房地产行业核心企业供应链金融ABS模式及其风险研究——以万科股份为例.pdfVIP

摘 要 随着我国市场经济的发展，金融手段不断创新。在国家对房地产严调控的背 景下，房地产开发企业的众多融资渠道受到限制，供应链金融资产证券化作为一 种创新的融资模式受到各大房地产开发企业的追捧。通过利用房地产开发企业的 信用和上下游企业的真实交易，这种模式不仅可以解决中小企业融资难、融资成 本高的问题，还可以缓解房地产开发企业的现金流紧张的困难，进一步促进整条 供应链的健康发展。 本文首先分析了中国房地产开发公司应用供应链金融资产证券化的现状，在 此基础上，选择万科股份有限公司为案例公司，研究房地产开发企业实施供应链 金融资产证券化的风险及其风险控制措施。案例通过介绍了供应链金融资产证券 化项目的基本情况，然后详细分析了核心企业在应用供应链ABS 时会面临的外部 风险、项目风险和财务风险。最后针对这三个方面的风险提出了控制建议。 本文希望通过万科股份供应链金融资产证券化案例的研究，可以帮助更多拟 实施供应链金融资产证券化的企业更好地了解该融资渠道，了解在实施过程中其 面临的风险和可应对措施，以便更好地发挥供应链融资资产证券化的作用。 关键词：房地产行业；核心企业；供应链金融；资产证券化；风险 I ABSTRACT With the development of Chinas market economy, financial innovations continue to emerge. In the context of strict national control of real estate, many traditional financing channels for real estate development companies are restricted, supply chain financial asset-backed securitization, as an innovative financial model, has been sought after by major real estate development companies. Through using the credit of real estate development companies and real transactions of upstream and downstream companies, supply chain finance can not only solve the problem of financial difficulties、high financing costs for SMEs, but also alleviate the difficulty of real estate development enterprises cash flow shortage and further promote the healthy development of the entire supply chain. The present study first analyzes the status quo of Chinas real estate development companies’applying supply chain financial asset securitization. On this basis, the author has chosen Vanke as a case company to study the risks and risk control measures of real estate development companies implementing supply chain financial asset securitization. The case introduces the basic information of the supply chain financial asset securitization project, and then analyzes i