公募REITs基金發行管理研究—基於東吳蘇州工業園產業園封閉式基礎設施證券投資基金

Abstract

我國基建投資增速在進入2018年後出現了下滑。依傳統的融資模式已經難以為繼，REITs作為以基礎設施資產為底層資產的融資工具，在拓寬融資管道，改善資產負債結構，盤活存量資產上都有非常重要的實踐價值。本文基於蘇州園區REITs這一典型案例，對於公募REITs發行管理中遇到的問題及可能遇到的問題，宏觀上通過外部環境分析和行業環境分析，微觀上對東吳蘇州工業園REITs的底層資產和以東吳基金為主體的整個專案募集管理過程進行分析，宏觀上的理論分析與微觀上的具體實操分析兩者相結合，從而對公募基金REITs發行管理提出建議。 從宏觀角度看，未來很長時期內，疫情讓市場總體風險偏好降低，無論機構投資者還是個人投資者都逐漸偏向選擇投資相對風險較低的金融產品，公募REITs相對其他投資品種來說更加符合上述條件定位。建議前期篩選專案時，首先在於瞄準重點區域，挖掘重點行業和發現優質專案，而東吳蘇州工業園REITs專案就是符合這三個基本要點的典型案例，專案的結構設計合理，亮點突出，在同類型的園區REITs產品中更加具有競爭力；從微觀角度看在目前整體公募產品既要面對風險同時也蘊藏機遇的情況下，疊加疫情帶來的諸多不確定因素，公募REITs在中國資本市場也是一個新興產品，這些都給該類專案的募集帶來了很多風險以及不確定性。建議需要快速擴大規模的公募基金管理公司對於公募REITs產品可在戰略上進行嘗試，但這短期內會增加公司的成本，同時基金專案管理團隊的能力與整體專案的要求必須適配。專案管理團隊建議可以採取多位不同背景的基金經理，專業能力圈可以做到彼此優勢互補，有利於整體專案資訊分析及風險控制。外部環境會導致市場短期波動，公募REITs擴募等制度層面的重大創新以及專案管理團隊出色的管理能力則是化解風險，並且給投資人帶來長期穩定收益的根本因素。

The growth rate of China''s infrastructure investment has declined since 2018. The traditional credit financing expansion mode of relying on land, real estate and infrastructure mortgage has been unsustainable. REITs As a financing tool with infrastructure assets as the underlying assets, they have very important practical value in broadening the financing pipeline, improving the structure of assets and liabilities, and revitalizing the stock assets. This paper is based on the Suzhou park REITs this typical case, for public offering REITs problems in the management and possible problems, the macro through the external environment and industry environment analysis, the microscopic dongwu Suzhou industrial park REITs the underlying assets and the soochow fund as the main body of the whole project raising management process, the macro theory analysis and micro concrete field analysis of the two, thus to the public fund REITs distribution management Suggestions. From a macro perspective, the epidemic will reduce the overall risk appetite of the market. Both institutional investors and individual investors begin to choose relatively conservative investment strategies. Public offering REITs are more in line with the above conditions than other investment varieties. It is suggested that the early screening of projects should first focus on key areas, key industries and quality projects, and Soochow Suzhou Industrial Park REITs project is a typical case in line with the three basic points, the project reasonable structure design, highlights, more competitive in the same type of park REITs products; from the micro perspective in the overall public offering product market risks and opportunities coexist, many uncertainties brought by the epidemic, public offering REITs is also an emerging product in China''s capital market, which brings many risks and uncertainties to the raising of such projects. It is suggested that the active attempt of public offering fund companies for public offering REITs products is a strategic correct choice, but this will increase the cost of the company in the short term. At the same time, the ability of the fund project management team must be compatible with the requirements of the overall project. The project management team suggests that multiple fund managers of different backgrounds can be adopted, and the professional ability circle can achieve complementary advantages, overall project information analysis and risk control.