A Case Study Of Accounts Payable ABS In JinKe Supply Chain

With the promotion of deleveraging and the introduction of new regulations for property management,the traditional banks and trust financing channels of real estate enterprises are limited,and supply chain accounts payable ABS has become a new financing mode.As the ABS transaction structure and credit enhancement of supply chain accounts payable adopts a cyclical transaction structure and a more layered structure,there are fewer warehouses and structured tiers,while Jinke Group adopts warehouse-style transaction structure and structured tiered credit.The method of adding grades has special characteristics.Therefore,this paper takes the ABS of Jinke Supply Chain as an example..This article is based on the case study method,supplemented by the litera ture search method.Firstly,it analyzes the motivation of ABS financing in supply chain accounts payable.Secondly,through the combing of trading schemes,it explores the advantages and risks of different credit enhancement and transaction structure,and then sorts out relevant financial indicators to reveal the effect of the financing scheme.Finally,analyze the reasons for the success of the case and provide reference for enterprises that intend to adopt ABS financing for supply chain accounts payable.The research results show that Jinke adopts supply chain accounts payable ABS financing,on the one hand,the traditional financing channels are limited,on the other hand,based on its financing needs and the exploration of new financing methods.Structured tiered credit enhancement is relatively flat-level structure can improve the rating of asset-backed securities;the advantage of warehouse-style trading is that it can be issued independently and improve the flexibility of corporate financing;in ter ms of financing benefits,compared with traditional financing,Jinke Adopting supply chain accounts payable ABS financing does not bear the direct financing cost,which in turn reduces the financial expenses of the enterprise,optimizes the financial state ments,and can enhance the company's overall reputation;this case can be successfully issued,the main reason The Jinke Group adopts reasonable risk control measures,the hybrid credit enhancement method and the Jinke Group itself develop wel.Through the study of the case,this paper draws the following inspirations: First,for real estate enterprises to adopt ABS financing for supply chain accounts payable,it should first combine its own development strategy and main business model,and then mainly consider three in the transaction structure.First,in terms of credit enhancement,based on cost and benefit considerations,hybrid credit enhancement should be adopted first.Second,in the aspect of risk management,the bankruptcy segregation system and the risk control of the underlying assets are used to provide protection for asset-backed securities.Third,in terms of transaction structure,the warehouse-style transaction structure can meet the flexible financing needs of enterprises.Secondly,for the financing of SMEs,this financing model provides new ideas for SMEs.Finally,suggestions for investors,financiers,and regulators are given.This paper is divided into four parts: The first part is the introduction part,which is based on the research background,proposes relevant research questions,combines research methods to determine the research content and framework,and provides theoretical support for this case through the review of domestic and foreign literature and theoretical basis.The second part is the case introduction part,reviewing the policy background,industry background,company background of the case financing,sorting out the financing plan,analyzing the nature of financing,paving the way for subsequent case analysis;the third part is the case analysis part,mainly for the Jinke The Group conducted the financing of this method,analyzed the selection of the trading scheme elements adopted by Jinke Group,conducted research on the benefits of Jinke Group's financing in this way,and conducted reasons for Jinke Group to successfully issue the special plan for this period.The fourth part is the part of revelation and suggestion.This part is mainly through the previous analysis,and then draws corresponding enlightenment and suggestions.Through the above relevant theories and research analysis,we draw conclusions about the background and reasons for the emergence of this financing model,the reasons,benefits,design of the trading scheme and risk control of Jinke Group.Enterprises have played a certain reference and reference significance.