Research On Risk Management Strategies Of Chinese Real Estate Trust

On the evening of April 27,2018,the People's Bank of China,China Banking and Insurance Regulatory Commission,China Securities Regulatory Commission,and State Administration of Foreign Exchange four ministries jointly issued the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions".The new regulations clearly break the rigid redemption,and the trust project can no longer use its own funds for redemption.In 2018,many trust projects were frequently was reported accidents,which sounded the alarm for the practitioners in the trust industry.Risk control was regarded as the first lifeline by more and more trust companies and other financial institutions.The existing risk control measurements of trust companies are inefficient,and the risk control pressure is mainly concentrated in the business department,which brings significant risks to the development of trust companies.Therefore,the reform of risk management and control systems for real estate trust projects is extremely urgent.The first part of this paper mainly introduces the research background,research purpose and significance,research content,methods and technical routes and main contributions.The second part first summarizes the research status at home andabroad,and then introduces the related concepts of real estate trust and real estate trust risk.The following is the main part of this article.The third part introduces the case background and elements of the case of the G Trust-Shanghai Bund Collective Fund Trust Plan.The fourth part analyzes the risk and risk control measurements of the case in this paper,and selects appropriate quantitative measurements for each risk influencing factor.The fifth part firstly uses the expert scoring method and the Delphi method to compare the importance of the quantitative measurement indicators of risk,and obtains the judgment matrix of the quantitative measurement indicators.Besides,the judgment matrix is processed by the analytic hierarchy process to obtain the weight vector of the measurement index.The evaluation set of the measurement index is determined according to the data processing and the inquiry to the real estate agent.Finally,the fuzzy comprehensive evaluation method is used to process the weight vector and the evaluation set,so as to obtain comprehensive membership matrix,and the comprehensive grade of the real estate project and its score.The sixth part carries on the industry and case empirical test to the real estate trust risk evaluation index system constructed in this paper.On the industry side,firstly,the risk evaluation index system constructed in this paper is tested on 175 randomly selected real estate projects,and the results prove the validity and feasibility of the risk evaluation index system constructed in this paper;secondly,the current risk evaluation part of G Trust is tested on the same project,and the empirical results are analyzed;finally,the matching rules are created.The two empirical results are matched to confirm the matching degree,and the comparative analysis based on the comparative results proves the practicability of the risk evaluation index system constructed in this paper.On the other hand,in respect of case study,the risk evaluation index system constructed in this paper is used to test the case.The empirical results are high-risk grade projects.In reality,the financing group explodes in the later stage,and finally relies on the resale of the target project to temporarily survive the liquidity crisis.This proves the validity of the risk evaluation index system constructed in this paper.The seventh part provides the method of how to use the results of the risk evaluation index system constructed in this paper,and puts forward some suggestions on the riskcontrol strategy of real estate trust in China.Finally,the eighth part summarizes the conclusions and innovations of this paper,and analyses the research deficiencies and prospects.