基于交互作用矩阵的基础设施REITs融资风险因素分析
摘要：基础设施REITs是拓宽基础设施领域投融资渠道、缓解地方政府存量资产压力的有效途径，与政府债、公私合营等基础设施领域常采用的融资模式一样，REITs同样具有自身的风险问题。本文基于文献分析法及专家访谈法识别出22个基础设施REITs融资风险因素，以风险耦合理论为指导思想，运用交互作用矩阵对已识别风险因素的参数优势和交互作用强度进行实证量化分析。结果表明：在当前我国基础设施REITs融资运作过程中，收益风险为关键风险，而应对的有效手段是构建完善的底层资产运营管理体系和积极储备运营资源两个路径。
关键词：基础设施REITs融资风险风险识别风险耦合理论交互作用矩阵
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Risk Factors Analysis of Infrastructure REITs Financing Based on Interaction Matrix
Abstract: Infrastructure REITs is an effective way to widen the investment and financing channels in the field of infrastructure and relieve the stock assets of local governments.However，as government bonds，public-private partnerships and other financing models used in past infrastructure fields，it also has its own risk.This paper identifies 22 risk factors involved in infrastructure REITs financing based on literature analysis and expert interview.Then，uses the interaction matrix to empirically analyze the parameter advantages and interaction intensity of risk factors base on the risk coupling theory.The results show that in the financing operation of infrastructure REITs，the income risk is the key risk，and the effective means to deal with it at this stage are to build a scientific and perfect operation management system and actively reserve operation resources.
Keywords: infrastructure REITs; financing risk; risk identification; risk coupling; interaction matrix
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