The Research On The Risk Of Asset Securitization Of Logistics Enterprises

With the accelerating process of globalization of trade,the logistics industry has shown a rapid development trend.At the same time,the characteristics of construction project in the logistics industry are large-scale and inflow of capital.At present,there are a variety of channels for the financing of the logistics industry,but,the asset securitization as a stable source of funds,its status cannot be replaced.It is helpful to improve the liquidity shortage of logistics enterprises by transforming the logistics assets with poor liquidity into asset-backed securities and trading in financial markets,through the designing of securitisation structure.Securitization transactions,brings benefits to the financial market,but also brings risks.At present,China's logistics enterprise asset securitization business is still in the initial stage,the logistics of asset securitization is not mature and perfect,laws and regulations are not sound,awareness of risk control and means are still relatively backward.In view of this,in the process of developing the asset securitization of the logistics enterprises,we should always be alert to the risks and make effective risk control strategies to prevent or avoid the occurrence of risks.Based on the theory of asset securitization and risk management,analyzing the characteristics of assets quality,receivables,liquidity and scale of logistics enterprises.firstly,the risk of primary asset securitization indicators has established according to relevant theoretical literature review.Then,the questionnaires have issued to questionnaires to the relevant professional personnel,and next according to the test of reliability and validity in factor analysis in SPSS.19,the five categories related to this total of 17 risk indexes have established.Then using the Analytic Hierarchy Process and the grey system theory to identify,measure and calculate the risk of asset securitization in logistics enterprises.Finally,the example of "Chongqing port logistics group asset securitization" is introduced,analysis of the risk of Chongqing port logistics group,Which include the expert consultation that could get the initial input value of data analysis process,the weight of each risk,and the evaluation value of overall risk.Experts to get the initial input value of the data analysis process,and finally get the weight of each risk and the evaluation value of the overall risk.This thesis concentrated on credit risk,market risk,technical risk through final comprehensive evaluation study,more specifically,the debtor risk,liquidity risk,third party risk,interest rate risk and economic risk are the top ranked risk categories.In view of the above Research.Some suggestions would be given as follow: first,It is necessary to strengthen supervision of the debtor,the bank and the three party operating mechanism,so that the business behavior of the parties is more standardized and reasonable;Secondly,we need to standardize the market trading system,establish an orderly trading market;Finally,government need to establish the information platform to standardize the trading process and promote the legal legislation of securitization.Provides advice for investors,but also provides some reference for the work of the logistics sector.