A Research On The Non-System Risk Management Of Real Estate Trust Under The Perspective Of Stakeholders

With the accelerated process of urbanization, real estate industry has entered rapid development period. Especially when the real estate industry was positioned as the pillar industries of the national economy by the "State Council on promoting the sustained and healthy development of the real estate market" in 2003, the real estate industry has entered a golden period of development. Since then, The real estate industry has gradually deviated from its basic functions of social security, and showed more monetary attribute of virtual economy. The prosperity of the real estate industry has a great stimulus to the economy and social investment fund. In this context, trust as a more flexible financing platform has became the second largest financial industry after the bank. Trust is the only financial subject that has came across the capital market, money market and industrial market, and with its license advantages, more and more real estate enterprises trust financing mode, and the real estate trust has a rapid expansion. However, With China’s economic transition, the pressure of the economic downturn is enormous, the development of the real estate has more difficulty to lead the social economy continually, the risk of the real estate gradually emerged, and the real estate trust is also facing a huge liquidity risk. Therefore, It is particularly important to strengthen the risk management of real estate trust project which is not only related to the vital interests of the investors, but also affect the stability of the whole financial system. On this research background and starting point, It has an important theory and practical significance to research the risk management of real estate trust project.Trust project has all the characteristics of projects, and Stakeholders have important influence on the success of trust project, so Based on the stakeholder theory, the paper analyses the non system risk of the real estate from a new perspective. First of all, this paper summarizes the research situation of stakeholder theory, trust and real estate trust theory, the real estate trust risk management theory at home and abroad. Secondly, identify and analysis the factors of the real estate non system risk from the perspective of stakeholder. Then, construct the real estate trust non system risk assessment system from the stakeholders perspective by using the fuzzy hierarchy comprehensive analysis. And assess the non system risk of the real estate with the JSQD Science Park real estate trust project as an example. Finally, propose the real estate trust non system risk response measures from the stakeholder’s perspective.