基础设施公募REITs在高速公路投资企业中的应用探析

Analysis on the Application of REITs in Expressway Investment Enterprises

2020年4月,证监会与发改委共同颁布了《关于推进基础设施领域不动产投资信托基金(REITs)试点相关工作的通知》(以下简称“试点通知”)以及《公开募集基础设施证券投资基金指引(试行)(征求意见稿)》(以下称“指引”),正式拉开了我国基础设施公募REITs的序幕。高速公路投资项目因占用资金量大、项目周期长、流动性差、负债率高,利用REITs盘活存量资产、拓宽权益性融资渠道的需求迫切;同时,高速公路投资项目具有成熟的经营模式及市场化运营能力,现金流持续稳定可预测,是天然适合开展基础设施REITs业务的基础资产。本文旨在通过对高速公路投资企业参与REITs的动机和重要关注点进行分析,试图提出REITs在高速公路投资项目应用实践中的相关建议。

In April 2020,the China Securities Regulatory Commission and the National Development and Reform Commission promulgated the"Notice on Promoting the Pilot Program of Real Estate Investment Trusts(REITs)in the Infrastructure Field"(hereinafter referred to as the"Pilot Notice")and the"Guidelines for Public Offering of Infrastructure Securities Investment Funds"(Trial Implementation)(Draft for Comment)"(hereinafter referred to as the"Guidelines"),officially opened the prelude to the public offering of REITs in our country's infrastructure.Due to the large amount of capital occupied,long project cycle,poor liquidity and high debt ratio,expressway investment projects have an urgent need to use REITs to revitalize existing assets and broaden equity financing channels.At the same time,expressway investment projects have mature business models and marketization.Operating ability,stable and predictable cash flow,are the basic assets that are naturally suitable for infrastructure REITs business.This paper aims to put forward relevant suggestions on the application and practice of REITs in expressway investment projects by analyzing the motivation and important concerns of expressway investment enterprises to participate in REITs.