A Case Study Of Great Wall Securities-Shangjun Factoring Phase Ⅰ Asset-backed Securities

In recent years,the financing regulation of the real estate industry has become stricter.Although the overall financing scale has remained at a high level,with the tightening of financing channels,in addition to the asset securitization financing methods,the traditional financing channels of real estate enterprises have been affected to varying degrees.The growth rate continued to decline,financing costs increased,and overall capital pressures gradually increased.In order to adapt to the market environment and expand new financing channels,how the real estate industry tries to use the organic combination of asset securitization and supply chain finance,and the development of supply chain financial asset securitization has become the focus of the industry.Great Wall Securities-Shangjun Factoring Phase Ⅰ Asset-backed Securities is the first circular real estate supply chain factoring asset-backed securities in China.It is a bold innovation in the real estate supply chain factoring asset securitization operation model,and the entire real estate supply chain asset securities.The development of the development has great reference significance and has become a typical research object that breaks through the dilemma of real estate financing.This paper selects Shangjun Factoring’s first-phase asset-backed securities as a case,and uses comparative research.Using the quantitative analysis and comparative analysis method to analyze the basic asset pool,the conclusion that the asset-backed securities assets have high concentration is obtained.In the analysis of the new base asset recycling purchase,the new base assets are short-term and highly concentrated.Conclusion: In the horizontal comparative analysis with other asset-backed securities,the asset-issued securities are issued in small scale and low in issuing costs.In addition,it also analyzed in detail the transaction structure,credit enhancement measures,risks and risk prevention measures of this plan,and summarized some useful inspirations of this asset-backed securities.Finally,according to the dual environment of China’s market and policy,combined with the enlightenment of the existence of this asset-backed securities,it puts forward suggestions on controlling the quality of the basic assets of the pool,enhancing the liquidity of products,designing appropriate securities stratification schemes,and improving the information disclosure mechanism.