摘要
自2021年6月成功发行以来,基础设施REITs因其在盘活资产、扩大投资等方面的重要作用备受期待。基于已上市基础设施REITs数据,本文分析其底层资产价值与市场价格之间的关系,探讨其价值投资属性。研究发现:第一,底层资产运营稳定性和市场价格稳定性之间未发现明显的直接对应关系。第二,不同类型价值指标对基础设施REITs价格的影响存在差异。确定性财务指标在季报发布后会对市值产生影响;预测性财务指标中,估值指标仅对运营稳定的基础设施REITs有效,反映出市场对部分REITs产品价值投资的偏离;而风险收益指标对所有REITs产品价格有影响,但对运营稳定的产品作用更大。因此,应通过加速优化激励机制、强化信息发布机制、多渠道提升市场对于长期收益的关注程度等措施,进一步增强基础设施REITs价值投资属性。
Since their successful issuance in June 2021,infrastructure REITs have been highly anticipated for their significant role in asset revitalization and investment expansion.Based on data from listed infrastructure REITs,this paper analyzes the relationship between the value of underlying assets and market prices,and explores their value investment attributes.The research findings are as follows:First,no obvious direct correspondence was found between the stability of underlying asset operations and market price stability.Second,different types of value indicators have varying impacts on the prices of infrastructure REITs.Definitive financial indicators affect market capitalization after the release of quarterly reports;among predictive financial indicators,valuation indicators are only effective for infrastructure REITs with stable operations,reflecting the deviation of market value investment for some REITs products;while risk-return indicators have an impact on the prices of all REITs products,but have a greater effect on those with stable operations.Therefore,measures such as accelerating the optimization of incentive mechanisms,strengthening information release mechanisms,and enhancing market attention to long-term returns through multiple channels should be taken to further enhance the value investment attributes of infrastructure REITs.
作者
艾非
王文甫
AI Fei;WANG Wenfu(China Center for Special Economic Zone Research,Shenzhen University,Shenzhen 518000;Shenzhen Public Housing Group,Shenzhen 518000;School of Economics,Sichuan University,Chengdu 610000)
出处
《价格理论与实践》
北大核心
2025年第2期191-196,243,共7页
Price:Theory & Practice
基金
国家社会科学基金重点项目“世界经济不确定性的测量、对中国金融风险效应及传导机制研究”(22AZD120)
