关于基础设施REITs融资的研究综述

A Review of Research on Financing of Infrastructure REITs

摘要: 基础设施融资作为经济社会发展的关键支撑，正面临回报周期长、风险集中等结构性难题。为了实现可持续发展，各国都在探索新型金融工具的混合融资路径。在此背景下，REITs这一融资工具因具备高流动性、风险分散与资产证券化等优点，受到了学界和政府的广泛关注。研究显示，REITs不仅可以拓宽融资渠道、优化资本结构，还能增强企业的风险抵御能力和资产运营效率，同时对基础设施资产盘活、缓解企业财务压力起到推动作用。因此，整合传统项目融资模式与REITs机制，构建多元化、市场化、制度化的基础设施融资体系，已成为政府与学术界的共同探索方向。

Abstract: Infrastructure financing, as a key support for economic and social development, is currently confronted with structural challenges such as long return periods and concentrated risks. To achieve sustainable development, countries are exploring hybrid financing paths with new financial tools. Against this backdrop, REITs, a financing tool, has drawn extensive attention from both academia and governments due to its advantages of high liquidity, risk diversification, and asset securitization. Research shows that REITs can not only broaden financing channels and optimize capital structure, but also enhance enterprises’ risk resistance and asset operation efficiency, while promoting the revitalization of infrastructure assets and alleviating financial pressure on enterprises. Therefore, integrating traditional project financing models with the REITs mechanism to build a diversified, market-oriented, and institutionalized infrastructure financing system has become a common exploration direction for both the government and the academic community.