当代金融研究2026，Vol.9Issue(6)：14-25,12.DOI:10.20092/j.cnki.ddjryj.2026.06.002
机构间REITs市场建设与产品估值定价
Research on Market Construction and Product Valuation and Pricing of Inter-Institutional REITs
摘要
Abstract
Inter-institutional REITs(Hold-type Real Estate ABS)are an important component of the multi-tiered REITs market that has taken shape since the launch of public REITs,and they remain at an early stage of development.This paper re-views their market evolution,product features and institutional positioning,and,fo-cusing on valuation and pricing,compares the applicable conditions of underlying-asset valuation methods and the product-level net asset value(NAV)framework.The basic framework of public REITs-valuing underlying assets with the income approach,deriving NAV,and forming prices through book-building inquiry-pro-vides a useful reference for inter-institutional REITs.Constrained by limited issu-ance,insufficient disclosure and weak secondary-market liquidity,however,the ef-fectiveness of these methods depends on cash-flow forecasts,key parameter set-tings,asset types and disclosure quality,and pricing should further incorporate liq-uidity discounts,information asymmetry and exit arrangements.Given the profes-sional nature of the task,the participation of valuation agencies,rating agencies and research institutions helps improve the verifiability of asset-value estimates,reveal cash-flow and structural risks,reduce information asymmetry and promote the or-derly development of the market.关键词
机构间REITs/持有型不动产ABS/估值方法/净资产价值/定价机制Key words
Inter-institutional REITs/Hold-type Real Estate ABS/Valuation Meth-ods/Net Asset Value/Pricing Mechanism分类
管理科学引用本文复制引用
席宁,吕伟,吴维嘉..机构间REITs市场建设与产品估值定价[J].当代金融研究,2026,9(6):14-25,12.基金项目
2024年度"NAFMII研究计划"课题"私募REITs的未来市场建设与产品估值定价研究"(KFKT2024-28). （KFKT2024-28）
