Research On The Risk Of Real Estate Enterprise Supply Chain Financial Asset Securitization Project

Recently,to ensure the healthy development of China’s real estate industry,relevant departments have successively introduced several policies such as “three red lines” to limit the disorderly expansion of the debt scale of real estate enterprises,which has made great achievements in reducing the growth rate of interest-bearing debt scale of real estate enterprises,but also brought adverse effects on the operation of real estate enterprises to a certain extent.Since bill payment is reflected in the balance sheet as the company’s interest free debt,a large number of real estate enterprises choose to increase accounts payable and bills to meet the requirements of policies and their own financing needs.Under this background,upstream enterprises’ funds are occupied and must bear the risk of debtor default.The short-term debt repayment pressure of real estate developers increases,and they are easy to fall into liquidity crisis.Revitalizing accounts receivable through the securitization of financial assets in the supply chain can help upstream enterprises recover funds in advance,and can also help real estate enterprises extend the accounting period and alleviate the pressure of short-term cash flow.This thesis selects "21 Shangjuan Factoring ABN001" as the research object.Based on sorting out the relevant literature,this thesis first explains the reasons for selecting the case and summarizes the project issuance background,and then combs the project elements,participants,transaction structure and credit enhancement mechanism.Then it analyzes the project’s basic assets,transaction structure and core enterprises to judge the risk status.Using the KMV model,this thesis measures the risk of default of Shimao Group for this year and past five years.Finally,according to the analysis results,this thesis puts forward risk management inspirations.Through the analysis,this thesis holds that,the real estate enterprise supply chain financial asset securitization project credit enhancement measures are usually not effective in essence,and the project credit level mainly depends on the core company’s credit level.At the present stage,the real estate industry is in the downward period.The risk level of the supply chain financial asset securitization project with real estate company as the core enterprise cannot be underestimated,and there is the possibility of default or extension.The risk sources of the asset securitization project discussed mainly lie in the imperfect due diligence of the basic assets,the high concentration of the debtor’s industry,the insufficient credit supply and weak credit monitoring in the project operation,the excessive expansion of real estate enterprises,the high debt level,and the high correlation between the core enterprises and relevant subjects.