特许经营类基础设施REITs底层资产价值评估研究

Study on Valuation of Underlying Assets of Franchise-type Infrastructure REITs

基础设施特许经营项目具有稳定盈利能力,是我国基础设施REITs的重要投资领域。根据基金交易结构,特许经营类基础设施REITs的底层资产特许经营权应为无形资产特许经营权和与之相关的基础设施固定资产。通过对现有基金底层资产估值业务进行分析,发现实务中对于基金底层资产构成理解、评估方法运用存在一些偏差。鉴于此,根据基金底层资产的价值内涵,对多期超额收益法做出应用改进,为特许经营类基础设施REITs底层资产价值评估提供参考。

With the stable profitability,infrastructure franchise project has become an important investment area of infrastructure REITs.According to the trading structure of infrastructure REITs,the underlying assets of franchisetype infrastructure REITs should be the franchise rights and the infrastructure fixed assets.Through the analysis of the existing underlying asset valuation business,it is found that there are some deviations in practice regarding the composition of fund underlying assets and the application of valuation methods.In view of this,the multi-period excess earning method is improved based on the value connotation of franchise right,which provides a reference for the valuation of the underlying assets of franchise-type infrastructure REITs.