Research On Asset Backed Securitization Financing Motivation And Risk Of Logistics Real Estate Enterprises In China

In recent years,the rise of Internet e-commerce,retail reform and high-end manufacturing promote the modernization of logistics real estate industry.China's logistics real estate industry system has become more and more mature,it has been transforming to the operation of the intelligent logistics park.The high speed development of logistics real estate industry has attracted more and more enterprises to enter.The logistics real estate industry is in the stage of many participants and various competition,which has attracted more and more enterprises to enter.The logistics real estate is different from the traditional real estate,which can recover the funds when it is completed.Generally,it needs to provide customers with long-term,customized logistics storage services,it has long project operation cycle and long fund recovery period.In such an operation mode,how to carry out efficient financing is very important for enterprises to maintain competitive advantage.Baowan logistics Holding Co.,Ltd.,the case company selected in this paper,has been mainly engaged in logistics and warehousing services since its establishment.In the fierce competition in the industry,Baowan logistics,which operates in its own property mode,faces the problems of single financing channel and unreasonable financing structure.The company is actively exploring new financing channels.In 2018,Baowan logistics was approved to issue 10 billion warehousing logistics asset securitization projects,which is the largest amount of asset securitization products approved to be issued by logistics real estate enterprises by 2018.This 10 billion ABS financing is bound to alleviate the financing difficulty for Baowan logistics and bring reference for other logistics real estate enterprises.This paper uses case analysis method,first of all,combined with the current situation of logistics real estate industry and Baowan logistics company,this paper analyzes the necessity of asset securitization financing of logistics real estate enterprises.Secondly,this paper analyzes the issuing effect of the first phase of ABS product of Changjiang chuyue-Baowan,and finds that the use of asset securitization financing can help logistics real estate enterprises optimize capital structure,broaden financing channels,reduce financing costs,speed up capital circulation,and establish a good corporate image.Finally,this paper analyzes the risks in the basic assets,original equity holders,credit rating,cash flow and other aspects of the ABS products,analyzesthe possible risks and problems in the ABS products through risk identification,risk assessment and risk control,and gives relevant suggestions.At the end of this paper,it also summarizes the Enlightenment of the asset securitization project issued by Baowan logistics on the financing of logistics real estate enterprises and the development of asset securitization market in China.