Research On Motivation And Consequences Of Asset-backed Securitization Of Real Estate Enterprises In China

The real estate,as one of the pillar industries in our country,has a significant impact on China's economy.But as prices continue to rise,the country has also taken a series of measures to stabilize housing prices to ensure the housing demand of the masses.Since the "ten national regulations" issued by Beijing,49 cities above prefectural level have implemented "purchase restriction orders".To a certain extent,the introduction of policies such as the purchase restriction order has affected the sales volume of the real estate industry.For the cash flow industry,real estate,the demand for capital is great and the use cycle is long.At present,the capital source of the real estate industry is still dominated by banks and other traditional channels,but the risks of traditional financing methods are mostly concentrated in banks,and it is difficult to meet the large amount of financing needs.With the continuous improvement of China's capital market,financing is no longer limited to traditional methods,gradually increased the importance of innovative financing methods.Asset securitization also develops continuously in China,"real estate investment securities" of Hainan province in 1992 marked the beginning of asset securitization.The pilot program began in 2005 and was suspended in 2008 due to the impact of the financial crisis.With the recovery of economy,the state council restarted the pilot work of asset securitization in 2011.With the continuous development,there are more and more types of real estate asset securitization.In the context of tightening real estate financing,asset securitization improves the financing convenience.This article first studied and sorted out the previous research results on asset securitization,sorted out the basic knowledge of asset securitization and related theories,and introduced the development status of asset securitization and real estate enterprises in China.Taking the example of purchase tail asset Securitization of Country Garden,after a brief introduction of the case,the motivation,effect and risk of asset securitization were explained and analyzed,in which the market reaction,cost effect,financial income performance and enterprise risk of asset securitization were analyzed with the method of event research,qualitative analysis and quantitative analysis,and financial early warning model,and the practical solutions were proposed.Finally,this article draws the following conclusions: firstly,it analyzes the motivation of purchase tail asset Securitization of Country Garden,including external factors and internal factors.The external factors are mainly the combing of macro policies,while the internal factors are mainly analyzed from the quality of accounts receivable,cost,enterprise wealth and enterprise development strategy.On the basis of its operating mechanism and motivation,this article analyzes the effect of purchase tail asset Securitization to correspond to the aforementioned motivation,and finally analyzes the risk of purchase tail asset Securitization of country garden,and puts forward its practical solutions.