基础设施REITs发展的国际经验及借鉴

International Experience and Reference for the Development of Infrastructure REITs

REITs包括基础设施REITs都是在经济亟需刺激政策的背景下,各国政府为了实现经济政策目标而推出的,部分市场甚至由政府直接推动首批REITs上市。从国际市场发展现状看,主要的基础设施REITs市场都实现了良性循环,资本市场为基础设施融资和发展提供了强有力支持。从国际经验看,REITs立法的逻辑起点可以分为两大类,一类是将REITs定位成传递工具,一类是将REITs定位成集合投资工具,对应的免税政策也分别有两种不同逻辑。为促进基础设施REITs有序发展,兼顾投融资双方利益,本文提出了相应的法规政策原则和具体建议,包括如何处理好R E I T s法规与其他法规的关系,金融监管部门和其他政府部门的关系,发行人和投资者的关系,如何充分利用现有的金融市场法规和金融市场结构,以及会计准则调整和投资者保护等。本文还分析了资本弱化结构,建议在公募REITs中予以细化规定。

Globally,REITs,including infrastructure REITs,were mostly established to stimulate economy.Some REITs were proposed by governments directly.Currently,most of infrastructure REITs markets work fine.Infrastructure financing is effectively supported by capital markets through REITs.REITs have two kinds of legal basis.One is to serve as a delivery tool,while the other is to serve as a collective investment tool.They have different taxation measures respectively.Some principles of legal and policy issues of infrastructure REITs are proposed in this paper.These principles aim to handle the relationships between RETIs law and other laws,between financial regulators and government,and between establishers and investors.These principles also include accounting standards and investor protection measures.Besides,the thin capitalization structure of REITs-like products should be further regulated.