Research On Risk Control Of Asset Securitization Financing Of R Real Estate Company

In 1994,with the promulgation and implementation of the 'Decision of the State Council on Deepening the Reform of Urban Housing System',Chinese real estate ushered in the first year of development.Today,Chinese real estate industry has experienced ups and downs for more than 20 years,has gone through the golden period of development,entered the silver stage,real estate development companies have joined the fast-moving,high-turning competition.Due to the huge capital investment,long construction period and poor liquidity of real estate projects,the real estate industry has become a highly capital-intensive industry.The financing status also determines the success or failure of project development and the speed of enterprise development.Traditional financing channels are controlled by credit scale,and it is difficult to meet the needs of real estate enterprises.Asset securitization financing has become the object of financing in various industries because of its flexible use of funds,low financing costs and no impact on balance sheets.In 2018,China issued a total of 946 single-asset securitization products,an increase of 36.51%over the previous year;the cumulative asset securitization issuance amounted to 2011.81 billion Yuan,an increase of 30.60%over the previous year.Asset securitization can effectively reduce the financing cost of enterprises and improve the financing efficiency of enterprises.Naturally,it is also applied by many real estate enterprises.Country Garden Group,Vanke Group and many other large real estate companies have adopted the asset securitization and supply chain financial assets.Asset-backed securities were issued for financing through securitization.While real estate enterprise asset securitization financing has achieved good development in China,the risks in the process cannot be ignored.Taking R Company as an example,according to the operation mode of asset securitization financing,it takes the securitization of the purchase of housing,the securitization of property assets,and the securitization of supply chain financial assets as the basis for the case of real estate enterprise asset securitization financing.Asset analysis,analysis of the way of upgrading,analysis of participating entities and transaction structure,clarifying the sources of risks in each asset securitization financing operation mode,and facilitating risk identification of original equity holders and basic assets.Combined with the results of the case analysis,the risk identification analysis of various operational modes of R Company of asset securitization financing is carried out,and relevant conclusions are drawn.There are mainly market risks,cross-default risk,distribution of basic assets,and risk of payment at the end of purchase of assets in the financing of the final assets of R.The property management risk.cash flow forecasting risk,The cash flow is mixed with the risk,the cash flow accelerates the collection risk,and the supply chain financial asset securitization financing process mainly has the debt concentration risk and the factoring business risk.Finally,based on the results of case analysis and risk analysis,the risk control strategies for asset securitization financing of R Company are proposed.Under the model of securitization financing at the end of the purchase of houses,it is necessary to speed up the project de-speed,construct a fund monitoring mechanism,improve the quality of the basic assets of the pool,and improve the payment system for the purchase of housing.The property fee asset securitization financing mode needs to establish effective internal control and improve.The level of operation and control,attention to risk isolation of funds,and improvement of cash flow management capabilities;supply chain financial asset securitization financing mode needs to introduce factoring credit guarantee insurance mechanism and establish a cross-oversight mechanism for factoring business.By strengthening the risk control of asset securitization financing,real estate enterprises can reduce their own financing risks and financial risks,and achieve stable operation and development under the current market environment.