Research On Financing Risk Management Of Public Reits Of Logistics Real Estate Industry

The transition of consumption in the post-epidemic era is the accelerator of the digital economy.People’s consumption habits have gradually changed from offline consumption to online consumption patterns such as community group buying,live streaming and group shopping,which has also prompted changes in the logistics industry.As the supporting infrastructure of the logistics industry,warehousing logistics has ushered in a period of rapid development.Root related data show that in 2020 fresh e-commerce high-standard library of new rent,rent expansion demand accounted for only 12% of the total demand,to 2021 this proportion has risen to 21%,the growth rate is fast.The warehousing and logistics industry is now in a market state of short supply.Warehousing and logistics companies try their best to expand the scale of assets to fill the market demand.Undoubtedly,the financing demand of the warehousing and logistics industry also increases sharply.Real Estate Investment Trusts,this high-quality financing method soon attracted the attention of many domestic warehousing and logistics enterprises.REITs,as a new form of public funding,have been mentioned many times in government documents,and the warehousing and logistics industry is one of the industries vigorously promoted by the state to conduct of REITs financing.However,since Chinese REITs are at a very early stage,there are still many shortcomings in the Chinese REITs market.These factors have become an obstacle to the development of Chinese REITs in warehousing logistics to some extent.All these factors hinder the rapid development of REITs of warehousing logistics to some extent,which also increases the development risk of REITs of warehousing logistics to some extent.In the period of rapid development,we need to pay more attention to the risk management of warehousing and logistics industry REITs,so as to better promote the development of warehousing and logistics industry REITs.Therefore,this paper studies the financing risk management of warehousing and logistics REITs,research’s results suggest warehousing and logistics REITs,which has important practical significance.Based on risk management theory,portfolio theory,principal-agent theory and priority-based financing theory,this paper uses literature research method,case analysis method,comparative analysis method and empirical research method to start from the development process of warehousing and logistics industry,the development of REITs,the historical evolution of relevant policies,the business operation mode and other aspects.Take the first of warehousing logistics REITs in China as an example to study risk management.The innovation point of this paper is the innovation of research content.This paper chooses the high-speed development of warehousing logistics industry as a research focus,takes SF Real Estate REIT as an example to carry on the case study,and fills the vacancy of our existing theoretical research on warehousing logistics industry REITs financing risk management.This paper finds that:the institutional management risk of SF Real estate Trust is low and the debt scale is reasonable,but there are certain risks in the selection and operation of underlying assets,tenant dispersion,income stability,internal competition,principal-agent risk,the development trend of the secondary market,liquidity and other aspects.This paper uses PEST analysis model to identify financing risks and GARCH-Va R model to evaluate the financing risks of SF Express housing trust.After qualitative and quantitative analysis,the paper puts forward risk control suggestions for the assessed financing risks:optimizing the income structure to reduce single dependence,enriching asset acquisition channels,rationally planning expansion plans,and strengthening the construction of talent team,in the hope of promoting the benign development of REITs of warehousing logistics.