Research On The Risk Factors Of Public REITs Financing For Industrial Parks

At present,industrial park public REITs,as an innovative financing tool,has been developed in China for a relatively short period of time and is still in its initial stage.With the continuous promotion of public REITs in industrial parks,risk factors such as imperfect policies and lagging laws have begun to emerge.It is of great value to study the external factors of innovative financing in industrial parks.In this paper,we take the first case of "central enterprise + industrial to industrial" type of industrial park public REITs to be implemented in China in 2021 as the research object,study and analyze the financing mode of China Merchants Shekou Industrial Park public REITs,and assess the factors affecting the financing risk.The paper first introduces the basic information of the public REITs of China Merchants Shekou Industrial Park,and then provides a detailed analysis of the original equity holders,the project company,the underlying assets and the infrastructure operator.Then,the basic method of project risk identification is applied to decompose the risk factors of the public REITs of China Merchants Shekou Industrial Park,and a risk index system is constructed in terms of policy risk,market risk,operational risk,legal risk,and credit risk.The evaluation results show that the financing risk of China Merchants Shekou Industrial Park public REITs is moderate to low,and the impact of external risks such as policy,legal and market factors on financing risk is much greater than that of internal factors.Finally,based on the weights of the factors affecting financing risk and the evaluation results,recommendations are made in terms of clarifying tax support policies,improving the legal system related to REITs,making clear regulations on the transfer of state-owned assets of project companies in existing industrial park public REITs,establishing a perfect information disclosure system,and creating a favorable market environment.At the same time,the original equity holders should actively improve their own risk-taking ability,make good use of industrial policies,and select high-quality assets with continuous and stable cash flow,construction compliance and clear project ownership without economic or legal disputes as the underlying assets;improve the ability to use financial derivative products to effectively avoid the risks brought by market changes;select operators with rich experience and remarkable ability in industrial park operation We select operators with rich experience and significant capabilities in industrial park operations to provide better asset management services to project companies,etc.,and enhance our ability to respond to external risks through the improvement of our own operational capabilities.