我国公募REITs交易结构、形成因素及启示

Transaction Structure,Formation Factors and Enlightenment of China Public REITs

“公募基金+ABS”是基础设施REITs试点政策制定过程中的一个创新,虽然这一模式在理论和实践中存在诸多问题,但它是当前制度框架下尽快推出REITs产品的最优选择。在利好政策的积极指引下,公募REITs市场资金保持热情高涨态势。未来将会有更多优质资产进入市场,进一步丰富投资产品,助力公募REITs市场逐步走向成熟。深入了解产品背后的交易结构及其结构形成的制约因素,对于未来能够积极参与市场交易活动意义重大。

"Public offering fund+ABS"is an innovation in the process of pilot policy formulation of infrastructure REITs.Although this mode has many problems in theory and practice,it is the best choice to issue REITs products as soon as possible under the current institutional framework.Under the positive guidance of favorable policies,public REITs market funds remain enthusiastic.In the future,more high-quality assets will enter the market to further enrich investment products and help the public REITs market gradually mature.Financial institutions and their practitioners need to know not only how,but why.It is of great significance for us to actively participate in market trading activities in the future to have a thorough understanding of the transaction structure behind the product and the constraints of its formation.