Research On Credit Risk Of Asset Securitization In Supply Chain Finance Of Real Estate Enterprises

With the promulgation of the state's policy to encourage the development of real economy and the vigorous promotion of supply-side structural reforms such as cutting overcapacity,destocking and deleveraging,the supply chain financial market has developed rapidly in recent years.By opening up the logistics,business flow,information flow and cash flow in the enterprise chain,supply chain finance effectively solves the financing difficulties and high financing costs of SMEs,and is favored by SMEs and capital markets.Among them,asset securitization based on core enterprises is the most potential financial innovation.Asset securitization in supply chain finance is based on the credit level of core enterprises and the real transaction background.It can effectively activate current assets by raising funds for enterprises with financing needs through asset-backed securities.At present,most of the large-scale products are issued by real estate companies as the core enterprises,such as Vanke,Biguiyuan and so on.Based on the scale and characteristics of the asset securitization in supply chain finance of real estate enterprises,this paper further analyses the credit risks it faces.Through the study of the factors affecting the credit risk of asset securitization in supply chain finance,it will help small and medium-sized enterprises,industry core enterprises,factors,investors,securities companies and other intermediaries to achieve win-win situation and make the supply chain a"win-win chain".Firstly,this paper analyses the current situation of asset securitization in supply chain finance of real estate enterprises from five aspects:basic overview,development scale,participants,operation process and transaction structure.Secondly,this paper elaborates the credit risks faced by the asset securitization in supply chain finance of real estate enterprises,including the credit risks of core enterprises and their cooperative organizations.Credit risk of core enterprises should be analyzed from three aspects:industry status,operation ability and financial status.Financial status should focus on the solvency,profitability and cash flow of real estate enterprises.When analyzing the quality of basic assets,we should pay attention to the authenticity of transactions,the dispersion of basic assets pool and the disposal of disputed basic assets.Thirdly,this paper takes Vanke Supply Chain Financial Asset Support Special Plan as an example,mainly focusing on four dimensions:core enterprise credit analysis,basic asset credit quality,transaction structure risk analysis,cash flow analysis and stress test,to discuss the credit risk of the plan.Finally,in view of the actual situation of the real estate supply chain financial asset securitization,the paper puts forward the preventive suggestions and countermeasures from three angles:optimizing the quality of basic assets,adopting appropriate credit enhancement measures and supporting the introduction of block chain technology.