公募REITs底层资产选择影响机理:基于DEMATEL-ISM模型  

The Influence Mechanism of Underlying Asset Selection of Mutual REITs:Based on DEMATEL-ISM Model

作　　者：秦颖[1] 马舒晗 孙丽梅 QIN Ying;MA Shuhan;SUN Limei(School of Urban Economics and Management,Beijing University of Civil Engineering and Architecture,Beijing 100044)

机构地区：[1]北京建筑大学城市经济与管理学院,北京100044

出　　处：《管理现代化》2023年第6期61-68,共8页Modernization of Management

基　　金：国家自然科学基金青年项目(72103018);北京市教育委员会科技发展规划项目(KM202110016006);北京未来城市设计高精尖创新中心项目(UDC2019021424);北京建筑大学研究生创新项目资助。

摘　　要：公募REITs是破解当前城市基础设施融资难的重要方式,而优质底层资产选择是发行公募REITs的关键。通过对国内外文献梳理及大量案例分析识别出底层资产选择的关键影响因素,运用DEMATEL-ISM模型对影响因素进行分析,得出中心度、原因度及结果度,并将影响因素划分为三个区级为表层直接因素、中层间接因素及深层根源因素,再运用MICMAC方法进行驱动力与依赖性的分析,通过梳理得到了管理主体能力驱动影响资产实体、资产实体中介传递影响资产财务表现、资产财务表现直观反映底层资产质量的传递路径,并根据研究结果提出发展公募REITs筛选优质底层资产的对策建议,以期为我国基础设施公募REITs的健康发展提供理论支持。Public offering REITs is an important way to solve the current financing difficulties of urban infrastructure,and the choice of high-quality underlying assets is the key to the issuance of public offering REITs.Through the review of domestic and foreign literature and a large number of case studies,the key influencing factors of the underlying asset selection are identified.The DEMATEL-ISM model is used to analyze the influencing factors,and the centrality,cause degree and result degree are obtained.The influencing factors are divided into three district levels:surface direct factors,middle indirect factors and deep root factors.Then MICMAC is used to analyze the driving force and dependence.Through combing,the transmission path of the ability of the management subject to affect the asset entity,the intermediary transmission of the asset entity to affect the financial performance of the asset,and the financial performance of the asset to directly reflect the quality of the underlying asset is obtained.According to the research results,this paper puts forward some countermeasures and suggestions for the development of public REITs to screen high-quality underlying assets,in order to provide theoretical support for the healthy development of public REITs in China’s infrastructure.

关 键 词：基础设施公募REITs 底层资产 DEMATEL-ISM模型 

分 类 号：F832.48[经济管理—金融学]