Research On The Effect Of Infrastructure Public REITs On Corporate Financing

Infrastructure is the material basis for ensuring the normal operation and healthy development of cities,and vigorously developing infrastructure is conducive to supporting industrial economic transformation,improving people’s living standards,and preventing various potential safety hazards.However,with the continuous expansion of China’s infrastructure scale,infrastructure-related enterprises are facing problems such as financing difficulties and slow capital recovery,which seriously hinders the subsequent development of infrastructure enterprises.At this time,in response to the demand to get rid of the predicament of the infrastructure industry,infrastructure public REITs(hereinafter referred to as "public REITs")have emerged.At the same time,the "14th Five-Year Plan" Outline clearly proposes to promote the healthy development of public REITs,effectively activate stock assets,and form a virtuous cycle of stock assets and new assets.Therefore,promoting the pilot work of public REITs is not only the trend of the reality,but also the direction of policies.However,public REITs are in their infancy in China,and the promotion of related pilot work still faces huge challenges,and the impact of public REITs on infrastructure enterprise financing needs further research.This paper takes Bosera CMB Shenzhen Industrial Park REIT,which is among the first batch of 9 publicly issued and listed REITs,as the case study object.First,through literature review and summary,the operational mode of REITs,the risks existing in each link,and their impact on enterprise financing in China and abroad are understood.Then,the development process of REITs in China and abroad,as well as the trading structure and characteristics of Chinese public REITs,are analyzed and summarized.The Bosera CMB Shenzhen Industrial Park REIT is deeply analyzed as an example,starting from the analysis of the financing motives of China Merchants Shekou,and then the analysis explored the impact of the Bosera CMB Shenzhen Industrial Park REIT on China Merchants Shekou’s financing effectiveness from four perspectives: financial risk,market reaction,financial indicator analysis,and non-financial aspects.In conclusion,the motivations for companies to issue public REITs are diverse.Public REITs can reduce financial risks,improve financial conditions,and increase corporate value.They provide an excellent channel for state-owned asset preservation and appreciation,asset transformation,and listing platform reserves.Based on the problems existing in public REITs and the research conclusions of this paper,the following suggestions are proposed from two perspectives: to promote the trial of public REITs,active exploration should be made to expand the scope of the trial,appropriately relax the application conditions,improve relevant regulations and tax policies,and relevant financial institutions should actively guide potential issuers;In order to improve the long-term financing effect of public REITs on enterprise,the entire industry chain collaborative mechanism of public REITs should be improved,and the original equity holders should give play to the driving effect of the raised funds.