摘要：阐述REITs的应用机理，借助VaR模型对PPP+REITs模式的风险价值进行量化评价，将该模式与传统PPP模式进行对比，证明PPP+REITs模式在降低融资风险和减少融资成本方面的实用性和可行性。同时佐证税收优惠政策和延长REITs产品发行周期对PPP项目的积极作用。

关键词：PPP；风险价值；房地产投资信托基金

Abstract：This paper describes the application mechanism of REITs and conduct the quantitative evaluation of PPP+REITs by VaR model. Comparing this model with the traditional PPP model，this paper proves the practicability and feasibility of the PPP+REITs model in reducing financing risks and improving project profitability. It also corroborates the tax incentives and extends the positive impact of REITs product issuance cycles on PPP projects.

Keywords：PPP；Value at Risk；real estate investment trust

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