Penghua Shenzhen Energy Clean Energy REIT Product Structure And Risk Assessment

REITs as an innovative financing tool,have been used in China for 22 years.As of the close of business on December 30,2022,there were 24 public REITs in China,with a total issuance scale of 78.36 billion yuan and a total market value of 85.434 billion yuan.The asset types involved six infrastructure sectors,namely industrial park,warehousing and logistics,affordable rental housing,ecological environmental protection,transportation and energy.Energy sustains people’s livelihood and is the lifeblood of the national economy.The combination of the energy industry and the public REITs capital market will make a great contribution to China’s exploration and improvement of the multi-level capital market.In 2022,the cooperation between Penghua Fund and Shenzhen Energy promoted the listing of China’s first public offering of clean energy REITs--Penghua Shenzhen Energy Clean Energy REIT.Different types of private equity REITs adopt the structure of "ABS+ private equity fund +SPV".The biggest feature of public equity REITs is to add a layer of "public equity fund",which is conducive to getting rid of the limit of 200 investors.In addition,the product structure of some public REITs will eliminate the "private fund" and transfer to the product structure of reverse absorption SPVS of the project company,whose biggest purpose is to set up a 1:2 stock-debt ratio of the special plan to the project company.Although the product structure of public offering REITs is the optimization of the product structure of private offering REITs,it also faces the problem of complex structure hierarchy,and its derivative risks are still worthy of attention.Therefore,the research on the product structure and risks of public offering REITs can be used for reference both for investors to make investment decisions and for energy enterprises to issue public offering REITs for financing.This paper first introduces the development status of China’s public offering infrastructure REITs,the types of product structure and risk assessment methods,and then focuses on the product structure and risk assessment of Penghua Shenzhen Energy REIT on the basis of the introduction of Penghua Shenzhen Energy REIT.The results show that:(1)Compared with the product structure of private REITs,the biggest feature of Penghua Shenzhen Energy REIT is to increase the "public offering fund",breaking the limit of the number of investors;Compared with the product structure of other public REITs,the biggest highlight of Penghua Shenzhen Energy REIT is that the amount of debt is determined according to the actual scale of raising after the establishment of the special plan,while other public REITs determine the amount of debt before raising.(2)Penghua Shenzhen Energy REIT has risks related to product structure,risks related to infrastructure projects and risks related to special plans.In this paper,the fuzzy analytic hierarchy process is used to calculate the risk of Penghua Shenzhen Energy REIT,and it is concluded that the overall risk degree of the product is moderate,among which the risk related to the special plan is the highest.