公募REITs“上新”提速,发行全周期影响因素识别  

Public REiTs Gain Traction:A Critical Look at Full Cycle Influences

作　　者：于亚卓 袁梦梦 谢舒妍 Yu Yazhuo;Yluan Mengmeng;Xie Shuyan(Strategic Development Department,China Post Securities Co.,Ltd;China Post Science and technology Co.,Ltd;Strategic Accounts,China Post Securities Co.,Ltd)

机构地区：[1]中邮证券有限责任公司战略发展部(董事会办公室) [2]邮政科学规划研究院 [3]中邮证券有限责任公司战略客户部

出　　处：《金融市场研究》2024年第8期75-82,共8页Financial Market Research

摘　　要：本文以仓储物流公募REITs为例,通过文献、案例、专家访谈等方式,梳理影响仓储物流公募REITs发行效果的全生命周期影响因素,并通过熵权法发现基金发售上市前宏观经济风险、产品设计中利益冲突解决机制等为主要影响因素,通过多元线性回归模型发现REIT的首发规模、标的物评估价值和投资者认知是基金发售上市阶段的主要影响因素。基于此,本文提出加快构建多层次REITs市场、完善产品设计和基金治理、提升流动性与投资者认知等建议。This paper examines warehousing and logistics public REITs,evaluating research literature,case studies,and expert interviews to assess the whole life cycle factors affecting the REIT issuance effect.Using the entropy method,the study finds that macroeconomic risk and the confict of interest resolution mechanism in product design are the main influencing factors ahead of the REIT listing.Using the multivariate linear regression model,the study finds that at the fund offering and listing stage,REIT size,the appraisal value of the underlying property and investor perceptions are the key influencing factors.Based on the research findings,this paper proposes accelerating the construction of a multi-level REITs market,improving product design and fund governance,and enhancing liquidity and investor awareness.

关 键 词：公募REITs 仓储物流资产 全周期 聚类分析 

分 类 号：F832.51[经济管理—金融学]