关键词:
基础设施公募REITs
法律规制
投资者保护
税收政策
信息披露
摘要:
本文探讨了中国基础设施公募REITs的发展现状、法律规制及完善建议。REITs对盘活资产、拓宽融资、推动基建和经济发展至关重要。自2021年试点以来,中国REITs市场有所进展,但法律规制仍面临挑战。文章阐述了现有REITs的法律规制框架,包括“公募基金 + 资产支持证券”架构、参与主体及分工、发行上市和运营管理准则、信息披露规则。随后,深入剖析了法律规制的主要问题,包括立法层级低、投资者保护不足、税收制度不合理、信息披露质量不高、运营管理规制亟待强化以及退出机制不完善等。针对这些问题,文章从提升立法层级、强化投资者保护、优化税收政策、健全信息披露、加强运营管理规制和完善退出机制等方面提出了完善建议,旨在通过健全法律规制,促进中国REITs市场的稳健和可持续发展。This paper discusses the current development status, legal regulations, and improvement suggestions for publicly offered infrastructure REITs in China. REITs are crucial for revitalizing assets, broadening financing channels, and promoting infrastructure construction and economic development. Since the pilot program began in 2021, China’s REITs market has made some progress, but legal regulations still face challenges. This paper elaborates on the existing legal regulatory framework for REITs, including the “public fund + asset-backed securities” structure, participating entities and their divisions of labor, issuance and listing standards, operational management guidelines, and information disclosure rules. Subsequently, it provides an in-depth analysis of the main problems in legal regulations, including low legislative level, insufficient investor protection, unreasonable tax system, low quality of information disclosure, urgent need to strengthen operational management regulations, and imperfect exit mechanisms. In response to these problems, the paper proposes improvement suggestions from aspects such as raising the legislative level, strengthening investor protection, optimizing tax policies, improving information disclosure, strengthening operational management regulations, and improving exit mechanisms, aiming to promote the steady and sustainable development of China’s REITs market through sound legal regulations.