| As a capital intensive industry,the real estate industry is eager for money,but in recent years,the economic situation is not good,which makes the real estate enterprises more difficult to get money.In order to break the dilemma,some leading enterprises have begun to use asset securitization for enterprise financing.In this context,this paper takes asset backed securities issued by Vanke as an example to analyze the motivation and effect of asset securitization in real estate enterprises.This paper is divided into six parts.The first and the second parts study the current situation of the research and practice at home and abroad.Then,it studies the related theories of asset securitization,explains its concept,characteristics,related principles,transaction structure.All these will make theoretical preparation for the subsequent case analysis.In the third part,taking asset backed securities issued by Vanke as an example.Firstly,give a brief introduction of Vanke asset backed securities,including transaction structure,credit enhancement method,basic asset situation and project operation situation.And then analyze the motivation of Vanke's implementation of asset securitization from two aspects,external financing environment and enterprise's own needs.The fourth part will analyze the effect of Vanke asset backed securitization from six parts:financial effect,financing model,financing channel,market effect,credit rating benefit and corporate reputation.The fifth part is to identify the risks related to asset backed securitization,the risks include four parts:risks related to external environment,risks related to basic assets,risks related to asset backed securities and risks related to project management.In the sixth part,some suggestions are put forward to deal with the identified risks.I hope this paper can provide reference for other real estate to launch supply chain financial asset securitization,and provide rational thoughts for investors. |
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