Research On The Effect And Risk Of Asset Securitization Of Vanke Real Estate’s House Purchase Balance

The real estate industry has a great demand for funds,and the changes of relevant national policies will have an immeasurable impact on it.As a capital intensive enterprise,the most important factor for the development of real estate enterprises is to have sufficient and stable cash flow.However,due to the overheating of the previous real estate market,the government has adopted a series of macro-control measures,such as setting up "three red lines" for real estate enterprises,in order to stabilize house prices and maintain national economic security.Moreover,in2020,affected by the New Coronavirus epidemic,the global economic development situation declined,coupled with the tight traditional financing channels,the financing available could hardly meet the capital demand of real estate enterprises,and the problem of financing difficulties of real estate enterprises was more prominent.As an innovative financing method,asset securitization financing can not only revitalize stock assets,increase cash flow,reduce financing costs and improve capital structure for enterprises,but also get strong support from China’s regulators.In order to solve the financing problems faced by enterprises and maintain a stable dominant position in the increasingly fierce competitive environment of the whole industry,many real estate enterprises began to try innovative financing methods,such as asset securitization.Based on this,this paper uses the case analysis method and takes the 11 th special plan of house purchase balance asset-backed securities of Vanke Group as an example.Firstly,it summarizes the operation mode of house purchase balance asset securitization;Secondly,it studies the motivation of implementing the asset securitization of house purchase balance,and studies its implementation effect from the aspects of financing cost,impact on enterprise financial situation and market response;Finally,this paper identifies and analyzes the risks of house purchase balance asset securitization,puts forward relevant risk prevention measures,and draws the basic conclusion of this study: as a new financing method,house purchase balance asset securitization has played a positive role in reducing enterprise financing costs,improving enterprise market value,improving enterprise operation and reducing financial risks.Under the current situation of policy tightening and financing difficulties,real estate enterprises can take the asset securitization of house purchase balance as an effective financing measure.However,this kind of financing measure has certain limitations.It can only improve the business situation of the enterprise to a certain extent,and there are certain risks in the operation process of basic assets,original equity holders and special plans.It still needs to be improved in the specific implementation process in the future.The research on the case of asset securitization of house purchase balance in this paper enriches the research on real estate asset securitization and provides a successful example for other real estate enterprises to explore new financing channels.At the same time,it can also make investors more clearly understand the process and risk of asset securitization,which has certain application significance.