仓储物流REITs估值研究  

Research on Warehousing Logistics Real Estate Investment Trust Fund Valuation

作　　者：陈艳利[1] 汤宇珩 黎军 Chen Yanli;Tang Yuheng;Li Jun

机构地区：[1]东北财经大学会计学院,大连116025 [2]北京国融兴华资产评估有限责任公司,北京100029

出　　处：《中国资产评估》2024年第9期14-21,共8页Appraisal Journal of China

基　　金：教育部人文社会科学研究规划基金项目(20YJA790004);辽宁省教育厅科学研究经费项目重点攻关项目和服务地方项目(LN2020Z01)。

摘　　要：自基础设施REITs发行以来,仓储物流项目始终处于投资者的关注热点之一。从历史行情可见,仓储物流REITs运营收入稳定、市场表现良好、抗风险能力强、发展前景广阔,也由此引发了其估值水平相比于其他产权类基础设施REITs溢价较高的问题。本文以仓储物流REITs为研究对象,从底层资产、发行定价、二级市场三个估值定价环节分别研究了适用的估值方法,并对已上市的三只仓储物流REITs的估值情况进行具体分析。研究结论在一定程度上丰富了基础设施REITs估值方法的研究内容,拓宽了仓储物流REITs一、二级市场估值方法的研究视角,为后续的理论研究和实务评估提供了参考。Since the issuance of infrastructure REITs,warehousing logistics projects have always been in the spotlight of investors.From the historical market,it can be seen that the operating income of warehousing logistics REITs is stable,the market performance is good,the risk resistance is strong,and the development prospects are broad,which also raises the problem of higher valuation level compared with other infrastructure REITs with property rights.This paper takes warehousing logistics REITs as the research object,studies the applicable valuation methods from the three valuation pricing links of underlying assets,issuance pricing and secondary market,and analyzes the valuation of the three listed warehousing logistics REITs.To a certain extent,the research conclusion enriches the research content of the valuation method of infrastructure REITs,broadens the research perspective of the valuation method of the primary and secondary markets of warehousing logistics REITs,and provides a reference for subsequent theoretical research and practical evaluation.

关 键 词：仓储物流REITs 估值定价 绝对估值法 相对估值法 

分 类 号：F20[经济管理—国民经济]