在“租购并举”背景下，房地产行业面临较大的战略转型压力。随着城镇化率的提升，人口流动规模增大，新市民、青年人买不起房也租不到好房的问题日益突出，为缓解住房供需矛盾，在政策指引下，我国保障性租赁住房建设于2021年如火如荼地展开，成为解决城市住房问题的重要途径。但由于其存在项目周期长、投资回报低、流动性差等问题，传统融资模式并不能满足大规模建设的开展。保障性租赁住房REITs应运而生，有效地吸引了社会资本的投入，盘活了存量资产，大大降低了租赁住房行业的杠杆率和金融风险。作为基础设施公募REITs的新发行版块，保障性租赁住房REITs自上市以来表现出较强的运营稳健性，整体收入完成度和息税折旧摊销前利润完成度均超过100%，业绩排名在所有上市REITs行业中最高，体现了其自身优秀的持有价值。然而，作为一种“全新”的融资模式和金融产品，保障性租赁住房REITs的效益和风险问题也具有自身的独特性。与国外REITs相比，保障性租赁住房REITs底层资产为基础设施，运作结构采用“公募基金+基础设施资产支持证券”的模式，极具中国特色。在国家政策持续加码下，展开REITs项目的效益与风险研究，对产品本身健康发展十分必要，同时对于投资者的资产配置提供新思路。

本文便聚焦于我国金融资本市场改革的重点领域——保障性租赁住房REITs，从中选取具有代表性的首单发行产品中金厦门安居REIT，以该个例出发对保障性租赁住房REITs效益与风险进行研究。本文首先对于国内外现有研究进行梳理，对于保障性租赁住房行业以及保障性住房REITs现状进行分析，阐明选择该案例的理由。其次，对于中金厦门安居REIT的发行情况、基础设施项目、原始权益人、发行动因进行介绍，基于产品的运作架构，并结合产品的财务业绩数据，二级市场换手率、成交量、溢价率、超额收益率、波动率，基础设施的出租率、租金水平，原始权益人的财务数据，运用对比分析法、蒙特卡洛模拟、Z-score模型等方法，从投资者、基础设施项目、原始权益人以及社会维度进行效益分析，从投资者、基础设施项目、其他参与主体维度进行风险分析。最后，对于案例研究内容进行总结，并从该典型个案出发，拓展至保障性租赁住房REITs领域的产品，分析其整体的效益与风险特征，发现保障性租赁住房REITs可以为投资者带来长期价值的增长、促进基础设施项目的稳健运行、提升原始权益人的偿债能力和盈利能力、提高社会整体生活质量，但其二级市场表现暂时不佳，收入来源单一，主要依靠基础设施项目的租金收入，受租金增速和住房空置率影响较大。在研究结论基础上，本文提出引导投资者理性配置、多元化保证基础设施资产的收入来源、建立租金长期调价机制、完善基础设施REITs税制设计等政策建议，以期更好促进我国保障性租赁住房REITs的良性循环发展。

In the context of "simultaneous rental and purchase", the real estate industry is facing greater pressure for strategic transformation. In order to alleviate the contradiction between housing supply and demand, under the guidance of policies, the construction of affordable rental housing in China will be in full swing in 2021 and has become an important way to solve the urban housing problem. However, due to the problems of long project cycle, low return on investment, and poor liquidity, the traditional financing model cannot meet the needs of large-scale construction. Affordable rental housing REITs came into being, effectively attracting the investment of social capital, revitalizing the stock assets, and greatly reducing the leverage ratio and financial risk of the rental housing industry. As a new issuance sector of infrastructure public REITs, affordable rental housing REITs have shown strong operational stability since their listing, with the overall revenue completion and EBITDA completion rate exceeding 100%, ranking the highest among all listed REITs in the industry, reflecting its own excellent holding value. However, as a "brand-new" financing model and financial product, the benefits and risks of affordable rental housing REITs also have their own uniqueness. Compared with foreign REITs, the underlying asset of affordable rental housing REITs is infrastructure, and the operation structure adopts the model of "public fund + infrastructure asset-backed securities", which is very Chinese characteristics. Under the continuous increase of national policies, it is necessary to carry out research on the benefits and risks of REITs projects for the healthy development of the product itself, and at the same time provide new ideas for investors' asset allocation.

This paper focuses on the key area of China's financial capital market reform, affordable rental housing REITs, and selects the representative first issuance product, CICC Xiamen Anju REIT, to study the benefits and risks of affordable rental housing REITs based on this case. This paper first reviews the existing research at home and abroad, analyzes the current situation of the affordable rental housing industry and affordable housing REITs, and clarifies the reasons for choosing this case. Based on the operational structure of the product, combined with the financial performance data of the product, the turnover rate, trading volume, premium rate, excess rate of return, volatility rate of the secondary market, the occupancy rate and rental level of the infrastructure, and the financial data of the original owner, the comparative analysis method, Monte Carlo simulation, Z-score model and other methods are used to analyze the relationship between investors, infrastructure projects, and the financial data of the original owner. The original equity holder and the social dimension are analyzed for benefits, and the risk analysis is carried out from the dimensions of investors, infrastructure projects, and other participants. Finally, this paper summarizes the content of the case study, starts from this typical case, expands to the products in the field of affordable rental housing REITs, analyzes its overall benefits and risk characteristics, and finds that affordable rental housing REITs can bring long-term value growth to investors, promote the steady operation of infrastructure projects, improve the solvency and profitability of the original owners, and improve the overall quality of life of the society, but their secondary market performance is temporarily poor, and the source of income is single. It mainly relies on the rental income of infrastructure projects, which is greatly affected by the rental growth rate and the housing vacancy rate. On the basis of the research conclusions, this paper puts forward policy suggestions such as guiding investors to rationally allocate, diversifying the income sources of infrastructure assets, establishing a long-term rent adjustment mechanism, and improving the tax system of infrastructure REITs, in order to better promote the virtuous cycle development of affordable rental housing REITs in China.

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