Research On Securitization Of Commercial Factoring Assets

In 2012,the Ministry of Commerce formally proposed to carry out pilot work in Shanghai Pudong New Area and Tianjin Binhai New Area.So far,the commercial factoring industry has developed in China for nearly seven years.The development of commercial factoring business is mainly restricted by the problem of poor financing of commercial factoring companies.The traditional financing channels have been full to meet the needs of their future business growth and scale expansion.Therefore,it is necessary to solve the financial difficulties faced by commercial factoring companies.At the end of 2014,the Securities Regulatory Commission issued a number of policy documents,it expanded the scope of selection of securitized assets and provided policy support for the development of commercial factoring asset securitization.This paper chooses "Great Wall-Shi Mao-Shang Jun Factoring 1 Asset Support Special Plan" as the case study object for detailed analysis.The design of each mechanism of the case is relatively mature,which has certain reproducibility in credit enhancement arrangements and transaction structure settings,and has reference significance for future similar product issuance.Through the case study,combined with the related problems reflected in the case,this paper puts forward several suggestions for the development of commercial factoring asset securitization,hoping that this study can provide new ideas for the issuance of asset securitization products.This paper is based on the following aspects: Chapter one expounds the background and significance of the article.According to the research literature of scholars at home and abroad,it summarizes the research status of commercial factoring and commercial factoring asset securitization.In addition,it also explains the research methods,innovations and shortcomings of this paper.Chapter two introduces the theory of commercial factoring and commercial factoring asset securitization.The third part first introduces the development of commercial factoring industry and the status quo of commercial factoring asset securitization.Then it introduces the product elements.Chapter IV gives a detailed analysis of the case in this paper.The fifth chapter is the summary and suggestions of the full text.Through the case study,the main conclusions of this paper are as follows:Firstly,the financing mode of asset securitization reduces the financing cost of factoring,improves the liquidity of assets,and optimizes the financial statements of factoring.Secondly,most of the commercial factoring asset securitization products have the problem of excessive concentration of basic assets.Thirdly,when the commercial factoring company acts as the original owner of the special plan and the asset service agency at the same time,it is difficult for the commercial factoring asset securitization to achieve the real "bankruptcy segregation".Therefore,it is necessary to strengthen the bankruptcy isolation mechanism in Asset Securitization.In view of the importance of asset securitization to the financing of commercial factoring companies,the author puts forward suggestions from different levels,hoping to provide new ideas for commercial factoring companies to carry out asset securitization financing.