Research On Risk Management Of Commercial Factoring Asset-Backed Securitization Project Design

Commercial factoring business is developing rapidly in China,but insufficient funding sources and limited financing channels are bottlenecks restricting its development.When commercial factoring companies are stagnant for financial difficulties,the combination of "Asset-Backed Securitization" and "commercial factoring"has undoubtedly created a unique structural financing method,injecting a potent agent into the factoring industry.Asset-Backed Securitization can establish a third financing channel for the factoring company in addition to shareholder capital injection and bank loans,and through the means of "risk isolation" and "credit enhancement",the support securities can obtain a higher credit rating and reduce cost financing.At the same time,it can realize the "out of the table",of assets and effectively solve the problem of leverage restriction of commercial factoring companies.With the rapid expansion of the scale of corporate Asset-Backed securitization,the problems and risks facing the market are gradually emerging.In the case that commercial factoring Asset-Backed Securitization has gradually developed into an important financing method for domestic factoring companies,conducting special risk research has a positive impact on exploring the development of Asset-backed securitization in China,and has certain research space and research value in the future.As far as China's situation is concerned,the current research on Asset-Backed S Securitization has achieved rich results,and the breadth of research has been continuously expanded.However,there are still deficiencies,mainly reflected in the theoretical research,the micro research on its practice,and the research on innovative business.It needs to be further strengthened,and it needs more targeted and in-depth discussion.This paper uses the case study method,takes the commercial factoring Asset-Backed securitization transaction structure as the research object,analyzes its construction principle,expounds the specific functions of the transaction subject in the commercial factoring Asset-Backed securitization structure,and gradually analyzes the concrete steps that constitute the securitization structure framework.,transaction structure and meaning,and explore the risk points of its three stages of basic asset selection,transaction structure design and duration management.The practical case part takes "Z factoring asset-backed securities"as an example,based on the risk points in the process of commercial factoring Asset-Backed securitization,focusing on risk prevention and control analysis:taking the basic asset selection and transaction structure design as the entry point.Summarize the screening of the basic assets of the case and the quality control standards,explore how to carry out effective risk prevention and control,and deeply explore how the promoters set up credit enhancement measures to effectively control the issuance risks.This paper analyzes the existing problems and the main risks faced by China's commercial factoring,and then puts forward corresponding risk prevention and control measures for the risks faced by China's commercial factoring assets securitization,which is conducive to promoting the commercial factoring industry in China.Healthy and stable development;taking practical cases as an entry point will help alleviate the financing difficulties of China's factoring enterprises.