Research On Risk Allocation Of Infrastructure REIT Projects

Infrastructure is an important support for the development of the national economy.With China’s economy shifting from a high-speed growth phase to a high-quality development phase,the demand for infrastructure has also increased further.However,due to the large amount of funding required for infrastructure projects and the long investment recovery period,there have been some structural problems in the financing of China’s infrastructure,including narrow financing channels,high debt leverage ratios,and difficulty in capital exit.Against this background,infrastructure REITs(Real Estate Investment Trust)have emerged as an innovative financing model.Infrastructure REITs can effectively activate existing infrastructure assets,reduce the asset-liability ratio of governments and enterprises,and promote the healthy development of infrastructure construction and economic transformation and upgrading.At the same time,infrastructure REITs also provide investors with new investment channels,enabling more individual investors to share the benefits of infrastructure development.Infrastructure REITs projects usually involve many participants,and the risk factors faced in the operation process are also relatively complex.Therefore,in the context of the rapid development of infrastructure REITs in China,research on risk-sharing in infrastructure REITs projects is of great practical significance.This article aims to conduct research on the relevant issues of risk sharing in infrastructure REITs projects,in order to achieve a reasonable allocation of risks among all parties involved in the project to ensure its smooth operation.At the same time,it provides theoretical and practical reference for the promotion and application of REITs financing models in the field of infrastructure in China.Based on the analysis of relevant literature and the summary of related theories,this paper first identifies the risk factors list of infrastructure REITs projects through the combined use of literature analysis method,checklist method,and expert interview method.Next,the framework of risk sharing in infrastructure REITs projects is analyzed,and the relevant stakeholders are analyzed based on this,determining the participating entities in risk sharing.Then,a risk sharing evaluator index system based on the principle of risk sharing is constructed,and the comprehensive weights of the indicators are determined using a combination of the G1 method and the C-OWA operator.Finally,the GRA-TOPSIS model is used to determine the risk factors that each participating entity should bear.For risks that need to be shared by multiple parties,the Shapley value method is used to define the proportion of shared risks among the participating entities,thus formulating a complete risk sharing plan for infrastructure REITs projects.The article selected the Sichuan Longna Expressway REITs project as a real case to validate the risk-sharing model.As the first infrastructure REITs project in the ChengduChongqing region,it is representative in terms of transaction structure,underlying asset conditions,and return on investment.After case analysis,the effectiveness and rationality of the risk-sharing model were confirmed,and based on this,suggestions for risk-sharing were proposed from the perspective of achieving a win-win situation for all parties involved.Addressing the challenges of risk-sharing in infrastructure REITs projects,this article proposes a basic framework for risk-sharing and calculates the specific sharing ratio of shared risks.Through quantitative research methods,it fills the gap in previous project practices that did not provide specific risk-sharing schemes,providing a reference for future risk-sharing in infrastructure REITs projects.