Research On Financing Effect And Risk Of Commercial Real Estate Asset Securitization

Real estate industry occupies an important position in the tertiary industry of our country,which is in a leading and basic position in the national economic system.Among them,commercial real estate has experienced rapid expansion and product upgrading in the past decade,and now the industry is being integrated and adjusted,with huge financing needs.However,as a national key monitoring object,in recent years,the real estate industry has been subject to strict macro-control,restricting financing has become a policy-oriented,thus promoting the development of new financing methods such as asset securitization.Shimao Real Estate's asset securitization transaction is innovative and typical.It is the first commercial real estate asset securitization project in the national inter-bank market.The introduction of dual SPV trading structure in the inter-bank bond market ABN provides a different trading mode from that of China Securities Regulatory Commission ABS.This paper studies the motivation,financing effect and risk of Shimao Real Estate Asset Securitization,hoping to give some inspiration and inspiration to the feasibility test,scheme design,performance management and risk control of asset securitization in the same industry or related fields,and at the same time to provide some theoretical value and reference significance for China's real estate industry to solve financing problems.This paper uses the method of literature research and case study to analyze:firstly,it summarizes the literature at home and abroad,and finds that asset securitization and real estate industry are compatible.However,compared with foreign capital markets,China's theoretical research starts late and its practical application scope is narrow,especially the research and application of asset-backed instruments.Therefore,the topic of this paper has certain theoretical and practical significance.Secondly,it combs the necessity,feasibility and risk control points of asset securitization in light of the industry status quo,and lays a theoretical foundation for case study.Then,it deconstructs Shimao International ABN project from four aspects:project background and general situation,risk isolation and credit enhancement mechanism,case selection reason and financial motivation.On this basis,combined with the macroeconomic status of commercial real estate and the micro-financial status of Shimao real estate,the necessity of asset securitization is verified.Thirdly,through the event study method and financial index method,the implementation effect of the case is analyzed,and the existing risks and mitigation measures are listed.Finally,this paper sums up the results of this study,and proposes several suggestions for future related enterprises to carry out asset securitization operation:assets that can generate stable cash inflows contribute to the establishment of basic assets,the key to asset securitization is risk isolation,and the "dual SPV" framework effectively improves product liquidity.Through the analysis of Shimao Real Estate Project,this paper holds that the combination of commercial real estate project and asset securitization can alleviate the drawbacks of large investment and long payback period of commercial real estate to a certain extent,and can establish a suitable financing mechanism,provide new financing ways,activate stock assets,which is of great significance for reference.