Research on the Influencing Factors of Value Growth of China's Public REITs

China's public REITs fund started late and is still in the early stage of development. As an innovative financial product, clarifying its value growth mechanism is crucial for the maturity and development of REITs market. This paper selects nine first pilot public REITs funds as research objects, analyses their value influencing factors at macro, meso and micro levels by establishing autocorrelation models, and analyses their influencing mechanisms through impulse response and variance decomposition. Based on the results of empirical analyses, countermeasure suggestions to promote the value growth of public REITs funds and market stability are proposed from the perspectives of policymakers and market participants, with a view to providing valuable references for the further development of China's public REITs fund market and the construction of new infrastructure.