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oai:keep.lib.asu.edu:node-2015042025-05-12T19:35:22Zoai_pmh:alloai_pmh:repo_items

201504 https://hdl.handle.net/2286/R.2.N.201504 http://rightsstatements.org/vocab/InC/1.0/ All Rights Reserved 2025 100 pages Doctoral Dissertation Academic theses en Dai, Xiuqin Wang, Yimin Zhang, Anmin Liu, Peng Arizona State University Partial requirement for: D.B.A., Arizona State University, 2025 Field of study: Business Administration Since China's 1988 policy of "loan for road construction and toll collection for loan repayment", its highway mileage has expanded from zero to 183,600 km. Existing highways—whether classified as "toll-for-debt-repayment" or "operational"—rely on bank loans. Yet, toll collection term limits hinder equity financing via IPOs, leaving firms with narrow funding channels, high debt burdens, and overreliance on debt. Now highway companies utilize public REITs to securitize assets, converting high-revenue, low-liquidity highways into liquid equity instruments. This diversifies funding sources, enhances equity, lowers debt ratios, and alleviates financial strain through asset revaluation.The paper selects the first REITs in the highway industry - Shanghai Hangzhou Ningbo Expressway REITs as the unit of analysis. As a standing-out pilot product, its organizational structure and operation mode are highly representative. Therefore, this paper adopts a combination of qualitative and quantitative research methods. Firstly, it conducts a comprehensive qualitative analysis of the underlying assets, original equity holders, issuance motives, and product transaction models of Shanghai Hangzhou Ningbo REIT, and provides an overview of the transaction structure. At the same time, this paper conducts an in-depth analysis of the financing costs, financing effects, market effects, financial indicators, financial performance, and other aspects of Shanghai Hangzhou Ningbo REITs, in order to form a summary of the theoretical aspect and practical experience of this REITs issuance. The analysis results indicate that REITs can help improve the asset turnover efficiency of enterprises, reduce liabilities, and promote a healthy cycle of investment and financing. REITs, combining the characteristics of stocks, bonds, and alternative investments, are an effective strategy for leveraging existing assets with stable operating cash flows. They have profound practical significance for stabilizing the overall economy and promoting high-quality development. In the coming years, China plans to further integrate and promote the infrastructure developments. This includes the systematic development of new infrastructure, accelerating the green and low-carbon development process, and building a country with strong transportation network. The sound institutional system, mature products, and systematic issuance of public REITs will help China achieve a virtuous cycle in infrastructure investment. Business Administration Economic Effects Highway Infrastructure REITs A Study of the Economic Value of Issuance of REITs by Original Equity Owners of Highways