房地产供应链ABS风险溢价影响因素研究  

Factors Influencing Risk Premium in Real Estate Stupply Chain ABS

作　　者：殷唯 刘洪玉[1] 

机构地区：[1]清华大学建设管理系和清华大学恒隆房地产研究中心,北京100084

出　　处：《中国房地产金融》2023年第2期3-10,共8页China Real Estate Finance

摘　　要：本文以2015至2022年2月发行的房地产供应链ABS,讨论以房地产企业性质、财务状况为代表的微观因素和房价水平为代表的宏观因素,对房地产供应链ABS风险溢价的影响,并采用同样的方法对房地产购房尾款ABS进行分析。研究发现:(1)房价上涨速度提升会降低供应链ABS的风险溢价。(2)房地产企业提高其盈利能力与偿债能力可降低其发行的供应链ABS的风险溢价,但房地产企业如采用高周转模式则会推高其供应链ABS的风险溢价。(3)购房尾款ABS风险溢价同样受到房价影响,且房价增速对购房尾款ABS风险溢价的影响幅度较供应链ABS更大。This paper discusses the impact of micro factors,represented by the ownership and financial indicators of real estate companies,and macro factors,represented by the house prices,on the risk premium of real estate supply chain finance ABS,using the data from 2015 to February 2022.The same methodology is used to analyze home purchase ABS of real estate companies.The research concluded as follows:(1)An increase in the growth rate of house price reduces the risk premium of supply chain finance ABS.(2)Improving the profitability and solvency of real estate companies can reduce the risk premium of supply chain finance ABS,but taking the high-turnover approach can push up the risk premium.(3)The risk premium of home purchase ABS is also affected by house prices,and the growth rate of house prices has a greater impact on the risk premium of home purchase ABS than supply chain finance ABS.

关 键 词：供应链金融 资产证券化 风险溢价 房地产 

分 类 号：F29[经济管理—国民经济]