铁路项目公募REITs和IPO募资对比  

Comparison of REITs and IPO Fundraising for Railway Projects

作　　者：张建平 郭彦 郭帅 ZHANG Jianping;GUO Yan;GUO Shuai(Planning and Standard Research Institute,National Railway Administration,Beijing 100055,China;Infrastructure Department,Army Military Transportation University of PLA,Tianjin 300161,China;Investment and Equity Management Department,China Railway Investment Co Ltd,Beijing 100096,China)

机构地区：[1]国家铁路局规划与标准研究院,北京100055 [2]中国人民解放军陆军军事交通学院基础部,天津300161 [3]中国铁路投资有限公司投资与股权管理部,北京100096

出　　处：《中国铁路》2022年第3期87-93,共7页China Railway

基　　金：中国铁路总公司科技研究开发计划项目(2017F013);国家铁路局交通强国铁路建设标准研究项目(2019BZ017)。

摘　　要：铁路项目资产盘活是当前国铁资本运营的重要课题,需要重点分析实际工作中采用公募REITs还是IPO募资能达到最优目标。结合两种募资方式的政策要求、融资需求、估值比例、募集资金量、投资权益、流通性等异同,以京沪高速铁路股份有限公司、山东高速股份有限公司为实例进行分析,用定量方式展现同一公司采用公募REITs和IPO募资的主要指标差异,为国铁资本运营标的筛选提供建议。提出两种募资方式更易达到的目标,总结各自的优、缺点和适用条件。最终分析得出绝大多数铁路项目资产适宜的资本运营方式。Tapping the full potential of railway project assets is an important topic in the current capital operation of CHINA RAILWAY, and it is necessary to focus on analyzing whether REITs or IPO fundraising can achieve the best objective in the actual work. Based on the similarities and differences of the two fundraising methods in policy requirements, financing requirements, valuation proportion, amount of fund raised, investment equity and circulation, etc., this paper examines Beijing-Shanghai High Speed Railway, and the main indicator differences of REITs and IPO fundraising adopted by the same company are quantitatively presented to provide suggestions for the selection of capital operation targets of CHINA RAILWAY. This paper introduces the objectives that are easier to be achieved by the two fundraising methods respectively and summarizes their respective pros, cons and applicable conditions and shows the capital operation methods that suit most railway projects.

关 键 词：铁路项目 铁路资产 REITS IPO 资本运营 

分 类 号：U2-9[交通运输工程—道路与铁道工程]