The Risk Assessment Study Of Realestate Assets Securitization

Asset securitization,as a kind of financial instrument,is the product of derivative securities technology and financial engineering technology.It is also one of the fastest and most important financial innovations in the world financial field in the past 30 years.Asset securitization has been popular in the world and widely used in many sectors and fields as it broadens the investment and financing channels and can address the many issues such as large scale of funds demand,high financing cost and long cycle.Real estate asset securitization(REAS)means transferring the investment in real estate to investment in securities.The process of REAS is to issue and sold securities by using profits generated from real estate as a guarantee or collateral.By securitization transforming,the relationship between investors and real estate will also change from ownership into rights of holding securities.The research on risk assessment of REAS can enrich the risk study of REAS in China,and also provide reference for successful investment decision.Based on theories about assets securitization at home and abroad and researches on risk of REAS,and learned knowledge,this paper identifies more than 20 kinds of risk related to REAS by using classification identification method from six factors of economy,policy,financing operation,project,credit and financial aspect.Moreover,the paper on the basis of above analysis constructs a risk evaluation index system of REAS.At the same time,based on the fuzzy analytic hierarchy process and the Delphi method,the weights of each risk factor in the risk assessment index system of REAS are determined,and the comprehensive evaluation model of REAS risk is constructed.This paper also analyzes a case of REAS project of J Company in Chongqing City.Fuzzy analytic hierarchy process is used to assess the project risk,and the result show that the level of risk is general.REAS risk is a complex system that is affected in many ways.Therefore,investors should prepare well in pre-researching and attach high importance to audit reports issued by Certified Public Accountants,qualifications and rating reports of credit rating agencies,and the form and content of legal documents.In addition,institutional investors can also reduce the risk of investment in REAS by monitoring the project construction and purchasing investment insurance.The findings of the research will provide positive significance to the study on risk evaluation of REAS.