不动产信托投资基金用于林业融资的探讨

Discussion on REITs applied in Forestry Financing

随着我国林业产业发展和生态修复工程的加速开展,林业资金投入与需求之间的缺口日渐变大,林业投融资机制存在的问题日益凸显,已成为制约我国林业进一步发展的重大障碍。不动产信托基金(REITs)作为流动性高、投资风险较低、收益较为稳定的金融产品,能够起到盘活存量资产,拓宽社会资本投资渠道,使资本市场高效服务实体经济的作用。自2020年4月起,关于REITs的政策密集出台,标志着我国不动产信托基金试点的正式起步。随着政策发布,各大基金公司积极地寻找优质项目,截至2020年11月,多家拟发行REITs的基金公司已赴国家发改委进行答辩,意味着大批REITs产品即将面世,新的蓝海也即将出现。但由于目前的试点要求,林业类项目暂时还不具备大规模发行REITs的条件。从资本市场的角度出发,通过分析REITs的特性和我国林业的融资困境与发展趋势,结合实际数据与政策要求,对林业行业运用不动产信托基金融资的可行性和必要性进行了分析研究,为进一步拓宽我国林业的融资渠道,降低融资成本提供启示和政策建议。

With the development of the Chinese forestry industry and the acceleration of ecological restoration projects,the gap between forestry capital investment and demand is growing.The problems between forestry investment and financing mechanisms have become increasingly prominent,which is a major obstacle to the further development of forestry in China.Real estate investment trusts(REITs),as financial products with high liquidity,low investment risk and relatively stable returns,can revitalize the assets,broaden social capital investment channels and enable the capital market to efficiently serve the real economy.New regulations on REITs were intensively introduced since April 2020,which marks the official start of real estate trust fund pilot projects in China.Since the release of the policy,major fund companies have been actively looking for high-quality projects.As of November 2020,several fund companies planning for IPO of REITs have reported to the National Development and Reform Commission,China′s top economic planner.A large number of REITs products will be available soon.As a result,a new blue ocean is about to emerge.However,due to the current requirements,forestry projects do not yet have the conditions for the large-scale public offering of REITs.To provide enlightenment and policy recommendations for further broadening the financing channels of China′s forestry and reducing financing costs,this study,from the perspective of the capital market,studies the feasibility and necessity of using REITs for forestry industry financing by analyzing the characteristics of REITs products and the financing dilemma and development trend of the Chinese forestry industry.