国铁企业基础设施公募REITs的产权交易市场创新实践探索--以粤海轮渡基础设施公募REITs项目为例  

Innovation and Practice of Property Rights Trading Market of Public Offering REITs for Infrastructure of National Railway Enterprises:a case study on the public offering REITs project of Guangdong-Hainan railway ferry infra-structure project

作　　者：裴一志 缑晓磊 刘路然 李妍 PEI Yizhi;GOU Xiaolei;LIU Luran;LI Yan(Investment Management Department,China Railway Investment Group Co.,Ltd.,Beijing 100097,China;Finance Department,China Railway Investment Group Co.,Ltd.,Beijing 100097,China;Purchasing Department,China Railway Materials Co.,Ltd.,Beijing 100097,China)

机构地区：[1]中国铁路投资集团有限公司投资管理部,北京100097 [2]中国铁路投资集团有限公司金融事业部,北京100097 [3]国铁物资有限公司采购事业部,北京100097

出　　处：《铁道经济研究》2024年第6期25-34,共10页Railway Economics Research

基　　金：中国铁路投资集团有限公司科技研究开发计划重点项目(2023ATZ005)。

摘　　要：我国产权交易市场随着国有企业改革的逐步深化应运而生,从最初的国资流转平台向多层次资本市场的跨越,为各类要素资源交易搭建了广阔的平台,发挥了十分重要的基础性作用。国铁企业在资本市场积极实践IPO上市的同时,在产权交易市场也积极探索并取得良好成效,同时对新兴融资模式基础设施公募REITs开展试点。通过分析资本运作方式和产权交易市场支撑国铁企业改革的探索,在分析国铁企业基础设施公募REITs的基础上,选取粤海轮渡基础设施REITs项目为例,探讨粤海铁路轮渡REITs的产权交易市场实践,提出粤海铁路轮渡REITs发行方案,研究产权交易市场实践,为国铁企业基础设施公募REITs的产权交易市场创新实践提供支撑。China's property rights trading market emerges with the deepening of the reform of state-owned enterprises.The initial state-owned assets circulation platform has become the multi-level capital market,which has built a platform for all kinds of factor resources trading and played a very important role.While actively practicing IPO listing in the capital market,national railway enterprises also actively explored and achieved good results in the property rights trading market,and at the same time carried out pilot projects on the implementation of public offering REITs on the basis of emerging financing models.By analyzing the capital operation mode and the exploration of property rights trading market supporting the reform of national railway enterprises,based on the analysis of public offering REITs of national railway enterprises'infrastructure,this paper takes Guangdong-Hainan railway ferry infrastructure REITs project as an example,discusses the property rights trading market practice of Guangdong-Hainan ferry railway REITs,puts forward the distribution plan of Guangdong-Hainan railway ferry REITs,studies the property rights trading market practice,and provides support for the innovative practice of property rights trading market of public offering REITs of national railway enterprises'infrastructure.

关 键 词：基础设施公募REITs 产权交易市场 多层次资本市场 国铁企业 粤海轮渡 资本运作 发行方案 创新实践 

分 类 号：F830.91[经济管理—金融学]