不动产信托基金融入PPP的制度障碍与解决路径

Institutional Obstacles and Solutions to the Integration of Real Estate Trust Fund into PPP

在基础设施领域实行政府与社会资本合作模式(PPP)有利于提高公共服务的质量和效率,但在实践中却面临项目融资难、社会资本退出机制单一等问题,而通过制度创新将不动产信托基金(REITs)与PPP融合可以较好地解决以上难题。现实中,REITs与PPP的融合面临着规范REITs具体应用的法律缺失、缺乏特别的税收优惠政策、信息披露和监管体系不健全等制度性阻碍。当前需从完善法律法规、明确政府义务清单、优化PPP-REITs的税收优惠细则、建立严格的监管和信息披露制度等方面,推动REITs与PPP的融合应用。

The public-private partnership(PPP)model in the field of infrastructure will help improve the quality and effi‐ciency of public services,however,in practice,it faces such problems as the project financing difficulties,single withdrawal mechanism of social capital.Through institutional innovation,real estate trust funds(REITs)and the PPP fusion can better solve the above problems.In reality,the integrated application of REITs and PPP is faced with institutional obstacles such as the lack of laws regulating the specific application of REITs,the lack of special preferential tax policies,and the imperfect information disclosure and supervision system.At present,it is necessary to promote the integrated application of REITs and PPP by perfect‐ing laws and regulations,clarifying the list of government obligations,optimizing the tax preferential rules of PPP-REITS,and es‐tablishing strict supervision and information disclosure system.