Research On The Risk Of Reverse Factoring Asset Securitization In Supply Chain

In 2012,pilot commercial factoring projects were carried out in Shanghai,Tianjin and other places.Since then,commercial factoring has entered the fast track of standardized development.At the same time,influenced by regulatory liberalization and policy encouragement,the asset securitization market of Chinese enterprises shows a good development trend of rapid growth of market stock scale,increasingly rich types of basic assets and increasingly mature market.Accounts receivable is a basic asset class of enterprise asset securitization.By the end of 2018,the accounts receivable of enterprises with industrial scale or above in China reached 14.30 trillion yuan,up by 8.60% year-on-year.The development of commercial factoring,the demand of enterprises to revitalize accounts receivable,and the policy of enterprise asset securitization have promoted the reverse factoring asset securitization of supply chain,and become a new business model of factoring creditor's rights asset securitization that has developed rapidly in the past three years.Reverse factoring asset securitization of supply chain is initiated by the core enterprises in the downstream of the supply chain,and the receivables creditor's rights are taken as the underlying assets to issue asset-backed securities with the consent of the upstream suppliers of the supply chain.Due to the advantages of supply chain reverse factoring asset securitization,this unique structural financing mode has been favored by the market in recent years.Meanwhile,the risks in this structural financing mode have also attracted much attention.The research on the risk of reverse factoring asset securitization in supply chain in this paper has practical significance in optimizing the existing transaction structure,helping small and medium-sized enterprises to finance and promoting the development of factoring asset securitization.This paper first defines the meaning of reverse factoring asset securitization of supply chain,and discusses its participants,transaction structure and advantages.In risk analysis part,first of all on asset securitization and reverse factoring asset securitization development present situation of supply chain is analyzed,and then from the underlying assets risk,legal risk,the risk of default,fund collects the risk,market risk,risk rating changes six aspects in-depth analysis of the risk formation of cause and effect,finally,characteristics on the sources of risk are analyzed.In the part of case analysis,combined with the typical case "special plan of accounts payable asset support in the first phase of the supply chain of citic security-miui no.1",the risks and preventive measures of reverse factoring asset securitization in the supply chain are studied in detail.In the conclusion part,this paper summarizes the relevant conclusions about the risks and preventive measures of reverse factoring asset securitization of supply chain.