进一步加快基础设施领域不动产投资信托基金(REITs)试点的困境与思路  

On the Difficulties and Proposals of Further Accelerating the Real EstateInvestment Trusts(REITs) Pilot Projects in the Infrastructure Sector

作　　者：周豫 ZHOU Yu(Harbin Institute of Technology,Shenzhen Guangdong Province518055,China)

机构地区：[1]哈尔滨工业大学(深圳),广东深圳518055

出　　处：《中国发展》2022年第4期29-33,共5页China Development

摘　　要：我国基础设施领域不动产投资信托基金(REITs)试点正在如火如荼的开展,全国各省市都相继发布有关基础设施REITs的发展政策,体现了对基础设施REITs试点的大力支持。2021年6月我国基础设施REITs市场正式运行,近一年的发展表明REITs市场上投资者一级认购热情很高,但同时也存在二级市场流动性不足、市场体量太小等问题。该文针对目前REITs存在的目标项目稀少、融资效率低下、审批环节繁杂、配套政策落后等困境提出相应的建议。包括放宽底层资产的准入口径、建立审批流程化常态化机制、出台税收优惠政策、允许可转债融资、规范扩募流程,希望为进一步推进我国基础设施REITs市场健康发展、盘活存量资产、推动经济高质量发展提供借鉴。China's real estate investment trusts(REITs)pilot in the infrastructure sector is in full swing,and provinces and cities have released policies on the development of infrastructure REITs,reflecting strong support for infrastructure REITs pilot.In June 2021,China's infrastructure REITs market is officially operational,and nearly a year of development shows that the market is very enthusiastic in subscribing at the primary level,but at the same time there are also problems such as insufficient liquidity,too small market volume in the secondary market.This paper puts forward corresponding suggestions for the current problems of REITs,such as scarcity of target projects,inefficient financing,complicated approval process,and backward supporting policies.It is suggested to relax the access caliber of underlying assets,establish a normalized mechanism of approval process,introduce tax preferential policies,allow convertible bond financing,and standardize the process of expansion of fund raising,hoping to provide a reference for further promoting the healthy development of China's infrastructure REITs market,revitalizing the stock assets and promoting high-quality economic development.

关 键 词：基础实施领域 不动产信托投资基金 准入口径 税收政策 可转债融资 

分 类 号：F82[经济管理—财政学]