastructure investment and financing models.The PPP model is a model for the cooperation between government and social capital that is commonly used in our country in the past few years.After continuous development,there are still problems such as incomplete exit mechanisms.A kind of innovation of infrastructure construction financing.This article uses the first batch of first-issued Capital Water REITs as an example to analyze its financing effect and risk,and on this basis,it is hoped that in the future,it can be applied to the infrastructure construction more in the future to revitalize the inventory of infrastructure,and broaden the source of funds for incremental infrastructure.First of all,this paper analyzes the financing status of our country’s infrastructure industry,mainly analyzes its financing model and the existing problems of financing,from the government,mechanism,finance and enterprises are discussed,to find the single financing model,insufficient financial innovation,less financing channels of enterprises and so on,and further analyzes the reasons behind it.Secondly,this paper explains the advantages and possible risks of PPP+ public offering REITs from a qualitative perspective,so as to explain the necessity of combining these two models.Finally,this paper takes Capital Water REITs as an example to conduct empirical analysis,and studies the financial effect of adopting this financial model from two perspectives of operating efficiency and financial risk.Through empirical research,it is concluded that Beijing Capital Group can improve its operating efficiency and financial risk by packaging its PPP project to issue REITs for financing.It is a mutually beneficial model for governments,enterprises and investors.Through the research on the financing model of PPP+ public offering REITs,this paper can provide reference value for the subsequent financing of the infrastructure industry,and constantly innovate a better financial model on this basis.