Research On Cost Management Of Real Estate Supply Chain Asset Securitization Financing Project

Project management is the systematic management in the whole project process,which is one of the important theories of modern management.China’s real estate market has developed rapidly since the housing reform in 1998 and become an important part of the financial system.In order to curb the over-expansion of the housing market,the government started to introduce a series of restrictive policies since 2012 to guide the stable and high-quality development under institutional regulation.Real estate supply chain asset securitization began to be practiced in the market in 2016,and its unique advantages have led to its rapid development as one of the important financing methods for real estate enterprises.The management of real estate supply chain asset securitization financing business is a typical project management process,and project cost management,as one of the important components of project management,plays a key role in success.From the perspective of project cost management,this paper firstly studies the characteristics of real estate supply chain asset securitization financing projects and finds that the interest of securities,as an important component of financing project costs,has the characteristics of complex influencing factors and difficult to estimate,which should be mainly concerned;then based on the existing literature,the factors that may affect the spread of issuance are analyzed and hypotheses are proposed;finally,the issued real estate supply chain asset-backed securities in the market from 2016-2022 are selected as the research sample,and use a robust linear regression model to empirically study the sample.The results show that: 1.at the level of participating entities,SOEs and listed enterprises have lower financing costs,while the reputation of rating agencies mainly affects non-listed enterprises;2.at the level of credit enhancement,the introduction of credit enhancement measures may instead be perceived by investors as a signal of the existence of defects in the underlying assets,thus requiring higher risk compensation;3.at the level of individual securities,high ratings,large size and the use of private placements can significantly reduce the spread of securities,and longer maturities imply higher risk premiums,but the effects of some of the influencing factors may vary depending on whether the subject is listed or not.Based on the results of the study,this paper makes recommendations for the management of such projects: firstly,it is necessary to fully consider the influencing factors of project costs,distinguish different characteristics of the underlying debtors,and prudently evaluate the role of credit enhancement measures,then,reduce the project costs by improving the quality of underlying assets.