Study On The Financial Effect Of Asset Backed Securitization Commercial Property In Suning

With the expansion of the trend of economic globalization and the deepening impact of China’s economic reform,Chinese enterprises need to use a variety of financing methods to obtain abundant funds to ensure their rapid development.Under the guidance of the State Council’s proposal of "Optimizing the allocation of financial resources,making good use of increments,revitalizing stock and better serving the development of real economy" in the government work report in 2017,asset securitization as a new financing mode can reduce financing costs by optimizing and integrating basic assets,on the one hand,it can also revitalize assets lacking liquidity and thus promote enterprise assets.Adjustment of debt structure.On the premise of vigorously supporting and promoting the development of asset securitization,more and more enterprises in China are facing the problem of capital shortage and regard asset securitization as the preferred mode of enterprise financing.Suning is one of China’s famous household appliances chain sales enterprises.Faced with the rapid development of the Internet and the double impact of the same industry enterprises,it decidedly chooses to change from the traditional entity retail mode to the online and offline combination of cloud business mode.Because of the urgent need for cash flow for transformation and self-development,Suning actively responded to the guidance of the state for asset securitization,and jointly established the"CITIC Huaxia Suning Yunchuang Asset Support Plan" with multi-participants.As the first product of commercial property asset securitization in China,this project is a typical case in the practice of asset securitization in China and has important research meaning and analytical value.By combing the relevant research results of asset securitization,we find that there are relatively few studies on "financial effect".Then,focusing on the theme of "financial effect of asset securitization",this paper redefines the concept of financial effect of asset securitization combined with previous research results,starting from four aspects that affect corporate finance:market returns,financial performance,financial risks and financing costs,combing the basic situation of easy-to-buy asset securitization projects in Suning and the motivation of asset securitization.Reasonably,it further elaborates the positive financial effects of asset securitization from four aspects:the optimization of market returns,the improvement of financial performance such as profitability,the control of financial risks and the reduction of financing costs.Then it summarizes the problems found in the process of analyzing the financial effects of asset securitization in Suning,and puts forward relevant suggestions accordingly.Finally,it reviews the whole research process of asset securitization cases,summarizes the experience and enlightenment,and provides reference for Suning and other similar enterprises to carry out asset securitization and expand the positive financial effect of asset securitization.