Research On Supply Chain Financial Factoring ABS Development

In recent years,the state has issued a series of regulatory policies for real estate enterprises,including reform of land supply mechanism on the supply side,further improvement of the national housing purchase restriction and loan restriction policy on the demand side,and tightening of bank credit,which makes the regulation of real estate financing more stringent.For the capital-intensi-ve industry chain,enterprises extend the payment date in order to guarantee cash flow,while for upstream small and medium-sized suppliers who want to recover accounts receivable in time for innovation and development,the contradictory demand for funds between upstream and downstream and the opposite way of disposal seriously restrict the enthusiasm of the whole industry to expand reproduction.Under the guidance of national policies and enterprises’ self-financing to explore financing ways,major real estate companies have tried to water supply chain financial factoring ABS.Since 2017,supply chain financial ABS issuance has increased rapidly.Supply chain finance ABS not only enlivens the capital stock and reduces the risk of indirect financing,but also breaks through the traditional indirect financing mode dominated by loan financing in essence.Because ABS of supply chain financial factoring involves many participants and the vertical division of labor in the industrial chain,it leads to high concentration of debtors,authenticity of upstream and downstream transactions and other uncertainties,so it faces huge risks.Therefore,it is particularly important to master the information of basic assets and the concentration of debtors,and set up corresponding risk mitigation measures to restrict their further stable and safe development.In order to better describe ABS of supply chain financial factoring,this paper introduces factoring and asset securitization from accounts receivable of supply chain finance,and then transits to ABS of supply chain financial factoring on the basis of the previous theory,with emphasis on ABS of reverse factoring of supply chain finance and supply chain financial factoring issued by Vanke.Reverse factoring as an example for practical analysis.This paper analyses the transaction structure,accounts receivable status in asset pool,debtor distribution status and corresponding legal problems of Vanke’s asset support special plan,and puts forward corresponding solutions and risk mitigation measures for the actual problems and risks in Vanke’s supply chain financial asset support special plan.At the end of this paper,through the successful experience of the previous issue of Vanke Supply Chain Financial Asset Support Project,we look forward to the development direction and mode of supply chain financial ABS,and improve the supply chain financial ABS itself from the new economic direction,the direction of big data,and the direction of electronic signature encryption.Then from the perspective of perfecting the ABS mode of supply chain finance,we optimize the ABS mode of supply chain finance from three aspects:the type of core enterprises,the introduction of block chain technology,and the promotion of shelf-type issuance.New high-quality basic assets brought by brand-new Internet e-commerce enterprises as core enterprises improve the asset pool in the special asset support plan;guarantee the authenticity and untouchable modification of transactions from block chain technology to ensure that the accounts receivable corresponding to basic assets are more high-quality and safe;and promote the shelf-type issuance to promote the approval of multiple issuance to improve the efficiency and spirit of issuance.