Research On Risk Assessment System Of Real Estate Trust Investment And Financing Projects

The trust industry has the natural attributes of financing for real estate projects.Since the implementation of housing reform in China in 1998,the development of the real estate industry has gradually entered a rising channel.The prosperity of the real estate industry will inevitably improve real estate trusts in both quantity and scale.The rate has achieved good results.However,as the scale of real estate trusts continues to expand,the risk of uncertainty in such products continues to accumulate.In this context,it is particularly urgent to better identify the risks of real estate investment and financing projects.This paper analyzes the credit risk of real estate trust investment and financing projects by constructing a risk assessment model.The purpose is to obtain the credit risk degree of specific real estate trust projects through this model,so as to provide reference for the trust institutions to make investment and financing decisions for the project.The theoretical basis of the risk assessment model constructed in this paper mainly includes fuzzy comprehensive evaluation method and analytic hierarchy process.Among them,the fuzzy comprehensive evaluation method is the main line running through,the analytic hierarchy method is mainly applied to the factor system analysis and the various factors are given weight coefficient.In this paper,many factors affecting the credit risk of real estate projects are summarized into three aspects,namely,corporate guarantee capability,project profitability and market policy conditions,and these three aspects are further divided into 14 factors.And this paper uses AHP to weight these factors to build a specific credit risk assessment model for real estate trust projects.This paper selects 177 residential projects of 94 listed real estate enterprises.These residential projects are randomly distributed with different cities in China's first-to-fourth-line,collecting data corresponding to the influencing factors of 14 projects,and classifying each project into the corresponding risk level.Bring into the model constructed and calculate the comprehensive evaluation membership degree of each project.The risk level corresponding to the highest score is the overall risk level of the project.The results of empirical analysis show that the factors affecting the credit risk of real estate projects are firstly the difference in project profitability,followed by corporate guarantee capability and market policy conditions.The project risk classification obtained by using the model constructed in this paper is consistent with the reality,and the intermediate level project can be subdivided into smaller level intervals more accurately,which fully demonstrates that the model is in the real estate trust investment and financing project.It is effective in risk assessment and can provide a meaningful reference for project decision making and risk control condition setting.Finally,this paper briefly describes the risk control measures and plans of the trust company for real estate trusts,and puts forward some opinions on the risk management of trust companies in view of the problems existing in the actual operation.First,establish a sound internal control system,and secondly,improve the trust practitioners' quality,and finally set up the risk management and control rules for each stage of the real estate project.