Yango Group Co.,Ltd Purchase Of House Receivables ABN Financing Mode Research

The real estate industry,one of the pillars of China’s national economy,is highly dependent on external financing because of its capital-intensive characteristics.However,its financing channels are very simple.Indirect financing through banks and other financial institutions is the most important financing mode for real estate enterprises.However,with the tightening of financing channels such as banks in recent years,the restriction and purchase restriction limit policy has slowed down the return of real estate sales funds.The enterprises in the real estate industry have fallen into an unprecedented financing dilemma.Therefore,how to find new financing models in the current regulatory environment to broaden financing channels,reduce financing costs,and improve corporate financial risks are important issues that need to be solved in the entire real estate industry.The analysis object of this paper is the first case of the ABN financing case that combines the trust-type ABN that has been rapidly developed in the ABN issuance reform for more than one year and the sale of the real estate enterprise.It is of great significance to alleviate the financing pressure of real estate enterprises and ensure the healthy and sustainable development of real estate enterprises.This paper analyzes the current financing situation of the real estate industry,and analyzes the traditional financing models that real estate enterprises are currently relying on and the innovative financing mode of real estate enterprises--the classification of asset securitization models and their respective characteristics.Then combined with the industry policy and data analysis,the paper draws a conclusion that there are common problems in the financing process of the real estate industry at present.Then,according to the analysis of the purchase,it is concluded that it is the basic asset suitable for asset securitization,and combined with the previous analysis of other financing modes and the characteristics of asset securitization financing mode,the advantages of issuing the purchase ABN and the problems to be solved are obtained.In the case analysis part,firstly,through the analysis of Yango Group’s financial operation status,financing methods and structure,we deeply understand the background of Yango Group’s adoption of ABN financing,and draw a conclusion that the financing mode of Yango Group’s adoption of ABN is reasonable.Next,on this basis,it analyses the product design,transaction structure of Yango Group’s ABN financing mode for the purchase tail and the rationality and operation points of the credit enhancement measures taken by Yango Group to reduce the risk of the aforementioned purchase tail ABN.From the case of whether the cash flow can be normalized and the expected loss rate and the repayment time are simultaneously improved,the principal and interest that need to be repaid on each payment date can be successfully covered to verify the repayment ability of the ABN at the end of the purchase;And through the comparison with the financing cost,specific design and operation mode of other financing modes,and the realization of the financial operation status and strategy of the enterprise before and after the purchase of the house ABN,the effect and deficiency of the ABN financing of the purchase of the house are analyzed.Finally,it summarizes the conclusions of the case analysis and promotes the application value and proposes targeted suggestions for the financing of the real estate industry to apply for the purchase of the final ABN.