[关键词]
[摘要]
结合公募REITs特点和城市轨道交通特点及发展现状,分析REITs在城市轨道交通行业的适用性及存在问题,并提出城市轨道交通开展REITs试点的前提条件。城市轨道交通作为大型基础设施,属于准公共产品,一般实行政府定价,较低的票价和较高的建设运营成本使得票务收入难以覆盖运营成本,据统计近几年全国平均运营收支比65%~78%,因此现阶段轨道交通项目不满足REITs自身盈利的前提条件,不适合直接作为REITs的底层资产。通过资产重组实现REITs,不管是“以网入池”方式,还是“以运入池”方式,都将带来财政补贴增加、政府债务增加等问题,因此现阶段我国尚不具备大范围推广REITs的条件,可以选择重点城市的优质项目进行试点。建议通过项目自身盈利情况和政府财力情况判断是否属于优质项目,对于试点项目还应关注再投资项目情况、资产管理人水平、租金及委托运营管理费等收费标准等。
[Key word]
[Abstract]
Combined with the characteristics of public REITs and development status of urban rail transit, the applicability and existing problems of REITs in the field of urban rail transit are analyzed, and the preconditions for urban rail transit to carry out REITs pilots are proposed. Because urban rail transit is a large-scale infrastructure and a quasi-public product, it generally implements government pricing and lower fares are the norm. Lower fares and higher construction and operating costs make it difficult for ticketing revenue to cover operating costs. According to statistics, the national average operating revenue and expenditure ratio in recent years is 65% - 78%. Therefore, at this stage urban rail transit does not meet the preconditions that the underlying assets of REITs can make their own profits, and is not suitable to be the underlying assets of REITs. If REITs are issued through asset restructuring, whether taking the network or operation as the underlying asset, it will bring about problems such as increased financial subsidies and increased government debt. Therefore, at this stage, there are no conditions for the widespread promotion of REITs in China. Some high-quality projects in developed cities can be selected for pilots. It is suggested to judge whether the project is a high-quality project through its own profitability and government financial resources. For pilot projects, we should also pay attention to the reinvestment project, the level of asset managers, rents, commissioned operation and management fees and other charging standards.
[中图分类号]
U231.1
[基金项目]