高速公路REITs底层资产价值评估研究  

Research on the Valuation of Underlying Assets of Highway REITs

作　　者：李振楠 毛腊梅[1] 陶勇歧 Li Zhennan;Mao Lamei;Tao Yongqi(Tongling University,Tongling Anhui 244061;Zhongda Yuchen Asset Appraisal Co.,Ltd,Shijiazhuang 050013)

机构地区：[1]铜陵学院,安徽铜陵244061 [2]中大宁辰资产评估有限公司,河北石家庄050013

出　　处：《中国资产评估》2023年第10期65-80,F0003,共17页Appraisal Journal of China

摘　　要：高速公路已建成里程长,可证券化存量资产庞大。叠加当前政策的大力支持,使得REITs成为一条盘活存量高速公路资产的优选路径。我国高速公路行业改善现金流、拓宽融资渠道的需求较高,政策鼓励下未来高速公路公募REITs市场会进一步扩容,因此如何评估项目投资价值尤其重要。本文分析了高速公路公募REITs底层资产价值来源,以HX高速为例,使用四阶段法模型从乐观方案和保守方案两个角度测算车流量进而确定自由现金流,并依据实际情况测算各年动态折现率,确定高速公路REITs底层资产价值,全面展示了高速公路REITs底层资产价值评估流程,为后续高速公路REITs底层资产价值评估实务提供参考。Highways in China have extensive mileage and a significant amount of securitizable existing assets.Coupled with strong policy support,Real Estate Investment Trusts(REITs)have become a preferred way to revitalize existing highway assets.There is a high demand in the highway industry for improving cash flows and expanding financing channels.With policy encouragement,the public offering REITs market for highways is expected to further expand in the future.Therefore,it is crucial to assess the investment value of projects.This article analyzes the sources of value for the underlying assets of public offering REITs for highways and,taking HX Highway as an example,uses a fourstage model to calculate traffic volume from both optimistic and conservative scenarios to determine free cash flows.Dynamic discount rates are calculated for each year based on actual conditions to determine the value of the underlying assets of the highway REITs.This article comprehensively presents the process of assessing the value of underlying assets for highway REITs and provides a reference for practical valuation in the feld.

关 键 词：高速公路REITs底层资产 四阶段法 动态折现率 自由现金流 

分 类 号：F542[经济管理—产业经济]