摘要
Abstract
The reform of water investment and financing is one of the key tasks in the water sector.By leveraging the synergy between government functions and market mechanisms,and actively encouraging private capital to participate in water project construction,financial support can be strengthened to promote high-quality water development.Amid the deepening reform of water infrastructure investment and financing,publicly offered real estate investment trusts(REITs),as an innovative financing tool,provide a new path for a"fiscal-private"dual driving mechanism.However,investor protection mechanisms still face institutional shortcomings in market practice.Based on the foundation and dynamics of REITs development in the water sector,this study systematically explains the critical role of investor protection in market ecosystem construction.Using the governance of the Yinhua Shaoxing Raw Water REIT as an example,it scientifically analyzes issues such as overinvestment,excessive borrowing,related-party transactions and benefit tunneling,asset evaluation,and conflicts of interest caused by multiple agency relationships.It proposes a governance framework tailored to the industry,including standardizing the governance mechanisms of fund managers,improving the exit mechanism for small shareholders,prudently addressing asset evaluation issues,establishing pre-contractual arrangements,and strengthening the legal foundation of the market.This study provides insights into solving the"financing-governance"issues in the water REITs market and offers a model for enhancing the governance efficiency of infrastructure asset securitization.关键词
REITs/水利投融资改革/基础设施证券化/公司治理/投资者保护Key words
REITs/water investment and financing reform/infrastructure securitization/corporate governance/investor protection分类
水利科学
