Case Study On Securitization Of First Stage Assets In Factoring Of Company A

In recent years,the rapid development of commercial factoring companies has strongly supported the financing needs of Small and medium-sized enterprises.However,the problem of poor financing channels has been plaguing commercial factoring companies.How to find a financing channel that can not only solve the problem of"where the money comes from",but also achieve low cost has become an urgent problem for commercial factoring companies.In November 2014,the Securities Regulatory Commission promulgated the management regulations of asset securitization business,and the policy support promoted the development of asset securitization in factoring industry.Asset securitization can activate stock assets,reduce financing costs,and provide investors with more investment options,enriching capital market financing tools.Based on the recent development of asset securitization and commercial factoring,this paper combines the methods of literature research,case analysis,investigation,comparative analysis and qualitative and quantitative analysis.Through the analysis of structural design,basic assets and financing advantages of "A Company Factoring I Asset-backed Securities",some enlightenments about factoring asset securitization are obtained.This paper is divided into five chapters:The first chapter is the introduction,which describes the background of this study,the literature review at home and abroad,and the research ideas and methods of this paper.The second chapter defines the concept and theoretical basis,mainly introduces the concepts and characteristics of factoring and asset securitization,and elaborates the relevant theories of asset securitization.The third chapter is A company factoring asset securitization case introduction,mainly introduces the basic situation of A company,financing situation,the motivation and feasibility of choosing asset securitization financing channels,and A company factoring asset securitization products.The fourth chapter is A case study of factoring asset securitization in company A.It mainly analyses the characteristics of transaction structure design and the screening criteria of basic assets of factoring asset securitization in company A.It compares the financing effect of asset securitization with the existing financing methods,and obtains the advantages of asset securitization financing.The fifth chapter is Inspiration from the factoring first-stage asset securitization case of Company A.Four enlightenments about factoring asset securitization are summarized through the analysis of the preceding case,which can provide reference for the smooth implementation of factoring enterprise asset securitization.The sixth chapter is Research conclusions and prospects.The research finds that:(1)The advantages of factoring securitization financing of Company A are obvious compared with the existing financing channels of the company,which are mainly reflected in the large scale of financing,low cost,fewer restrictions and flexible design,as well as the ability to revitalize the company's stock assets,increase enterprise credit and visibility;(2)Company A formulates strict screening criteria for basic assets for factoring securitization products,so that the basic assets can produce stability in the future.Fixed cash flow pays investors' principal and interest,thus increasing product credit level;(3)A company factoring asset securitization product design innovative trading structure,including internal and external credit enhancement measures and circular purchase structure,increase asset-backed securities product credit level,reduce financing costs.The research results of this paper establish the important position of asset securitization financing in factoring industry,and provide reference for the development of factoring asset securitization in design and operation.