Mechanism And Effect Of Real Estate Securitization-Dynamic Model And Quantitative Analysis

At present,China's real estate market is faced with such problems as mismatch between supply and demand,high basic price and serious speculation.Enterprises are generally characterized by high debt,difficult financing and high risk,which seriously affects the stability of the financial market and the development of the real economy.The real estate financial reform is imminent.Real estate securitization,as a new financing mode,has been paid more and more attention by the government.The existing theories have also been quite rich.However,in order to illustrate the effect of real estate securitization from the perspective of data,this article uses a dynamic stochastic general equilibrium model for quantitative analysis through the introduction of the form of rental housing securitization,trying to analyze the impact of real estate securitization on various departments and the effect of monetary policy in this mode,and compares the results with those without real estate securitization.The results show that the impact of technological progress on each sector is significantly reduced when real estate securitization is introduced.Affected by the impact,real estate enterprises increased the proportion of securitization,which not only solved the financing problem of enterprises better,but also increased the supply of rental housing,improved the supply structure of the current real estate market,and alleviated the housing problem of urban residents.At the same time,it not only ensures the total output level of real estate enterprises,but also effectively stimulates the growth of consumer goods market.In addition,through the study of the transmission effect of monetary policy,it can be found that when the real estate is not securitized,the central bank's control effect of restraining speculative demand is weak,which will not only lead to the rise of house prices,but also reduce the total output level of real estate,aggravate the problem of housing purchase difficulty for urban residents,and is not conducive to maintaining social stability.Under the background of real estate securitization,the central bank,by raising the interest rate,restrains the speculation of housing,changes the financing mode of real estate business,increases the proportion of self-raised funds of real estate developers,and promotes the development of consumer goods market effectively;In addition,with the increase of the proportion of real estate securitization,the anti-impact ability of real estate is significantly improved.Finally,based on the DSGE model of real estate securitization,this paper analyzes the main difficulties existing in the current practice of real estate securitization in China.After calculation,the theoretical utility ratio of property rights housing and rental housing in China is about 250,while the U.S.market is only 18.52;in addition,the low return on investment in China is also a major difficulty hindering the development of real estate securitization.In view of the research,this paper finally puts forward the conclusions and suggestions.