Research On Investor Risk Management Of ABS Of Long-rented Apartments

As an emerging industry in the housing rental market,long-rented apartments have been recognized by consumers in recent years by virtue of their advantages such as diverse product selection,rich value-added services and excellent living experience.Meanwhile,they are considered to play a certain role in China's construction of the "rent and purchase simultaneously" housing market and adhering to the principle of "no speculation in housing".Due to the characteristics of its business model,such as large initial investment and slow subsequent recovery of investment,long-rented apartments generally have great financing needs,and a large number of asset securitization is adopted as the financing method.In order to adapt to its operating characteristics,some of the product structure and other elements have been innovative,at present,the investor risk of these products are less research.This paper selects the asset securitization product 17,the first small loan for rent installment in China,as the case study,and applies the risk management theory and asset securitization theory to study the investor risk of this product.The purpose is to identify risks and propose countermeasures.The flowchart method was used to identify the risk of transaction structure and cash flow,and it was found that the risk of underlying assets and the risk of cooperative institutions were more important.The scenario analysis method and the f-score model were used to conduct quantitative assessment of the two kinds of risks respectively.Finally,the corresponding risk countermeasures were proposed for each risk factor.The innovation of this paper lies in the fact that the cooperative institutions in the transaction structure of this product are freely in charge of assets,and their operating conditions will directly affect the generation of cash flow of the underlying assets of this product.However,no risk disclosure is made in the product specification,and no corresponding risk countermeasures are proposed.The reason may be that the product structure is relatively new and the relevant participants have less experience,for which this paper gives corresponding Suggestions.