我国首单水利基础设施REITs试点实践与经验启示  

Practices and experiences of the first REITs pilot for water infrastructure

作　　者：童学卫 罗琳[2] 许梁 Tong Xuewei;Luo Lin;Xu Liang

机构地区：[1]水利部河湖保护中心,北京100038 [2]水利部发展研究中心,北京100038 [3]浙江省绍兴市原水集团有限公司,绍兴312000

出　　处：《中国水利》2024年第23期20-25,共6页China Water Resources

基　　金：清华大学-宁夏银川水联网数字治水联合研究院联合开放基金:发展广西新型水经济体系的宏观布局研究(SKLHSE-2024-LOW08);清华大学-宁夏银川水联网数字治水联合研究院院长基金(SKL-IOW-2024TC2402)。

摘　　要：加快推动水利项目参与基础设施领域不动产投资信托基金(REITs),有助于加快建构盘活水利基础设施存量资产与新增水利基础设施有效投资的良性循环机制,对拓宽水利行业多元化投融资渠道、健全投资和融资相协调的资本市场功能具有重要现实意义。2024年9月我国首个水利基础设施REITs项目——银华绍兴原水水利REIT项目正式获批,并于11月正式上市。对照水利基础设施REITs项目申报的具体要求和全链条流程,回顾了项目的申报历程,梳理了申报过程中的具体问题,以及采取的完善服务机制、完善水价联动机制、多方筹措清淤工程资金、明确水库间供水关系、建立多元创新机制等针对性改革创新举措。以银华绍兴原水水利REIT项目为基础,分析了我国水利基础设施REITs项目存在的共性问题和难点堵点,提出建立健全工作推进机制、加强项目培育和设计、积极推动重点领域改革、提升水利项目管理水平、及时总结推广项目成功经验等对策建议,以期为推进水利基础设施REITs项目迈入常态化发行新阶段提供借鉴。Accelerating the involvement of water resource projects in infrastructure real estate investment trusts(REITs)can help establish a virtuous cycle to revitalize existing water infrastructure assets and promote effective investment in new water projects.This initiative is of great practical significance for expanding diversified investment and financing channels for the water conservancy sector and improving the capital market’s coordinated investment and financing functions.In September 2024,China’s first water infrastructure REITs project—the Yinhua Shaoxing Raw Water REIT Project—was officially approved and subsequently listed in November.This paper reviews the application process,specific challenges,and the reforms and innovations implemented during the project’s development.Key measures include improving service mechanisms,enhancing water price linkage systems,raising dredging project funds from multiple sources,clarifying inter-reservoir water supply relationships,and establishing diversified innovation mechanisms.Based on the Yinhua Shaoxing Raw Water REIT Project,common issues and bottlenecks in China’s water infrastructure REITs projects were analyzed.Recommendations are proposed to establish sound mechanisms for project advancement,strengthen project cultivation and design,drive reforms in critical areas,improve the management of water projects,and promptly summarize and disseminate successful project experiences.These efforts aim to provide valuable insights for the normalization and expansion of water infrastructure REITs issuance.

关 键 词：水利REITs 基础设施 水利投融资 银华绍兴原水水利REIT项目 对策措施 

分 类 号：TV832.5[水利工程—水利水电工程]