本报告在分析我国REITs内涵及相关制度基础上,探讨REITs对交通运输基础设施投融资的积极作用及实际运用情况,深度剖析影响交通运输领域REITs市场规模的主要因素,包括符合REITs发行要求的资产规模、交通企业发行REITs意愿、交通企业经营管理情况等,并以高速公路领域为例测算REITs市场规模。进一步分析美国、欧洲众国、日本、新加坡的REITs实践,总结出推出REITs与房地产发展有密切关联、发展REITs市场多采用税收中性优惠政策驱动、注重稳定的分红和资产增值等方面的主要做法和经验,最终从找准运用领域和项目、完善配套政策支持、积极稳妥推进REITs试点等多个角度提出更好助推交通运输领域REITs推广运用的措施建议。
<<Based on analyzing the definition and the relevant system of REITs in China,this report discussed the positive roles and application of REITs in transportation infrastructure,and deeply researched the influenced factors about the market size of REITs in the transport sector,that included asset size of meeting REITs requirements,attitudes and decision-making factors of enterprises towards REITs,and operation and management of transportation enterprises. Then,it took expressway as an example to measure the market size of REITs. Analyzed the practices of REITs in the United States,Europe countries,Japan and Singapore,and concluded three main experiences:close relationship between development REITs and local real estate,tax neutral preferential policies driving the development of REITs market,and more stable dividends and asset value appreciation. Finally,the report puts forward some measures and suggestions of promotion REITs in Chinese transport from the perspectives of identifying the application fields and projects in the transport sector,perfecting the supporting policies,and actively and steadily promoting the pilot of REITs.
<<Keywords: | TransportInfrastructure REITsRevitalizing Existing AssetsTransport Financing and Investment |