Research On Asset Securitization Financing Of Country Garden

In recent years,the financing of Chinese real estate enterprises has been strictly restricted by regulatory policies,traditional financing channels have been gradually tightened,and the issuance of many corporate bonds was suspended.As an innovative financing method,asset securitization financing can not only revitalize existing assets,enhance corporate cash flow,reduce financing costs,improve capital structure,but also be strongly supported by Chinese regulatory authorities.In order to solve the financing dilemma and maintain the advantage in the fierce competition of the industry,many real estate companies began to try asset securitization financing.The paper selects Country Garden asset securitization financing as the research object,combined with balance theory,principal-agent theory and enterprise life cycle theory,using literature analysis method,case study method,and comparative analysis method.Firstly,collects and sorts out relevant documents about asset securitization,using literature analysis method.It is found that the previous Chinese researches on asset securitization financing of real estate enterprises are mainly carried out from the perspective of transaction structure,operation process and financing risk,and the recommendations are mainly related to legal policies.Secondly,through comparative analysis,the paper analyzes the current situation of Country Garden asset securitization financing,and combines the knowledge of asset securitization to find that the asset securitization financing itself has risks,the actual financing cost is high,and the capital structure is not significantly improved.Then,according to the reasons analysis,it is found that the origins of the problems of Country Garden asset securitization financing are the transaction structure is flawed,market and policy environment have adverse effects,and the actual equity financing scale is small.Finally,drawing on the experiences of foreign mature asset securitization financing,using balance theory,principal-agent theory and enterprise life cycle theory,from the three perspectives of transaction structure,operation and scale,proposes solutions to control financing risks strictly,strengthen operational management continuously,and adjust the application and scale appropriately,to improve the status of Country Garden asset securitization financing,promote the further development of its diversified financing methods.The paper analyzes the case from three perspectives of financing risk,financing cost and capital structure,proposes solutions,enriches the research on real estate asset securitization financing,and provides reference for other real estate enterprises.