H产业园项目投融资决策及REITs再融资方案探讨

Research on Investment & Financing Decision and Refinancing Scheme of H Industrial Park Infrastructure Project

适合的基础设施投融资方式能够降低社会综合成本,提高社会经济效率。在H产业园基础设施工程可行性研究报告的基础上,结合项目发行专项债的现实情况,设计PPP+专项债+银团借款的投融资模式。根据项目资产的特点,将项目资产分为公益性资产和经营性资产。通过分析经营性项目资产的现金流,认为通过自身经营能够满足项目投资回收的要求,具备以PPP项目收益权为基础资产发行REITs的条件,实现项目的再融资,为国内类似基础设施项目的实施提供了参考。

Suitable investment and financing of infrastructure can reduce the overall cost of society and improve the efficiency of society and economy.Based on the feasibility report of H Industrial Park infrastructure project,this paper puts forward and demonstrated the feasibility of the project using PPP mode.Combined with the actual situation of issuing the special bond,designs the innovative investment and financing mode of PPP+the special bond+syndicated loan.According to whether the project assets have the ability to directly create benefits,divides the project assets into public welfare assets and operational assets.By analyzing the cash flow of operational project assets,concludes that self-management can meet the requirements of project investment recovery and meet the requirements of issuing REITs based on PPP project usufruct to realize project refinancing,in order to provide experiences for the implementation of similar infrastructure projects in China.