平安广州广河REITs：中国基础设施的融资破局
案例编号：
CN_2025KJYGSCW_6684
被浏览次数：
111
案例名称：
平安广州广河REITs：中国基础设施的融资破局
译名：
Ping An Guangzhou Guanghe REITs: A Financing Breakthrough for China’s Infrastructure
案例作者：
宋建波、郑雨桐、曹文成
作者单位：
中国人民大学商学院
译者：
-
案例企业：
广州交通投资集团有限公司
行业：
建筑/房地产业
学科领域：
会计与公司财务、经济与金融、其他
规模：
中小型
案例语种：
中文
案例类型：
决策型
中文关键词：
基础设施，经营权类公募REITs，投资核算
英文关键词：
Infrastructure; Concession-based Public REITs; Investment Accounting
中文摘要：
基础设施公募REITs是我国深化金融供给侧结构性改革、盘活存量资产、拓宽权益融资渠道的重要创新工具。平安广州广河高速公路封闭式基础设施证券投资基金（基金代码：180201.SZ）作为全国首批基础设施REITs试点项目中募资规模最大的标杆性案例，其成功发行与持续运营，不仅为原始权益人广州交通投资集团有限公司与中国平安集团实现了存量资产的有效盘活和资本结构的优化，也为中国基础设施投融资体制改革提供了可复制的实践路径。本案例以平安广州广河REIT为研究对象，系统梳理了其从项目筛选、交易结构设计、资产估值与定价，到上市后运营管理、收益分配与信息披露的全流程。案例重点围绕经营权类REITs在会计处理中面临的三大核心问题——金融资产分类争议、公允价值计量可靠性、本金与收益拆分的必要性展开深入剖析，探讨了在现行企业会计准则框架下的核算困境与可能的解决路径，旨在引导学生理解基础设施REITs的运作机制、价值逻辑与风险特征。通过对该案例的学习，学生可以深入认识基础设施REITs在服务实体经济、优化资本结构、推动国企改革等方面的重要作用，构建起贯通金融工具会计、公司金融、资产管理等多学科知识的系统性分析框架。本案例适用于“高级财务管理”“金融市场与工具”“会计理论与实务”等课程教学，有助于培养学生对金融创新产品的综合研判能力与实践应用意识。
英文摘要：
Infrastructure public REITs are an important innovation for deepening China’s supply-side financial reform, revitalizing existing assets, and broadening equity-financing channels. The Ping An Guangzhou Guanghe Expressway Closed-End Infrastructure Securities Investment Fund (ticker 180201.SZ), the largest offering among the first cohort of national infrastructure REITs pilots, demonstrates how successful issuance and ongoing operation can both unlock the original owners’ idle assets and optimize their capital structures for Guangzhou Communications Investment Group and Ping An Group, while also providing a replicable pathway for reforming China’s infrastructure investment and financing system. Using the Ping An Guangzhou Guanghe REIT as the focal case, this study traces the full process from project screening, transaction structuring, asset valuation and pricing to post-listing operations, distribution policy, and disclosure. It centers on three core accounting challenges for concession-rights REITs in practice, namely debates over financial asset classification, the reliability of fair value measurement, and the necessity of separating principal and income, and it examines the accounting frictions and feasible solutions under current Chinese Accounting Standards. The case is designed to help students understand the operating mechanism, value logic, and risk profile of infrastructure REITs, and to build an integrated analytical framework that connects financial instruments accounting, corporate finance, and asset management. It is suitable for courses such as Advanced Financial Management, Financial Markets and Instruments, and Accounting Theory and Practice, and it cultivates students’ ability to evaluate financial innovation products and apply them in practice.
适用对象：
本科|MBA|EMBA
编写方式：
采编
开发时间：
2025
入库时间：
2025
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