全面推进注册制以来，国内直接融资市场高速扩容，在此背景下国家大力支持盘活存量。公募REITs作为舶来品，具有公开募集标准化权益性的特点，与其他资产证券化产品有着较大差异，国内关于公募REITs的定量实证研究较为缺乏。

本文首先回顾了公募REITs在国内试点的重要关键文件，从理论层面出发，选取原始权益人财务特征数据，使用多期双重差分模型检验发行公募REITs对原始权益人的财务效应。实证结果显示使用平均处理效应估计政策实施效果对原始权益人偿债能力不显著或不稳健，对盈利能力有不利影响。异质性分析结果表明，政策对产权类项目的原始权益人的偿债能力、盈利能力有不利影响，对特许经营权类原始权益人影响不显著。异质性稳健估计结果表明，政策实施效果不断向好。最后，将理论结合实证结论，提出了增加公募REITs发行开放性与透明度、丰富特许经营权类基础资产来源、合理看待政策短期不利影响、对于民营企业重点发力新基建四点建议。

Since the full promotion of the registration-based IPO system, the domestic direct financing market has been expanding at a high speed, and in this context, the state strongly supports the revitalization of the stock. C-REITs, as an imported product, has the characteristics of public offering standardized equity, which is quite different from other asset securitization products, and there is a lack of quantitative empirical research on C-REITs in China.

This paper firstly reviews the important key documents of C-REITs pilot in China, and from the theoretical level, selects the data of financial characteristics of the originator, and uses Staggered DID to test the financial effect of issuing C-REITs on the originator. The empirical results show that using the ATT to estimate the effect of policy implementation is not significant or robust to the originators' debt servicing ability, and has an unfavorable effect on profitability. The results of the heterogeneity analysis indicate that the policy has an adverse effect on the solvency and profitability of originator in the property rights category of projects, and a non-significant effect on originator in the franchise category. The results of Doubly robust indicate that the effect of policy implementation is continuously favorable. Finally, combining the theory with the empirical findings, four suggestions are made to increase the openness and transparency of C-REITs issuance, enrich the source of underlying assets of the franchise class, rationalize the short-term unfavorable impact of the policy, and focus on new infrastructure for private enterprises.