Default Risk of Industrial Park Asset Securitization:Case Study Based on Peking University Science Park
Against the backdrop of China's vigorous development of the real economy,the growth of industrial parks has also garnered significant attention.Industrial park asset securitization products experienced explosive growth in 2018,but they are still in an exploratory stage and face a large default risk,which needs to be continuously improved.This paper selects the first defaulted industrial park asset securitization product in China,the Peking University Science Park Commercial Real Estate Mortgage-Backed Loan Support Notes as the research object.Based on the original shallow risk identification and risk mitigation design in Peking University Science Park's asset securitization products.Firstly,this paper conducts in-depth risk identification.It employs quantitative analysis using the KMV model to assess risks.Secondly,put forward a complete risk coping method.Finally,the risk adjustment method is used to evaluate and adjust the existing risks,evaluate and identify the unknown risks,and then build a complete risk management closed-loop mechanism.It is expected to provide useful reference for other enterprises to avoid financing risks,so as to better allow financial services to serve the real economy and promote the steady and long-term development of the real economy.
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