Credit Risk Management Of Securitization Of Receivables

At present,the development of small and medium-sized enterprises(SMEs)in China is difficult,and the important factor restricting the healthy development of SMEs in the new normal economy is the problem of difficult and expensive financing.At the same time,large enterprises with strong economic strength and high credit rating have a variety of financing channels for low-cost financing.The emergence of asset securitization of supply chain finance,especially the emergence of asset securitization of accounts receivable,not only provides new financing channels for SMEs,but also provides new financing options for large enterprises.However,there are a series of credit risks in the asset securitization of accounts receivable,which threaten the steady operation of the asset securitization of accounts receivable.Therefore,it is particularly necessary to explore the credit risks and management strategies in the asset securitization of accounts receivable.The special plan of asset support for Vanke supply chain finance no.7 of Ping An Securities is a reverse factoring asset securitization product with Vanke as the initiator,Ping An Securities as the program manager and Yi Fang as the factoring institution.Based on supply chain finance,this plan establishes Vanke as a core enterprise with credit advantage,channel advantage,information advantage and financing advantage.On the basis of the real transaction matters and transaction data with its upstream small and medium-sized suppliers,this plan proposes to reverse extend the core enterprise's market advantage.The plan will be the core upstream of small and medium-sized enterprise formed in the creditor to the debtor vanke daily trading accounts receivable in the collection,then the creditor by charging of consideration,the way of transferring accounts receivable to a factor,and factoring will accounts receivable as a means of underlying asset to charge the same price transfer of assets to support the special plan,special plan administrator to future cash flow of the asset is foundation support,assist the issuance of asset-backed securities,subscription and trading shall be conducted by qualified social investment.Based on special plan as a case,this paper analysis the credit cooperation between core enterprises with financing advantages and SMEs with financing disadvantage through asset securitization of accounts receivable,credit risk is mainly derived from underlying assets,and reverse factoring accounts receivable securitization this pattern will lead to credit risk concentration in the core enterprise.In view of the existing problems,this paper believes that efforts should be made in strengthening the authenticity of information and information sharing.On this basis,it is expected to improve the credit risk management of the reverse factoring asset securitization of receivables and promote the deepening reform of the financial market.