在“三道红线+五档分类”的调控格局下，房企债务融资受到严格限制，行业整体面临资金面紧张的风险。资产证券化作为一种创新性融资模式，能够改善房企资本结构，增强资产流动性，优化企业财务状况，未来将在解决房企融资问题方面发挥重要作用。定价环节是资产证券化过程中最重要的环节之一，定价水平决定了产品对投资者的吸引力，也反映了投资者对产品的认可程度。考虑到我国资产证券化产品采取可比证券法定价，因此必须首先确定定价影响因素及影响情况。在过往国内外的研究中，关于房地产资产证券化产品的研究主要聚焦于抵押贷款支持证券和房地产投资信托基金，对其他类别的产品研究较少。本文以购房尾款资产证券化产品和地产供应链资产证券化产品为研究对象，希望能够丰富房地产资产证券化产品的研究成果，从而更好地指导现实中相关产品的发行定价，助力房企运用资产证券化融资。本文在过往研究的基础上，将资产支持证券定价共性因素与产品特性相结合，并考虑了外部增信导致的内生性。在运用两阶段最小二乘法回归后，得到如下结论：（1）市场利率、外部增信和非国资背景对两种产品发行利率均有正向影响；（2）次级证券占比和发行规模对两种产品发行利率均有负向影响；（3）发行年限对两种产品发行利率均无显著影响；（4）较高的证券信用评级可以显著降低购房尾款资产支持证券发行利率，但对地产供应链资产支持证券无显著影响；（5）较高的核心企业发行时评级可显著降低两种资产证券化产品的发行利率。最后，本文提出了相应的政策建议，并指出了未来可能的深入研究方向。

Under the regulatory pattern of "Three Red Lines and Five Categories of Loan", the debt financing of real estate enterprises is strictly restricted, and the industry as a whole is facing the risk of capital shortage. As an innovative financing tool, asset securitization can improve the capital structure of real estate enterprises, enhance asset liquidity and optimize the financial situation of enterprises. Pricing is one of the most important links in the process of asset securitization. Considering that the pricing of asset securitization products in China is based on the comparable securities law, we must first determine the influencing factors and circumstances of pricing. In the past research at home and abroad, the research on real estate asset securitization products mainly focused on MBS and REITs, and less on other types of products. In this paper, our research objects are asset backed securities of balance of house purchase and asset backed securities of real estate supply chain, hoping to enrich the research results of real estate asset securitization products, so as to better guide the issue pricing of related products in reality.Based on the previous research, we combines the common factors of ABS pricing with product characteristics, and considers the endogenous caused by external credit enhancement. After using the two-stage least square regression, the following conclusions are obtained:(1)Market rate, external credit enhancement and non-state-owned background have a positive impact on the issuance rate of the two products;(2)The proportion of subordinated securities and issuing scale have a negative impact on the issue rate of the two products;(3) Maturity have no significant effect on the issuing rates of the two products;(4)Higher securities credit rating can significantly reduce the issuing rate of backed securities of balance of house purchase, but has no significant impact on real estate supply chain;(5)Higher core enterprise credit rating can significantly reduce the issuing rate of the two products. Finally, this paper puts forward the corresponding policy suggestions and points out the possible in-depth research direction in the future.