公募REITs试点能与资本市场有效联动吗  

Can C-REITs Be Effectively Linked with the Capital Market

作　　者：鲁筱 温彬[3] LU Xiao;WEN Bin(Postdoctoral Research Station,China Minsheng Bank,Beijing 100031,China;Postdoctoral Mobile Station of Wudaokou School of Finance,Tsinghua University,Beijing 100083,China;China Minsheng Bank,Beijing 100083,China)

机构地区：[1]中国民生银行博士后科研工作站,北京100031 [2]清华大学五道口金融学院博士后流动站 [3]中国民生银行,北京100083

出　　处：《经济体制改革》2025年第1期70-79,共10页Reform of Economic System

基　　金：中国人民大学“中央高校建设世界一流大学(学科)和特色发展引导专资资金”。

摘　　要：以首批公募REITs正式登陆沪深交易所的时点为事件日,采用事件研究法与多元回归模型相结合,考察试点导向行业股票的市场反应及其作用机制。研究发现,公募REITs试点能够与资本市场形成有效联动,并以股票溢价的形式作用于基建行业的微观企业个体。异质性研究表明,公募REITs试点政策全面落地推广的关键在于,如何引导固定资产占比高的基建龙头企业引入创新金融工具进行投融资制度革新。进一步研究结果表明,以经营性资产获现率衡量的固定资产质量被投资者视作可以通过金融工具创新获得额外收益的信号;公募REITs能够发挥替代性融资作用,缓解基建上市企业的金融杠杆水平,而企业的杠杆错估程度则会在一定程度上扭曲相关企业的资本市场反应。鉴于此,应充分发挥公募REITs的不动产金融载体属性,引导基建企业更新迭代价值创造模式,向市场化的资管平台转型。The paper takes the date when the first batch of publicly offered C-REITs officially landed on the Shanghai Stock Exchange and Shenzhen Stock Exchange as the event date,and the market response and mechanism of listed firms in infrastructure industry are examined by combining the event research method and multiple regression model.It is found that the pilot scheme can form an effective linkage with the capital market and act on micro-enterprises in the infrastructure industry in the form of stock premium.The heterogeneity study shows that the key to the comprehensive implementation of the pilot scheme lies in how to guide leading infrastructure enterprises with high quality and high proportion of fixed assets to introduce innovative financial instruments for financing system innovation.Further results show that the quality of fixed assets measured by the cash acquisition rate of operating assets is regarded as a signal that additional income can be obtained through financial innovation.At the same time,the pilot scheme can play an alternative financing role and alleviate the financial leverage of listed infrastructure enterprises,and the degree of leverage misestimation will distort the market response of the pilot scheme to a certain extent.Based on the above analysis,it is recommended to guide infrastructure enterprises to update and iterate new appraisal system,and transform into market-oriented asset management platforms.

关 键 词：公募REITs 资本市场 资产质量 金融杠杆 市场反应 

分 类 号：F812[经济管理—财政学]