Research Of Securitization Business Of The Commerical Factoring Assets In China

The development of " Quasi-financial institutions" is the precondition to solve the problem of financing of small and medium-sized enterprises. Compared to small loan companies, Finance Leasing Company and other financial institutions, factoring is based on the real trade background of financing products, and for the development of trade, economic activity and promote more direct. Although bank factoring has been more mature, but many industries and enterprises are unable to reach the bank credit access, commercial factoring will be able to maximize the corresponding financial services support.From the 2012 launch of commercial factoring pilot area so far, the number of commercial factoring companies registered increased, but in sharp contrast to the formation of factoring business scale stagnation- a large number of factoring companies, only registered, not operating". Investigate its fundamental, commercial factoring companies can not be like the bank to absorb public savings, capital source channel is limited. And the Bank of commercial factoring companies in external financing continued to shrink, relying solely on its own funds to operate it is difficult to expand business.In this paper, we put forward the use of asset securitization to solve the financing problem of commercial factoring companies. Through the "cycle of purchase transaction model" and a series of transaction structure, the problem of the mismatch between the maturity of the factoring financing and asset backed securities is solved, which provides a new solution for the financing difficulties of commercial factoring companies.From the basic theory of asset securitization, this paper first describes the concept and role of asset securitization, and then analyzes the main body and the operation process of the securitization process, and finally the securities trading mode, as the theoretical basis of this paper. Then, the paper makes a detailed analysis of the transaction structure of "the special plan for the special plan of the assets of the mountain", and reviews the advantages and disadvantages. It has important reference value for the design of the commercial factoring asset securitization. Finally, based on the theory and case analysis, this paper designs a set of securities trading structure and implementation path, including the selection criteria of the basic assets, the establishment of the asset pool, the setting up of the management plan, and the increase of the credit arrangement.In this paper, we have some practical significance for solving the problem of financing of commercial factoring companies and financing difficulties of small and medium enterprises. It has some theoretical significance for the study of the asset securitization of "financial institutions" in China, especially in the commercial factoring.Due to the development of our country's commercial factoring companies are still short, there is no specific research on the commercial factoring asset securitization, this paper hopes to fill the gap.