中国基础设施REITs监管困境及多元监管体系研究

On the Regulatory Dilemmas and Multiple Regulatory System of Infrastructure REITs in China

在推动经济高质量发展的目标下,基础设施领域不动产投资信托基金(RealEstateInvestment Trusts,REITs)是盘活存量资产、拓宽融资渠道、提升基础设施建设活力的重要举措。研究发现,中国基础设施REITs由于结构复杂,参与主体多,代理链长等特点,存在参与方逐利偏差行为、底层资产监管机制不健全等监管困境。结合实践和国外经验,中国应创新多元监管形式,明确各监管主体角色定位,构建多元共治"三线并行"的监管体系。同时,监管部门应提高核心制度供给能动性,提高监管效率,促进监管实质化,适当引入大数据技术辅助监管。研究结果可为推进新发展格局下基础设施REITs市场建设提供理论参考。

To realize high-quality economic development, infrastructure Real Estate Investment Trusts(REITs) are adopted in the field of infrastructure as important tools for revitalizing stock assets, expanding financing channels and boosting vitality of infrastructure construction. This study finds that characterized by complex structure, multiple participants and long agency chain, China’s infrastructure REITs are faced with regulatory dilemmas such as profit-seeking deviant behavior of participants and imperfect supervision mechanism of underlying assets. Based on practice and foreign experience, China should innovate diversified forms of regulation, clarify the role of each regulatory subject and build a multi-governed "three-line parallel" regulatory system. Meanwhile, regulatory authorities should enhance the core institutional supply initiative, improve regulatory efficiency, ensure the effectiveness of regulation and introduce big data technology to assist regulation appropriately. The research results can provide theoretical reference for promoting the construction of infrastructure REITs market amid a new development landscape.