A Study On Asset Securitization Of Real Estate Enterprises

Real estate has been a pillar industry of China's economic development,presenting a prosperous scene in the new cycle of development,and even in some areas,the trend of "overheating".In recent years,the government has introduced various macro-control policies on land and finance to control the "overheated" development of the real estate industry from the perspective of industry stability.In order to continue to seek development space,property enterprises have sought new financing channels.The financing channels of China's real estate financing market mainly include bank loans,securities financing and trust financing.However,the most important way to finance the financing of real estate enterprises in China is through the bank.This single financing pattern,whether for the development of the real estate industry itself,or for the financial system,hides a huge crisis.Under the state council "the optimize allocation of financial resources,with good incremental,deposit quantity,better serve the real economy development" under the advice and guidance,asset securitization as a new financing way,can reduce the comprehensive cost of financing and revitalize the liquidity from the two aspects to adjust the structure of assets and liabilities.This paper selected the case of HY real estate for the practice of asset securitization in the state-owned enterprises and real estate enterprise has an important value analysis,at the same time to research how to reduce the financial risks of real estate enterprise and how to promote structural reform in state-owned enterprises is of important significance for the development of better and faster.This paper contains five parts,the first chapter is the introduction mainly introduces the background and significance of the research,research contents and innovative points of the article,this research ideas and methods,summarizes the related literature review of real estate financing;the second chapter introduces the related theory of asset securitization theory,and the theory of asset securitization in the real application in the field of real estate;the third chapter mainly introduces the case of HY real estate financing,and HY real estate asset securitization financing risk;the fourth chapter focuses on the analysis of the SWOT HY real estate asset securitization financing;the last chapter is the summary of the paper,also the prospect and the advise of the development of China's real estate enterprise capital securities.