公募REITs支持新型城镇化:机理、问题与对策

基础设施公募RE I Ts是改善城镇化投融资机制、盘活基础设施存量资金、防范化解城镇化债务风险的重要创新。但是,现行制度安排对REITs的税收中性、法律框架、市场流动性等中长期发展因素的考虑存在不足,这可能带来摊薄REITs产品投资收益、加大治理与监管成本、制约市场可持续发展等问题,亦对城镇化区域均衡发展产生不确定影响。建议在结合国外经验和中国国情的基础上,加快推动REITs税收优惠政策落地,研究制定“REITs管理条例”等法律体系,完善二级市场建设和流动性培育,优化基础设施公募REITs支持新型城镇化的空间布局。

Public REITs Supporting New Urbanization:Mechanism,Problems and Countermeasures

The public offering of infrastructure REITs is an important innovation to improve the investment and financing mechanism of urbanization,revitalize the stock of infrastructure funds,and prevent and defuse the debt risks of urbanization.However,the current institutional arrangement is insufficient for the long term development factors such as tax neutrality,legal framework and market liquidity of REITs.This may bring about some problems,such as diluting the investment income of REITs products,increasing the cost of supervision,restricting the sustainable development and so on.It also has an uncertain impact on the balanced development of urbanization.It is suggested to accelerate the implementation of preferential tax policies for REITs,formulate the“REITs Management Regulations”,improve the construction of secondary market and liquidity cultivation,and optimize the spatial layout of the public offering of REITs to support the new urbanization.