摘要：分析PPP项目与REITs模式的融合契合度，基于全生命周期视角提出公租房建设的PPP+REITs融资模式，并对该融资模式的交易结构、政府与社会资本投资的基础比例、租金定价与动态调整机制进行设计。最后提出应完善公募REITs相关业务细则、落实税收优惠政策、加强REITs二级交易市场建设的建议。

关键词：公租房；PPP+REITs；融资模式；全生命周期

Abstract：This paper focuses on the integration of PPP project and REITs model，and proposes the PPP+REITs financing model for public rental housing construction based on the full life cycle perspective. We design the transaction structure of the financing model，the basic ratio of government and social capital investment，rent pricing and dynamic adjustment mechanism. Finally，it is proposed that the relevant business rules for public offerings of REITs should be improved，tax incentives should be implemented，and the construction of secondary trading markets for REITs should be strengthened.

Keywords：public rental housing；PPP+REITs；financing model；full life cycle theory

参考文献

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工程经济，2019（10）：68-73