Selection Motivation Of External Credit Enhancement Measures And Pricing Influencers For Chinese Real Estate Asset Securitization Products

Under the control pattern of "three red lines+five grades classification",the debt financing of housing enterprises is strictly limited,and the industry as a whole faces the risk of tight capital.As an innovative financing mode,asset securitization can improve the capital structure of real estate enterprises,enhance asset liquidity,optimize the financial status of enterprises,and will play an important role in solving the financing problems of real estate enterprises in the future.The degree of information asymmetry is an important factor affecting the financing of housing enterprises.Issuers can take external credit enhancement measures to transmit their risk signals to the outside world,so as to alleviate the information asymmetry between issuers and investors.Adverse selection and moral hazard are two major problems that information asymmetry may bring.By introducing external credit enhancement measures,issuers with low credit risk can convey their high credit status to investors,solve the problem of adverse selection,and finally obtain lower issuance interest rate cost.For high-risk issuers,in order to solve the problem of moral hazard,investors require issuers to take external credit enhancement measures when issuing securities,and bear high issuance interest rate costs.Once there are default events in the future,it can maximize the security of investors’investment principal and income.In previous studies at home and abroad,the research on real estate asset securitization products mainly focused on mortgage-backed securities and real estate investment trusts,and the research on other types of products was less.In this paper,the final purchase asset securitization products and real estate supply chain asset securitization products as the research object,hoping to enrich the research results of real estate asset securitization products.In addition,this paper also analyzes the factors that influence the pricing of real estate asset securitization products.Pricing is one of the most important links in the process of asset securitization.The pricing level determines the attractiveness of the product to investors and reflects the degree of recognition of the product by investors.Considering that asset securitized products in China are priced by comparable securities laws,we must first determine the influencing factors and conditions of pricing.On the basis of previous theoretical research,this paper combines the common factors of asset-backed securities pricing with product characteristics,and considers the impact of China’s unique enterprise nature.After multiple linear regression,the conclusions are as follows:(1)for the balance payment for purchase ABS products,the core enterprise,the core issue when rating rating the latest changes,the core enterprise credit rating transition,the nature of the core enterprise,with external credit promotion measures are negative correlation,namely the core enterprise to issue,the higher the rating,the rating is the latest change increases,rating transition series,the higher up,the nature of the enterprise,the state-backed"have,"The greater the probability of external credit enhancement measures when the product is released;(2)For ABS products of real estate supply chain,there is a positive correlation between core enterprise rating at the time of issuance,the latest change of core enterprise rating,the transition of core enterprise rating,the nature of core enterprise and external credit enhancement measures.This means that the lower the rating of the core enterprise when it is issued,the lower the rating of the latest change,the higher the downward transition of the rating,and the more the enterprise nature "does not have" the background of state capital,the greater the probability of external credit enhancement measures when the product is issued.As for the factors influencing the issuance pricing of real estate asset securitization products,this paper finds that:(3)market interest rate has a positive impact on the issuance interest rate of the two products;(4)The issuing scale and the proportion of subordinated securities have a negative impact on the issuing interest rate of the two products;(5)The issuing years have no significant effect on the issuing rates of the two products;(6)Securities credit rating has a significant impact on the interest rate of asset-backed securities issued with the final payment of house purchase,but has no significant impact on the interest rate of asset-backed securities issued with the real estate supply chain;(7)External credit increase has a negative impact on the interest rate of asset-backed securities issued with the final payment of house purchase,and a positive impact on the interest rate of asset-backed securities issued with the real estate supply chain.Finally,the paper puts forward corresponding policy suggestions and points out the possible future research directions.