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论文编号：	16050
作者编号：	2320234189
上传时间：	2026/6/4 9:54:35
中文题目：	H公司水务基础设施公募REITs发行筹备的工作实践报告
英文题目：	Practical Work Report on the Issuance Preparation of Public Infrastructure REITs for H Company''s Water Project
指导老师：	刘志远；高玉章
中文关键字：	公募REITs；水务特许经营；资产证券化；资本结构优化；优序融资理论
英文关键字：	Publicly Offered REITs; Water Concession; Asset Securitization; Capital Structure Optimization; Pecking Order Theory
中文摘要：	在我国基础设施投融资体制深刻变革的背景下，公募REITs已成为国有基础设施运营企业盘活存量资产、优化资本结构的重要金融工具。本文以H公司水务特许经营项目发行公募REITs的工作实践为研究对象，结合优序融资理论，对H公司的财务困境成因、融资路径选择、REITs发行方案设计及关键问题解决方案进行了系统性研究。 H公司以TOT与BOT相结合的模式承接三县供水特许经营项目，受制于重资产基建融资结构，项目转入运营期后面临资产负债率高达74%、期限错配严峻、自由现金流严重不足的三重财务困境，传统融资路径已接近关闭。本文通过多类融资路径的系统比较，论证了公募REITs是当前唯一能够同时实现降低资产负债率与资产出表目标的可行工具，并对H公司的发行可行性进行了全面评估。 在方案设计层面，本文提出了标准五层嵌套交易结构，以出表为目标将基金份额持有比例设定在25%左右；在5.5%折现率假设下测算底层资产评估净值约26.8亿元，公开募集规模约21.4亿元；并通过搭建资本弱化结构量化测算出年度税盾效益约1,471万元。在关键问题解决层面，本文就历史财务数据重述、并表与出表路径安排、REITs分红会计处理、递延纳税政策适用、税盾效应搭建路径，以及特许经营权授权、PPP合规性核查与项目权属整理等问题，提出了系统性解决方案。 本文的研究表明，公募REITs不仅是H公司化解当期财务困境的有效工具，更是推动国有水务企业从“重资产持有者”向“资产运营管理平台”战略转型的重要金融基础设施，对同类型国有基础设施投资运营企业具有重要的参考借鉴意义。
英文摘要：	Against the backdrop of profound reforms in China's infrastructure investment and financing system, publicly offered Real Estate Investment Trusts (REITs) have emerged as a critical financial instrument for state-owned infrastructure operators seeking to revitalize existing assets and optimize capital structures. Taking the practical work of Company H's issuance of publicly offered REITs backed by water concession projects as its research subject, this paper systematically examines the causes of the company's financial distress, its financing path selection, REITs issuance scheme design, and solutions to key issues, drawing on the Pecking Order Theory as its theoretical framework. Operating under a combined TOT and BOT model across three county-level water concession projects, Company H faces three compounding financial challenges upon transitioning into the operational phase: an asset-liability ratio of 74% approaching the regulatory threshold, severe maturity mismatch between assets and liabilities, and critically insufficient free cash flow. With traditional financing channels nearly exhausted, this paper demonstrates through a systematic comparison of financing alternatives that publicly offered REITs represent the only viable instrument currently capable of simultaneously achieving balance sheet deleveraging and asset derecognition, and conducts a comprehensive feasibility assessment of Company H's issuance conditions. In terms of scheme design, this paper proposes a standard five-layer nested transaction structure with the original equity holder's fund share retention ratio set at approximately 25% to achieve off-balance-sheet treatment. Under a 5.5% discount rate assumption, the underlying asset appraisal value is estimated at approximately RMB 2.68 billion, with a public offering scale of approximately RMB 2.14 billion. By introducing a debt-equity hybrid capital structure, the annual tax shield benefit is quantified at approximately RMB 14.71 million. Regarding key issues, this paper presents systematic solutions covering historical financial data restatement, consolidation versus derecognition path design, REITs dividend accounting treatment, deferred taxation policy application, tax shield mechanism construction, concession rights transfer authorization, PPP compliance verification, and project title completeness review. The findings suggest that publicly offered REITs serve not only as an effective instrument for resolving Company H's immediate financial distress, but also as an important financial infrastructure facilitating the strategic transformation of state-owned water enterprises from "heavy-asset holders" to "asset operation and management platforms," offering significant reference value for similarly situated state-owned infrastructure investment and operation enterprises.
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