养老金融与养老REITs发展:机遇、困境与协同路径OA

As a major institutional innovation in China's financial sector,Publicly Offered Real Estate Investment Trusts(REITs)serve as a crucial bridge connecting the capital market and the elderly care industry.The"asset+service"dual characteristics of the elderly care industry are highly com-patible with the"industry+finance"dual attributes of Publicly Offered REITs,laying a foundation for their coordinated development.Relying solely on market mechanisms for resource allocation can easily lead to insufficient inclusiveness due to the fact that elderly care projects possess both welfare and profit-making nature.By guiding resource factors to flow into elderly care infrastructure through capital market pricing,Publicly Offered REITs can not only meet investors'demand for stable returns but also reduce service costs through large-scale operations.While achieving market-oriented returns,they also take into account social welfare attributes,forming an effective complement to the government's functions of"ensuring basic needs and secu-ring the bottom line".In the future,efforts should be made in three aspects:market cultivation,policy improvement,and government-enterprise col-laboration.Thus,Publicly Offered REITs for elderly care will demonstrate a scale effect and become an important financial force supporting the upgra-ding of the elderly care industry.