Researching On The Asset Backed Securitization Of Property Sercice Expenses In China

At this stage,revitalizing the stock and reducing the leverage become the starting point for the state to formulate policies.As an innovative financing method,asset securitization has drawn much attention because of these two advantages.From a practical point of view,the state continually formulates securities policies and laws and regulations to promote the development of asset securitization in our country and provides opportunities for property service enterprises to finance.China's property service enterprises have the characteristics of a single income structure,low profit margins and lack of assets that can be mortgaged,and the limited access to financing.However,as community residents continue to improve their service types and requirements,property service companies actively carry out diversified operations and improve service levels.At this point,property service companies will have strong financing needs.The article studies the asset backed securitization of property sercice expenses that just provides a feasible and innovative financing method for the realty service company,which has practical significance for the real estate service company that carries out such financing activities.In addition,the article summarizes the operating modes and characteristics of the three types of the asset backed securitization of property sercice expenses and applies them to large-scale realty service companies with different operating characteristics,and constructs a new operating mode based on actual and theoretical conditions,ie,multi-agent joint securitization(see 4.4),it also has certain theoretical significance for the development of new financing channels for many small and medium-sized property service companies with financing difficulties.Therefore,the article has conducted an in-depth study of the asset backed securitization of property sercice expenses.On the basis of combing the relevant background,this paper proposes a new financing method of asset securitization and its research significance.In addition,based on the domestic and foreign literature combing the article leads to the research problems and innovation.Combined with the research content and characteristics of the article,this paper puts forward the specific research methods and theoretical basis.Then,elaborating the related knowledge of asset-backed asset securitization,putting forward this financing method has some prospects.In the meantime,due consideration has been given to the financing status and problems of property service enterprises,it is proposed that asset-backed property securitization has multiple advantages.This financing method can solve the financing problem of real estate service enterprises.After that,through a large number of case studies,we summed up the three operating modes of asset securitization and built an innovative mode of operation,serving the small and medium-sized property service enterprises.Then,on the basis of introduction of asset securitization products for property fee,the paper researches the optimal securitized products that have been issued through empirical research.Finally,through the case analysis,from a practical point of view of the specific operation of such financing methods.Research shows that the asset backed securitization of property sercice expenses provides property management companies with practical and multiple advantages of financing.The three existing modes of operation are applicable to large-scale real estate service enterprises with different operating characteristics and have different characteristics.The multi-agent joint securitization approach provides new financing channels for asset-backed securitization of many small and medium-sized property service companies which is the important innovation of the article.The value of the self-condition of optimal product has the highest contribution to the comprehensive value of product evaluation,reaching 50.86%,which is a new discovery in the article's empirical analysis.The case study found that it is necessary to make reasonable arrangements for entering the pool and increase cash flow coverage,and introduce parent(controlling)companies to provide credit enhancements.