发展水利基础设施REITs如何破局--基于对贵州省水利基础设施的调研  

On furthering water infrastructure development by unleashing the role of REITs--based on a survey of water infrastructure in Guizhou Province

作　　者：樊新中 周以升 李瑶 魏晨阳 魏轶东 FAN Xinzhong;ZHOU Yisheng;LI Yao;WEI Chenyang;WEI Yidong(China South-to-North Water Diversion Group Investment Co.,Ltd.,Beijing 100036,China;Gohigh Capital,Beijing 100083,China;Guizhou Provincial Committee of the China Democratic National Construction Association,Guiyang 550000,Guizhou,China;PBC School of Finance,Tsinghua University,Beijing 100083,China;Zhong Lun Law Firm,Beijing 100083,China)

机构地区：[1]中国南水北调集团水务投资有限公司,北京100036 [2]高和资本,北京100083 [3]民建贵州省委,贵州贵阳550000 [4]清华大学五道口金融学院,北京100083 [5]中伦律师事务所,北京100083

出　　处：《水利发展研究》2022年第9期1-5,共5页Water Resources Development Research

摘　　要：当前,我国大部分水利基础设施的投资模式以各级财政投入和债务融资为主,以中央财政补贴为辅,行业面临投资巨大、债务负担重、收益低等问题。文章基于对贵州省水利基础设施进行深入调研和讨论,研究提出了打通水利基础设施REITs堵点的新思路。通过结构性创新,突破水利资产投资周期长、收益率低的瓶颈,探索一条可行的水利设施投融资途径。同时,在制度层面和市场交易层面,进一步研究分析了“管库分离”相关重点问题,如水利工程确权、关联交易、水价改革等。At present,most of the water infrastructure in China are mainly financed by local governments and debt financing,and supplemented by central financial subsidies.Currently it is facing huge investment need,heavydebt burdenand low earning yields.In order to solve this issue,this paper proposes a feasible approach to the design of water infrastructure REITs on the basis of in-depth survey and discussion on water infrastructure development in Guizhou Province.We expect the design to tackle the issues of long investment cycle and low yields on water-infrastructure assets,and to develop a feasible investment and financing approach of water facilities.This new design also calls for solutions to a number of fundamental problems regarding regulation and market,including the ownership of underlying assets,connected transactions,water price reform plan,etc.

关 键 词：水利基础设施 投融资创新 REITS 贵州省 

分 类 号：F407.9[经济管理—产业经济] F407.273