A Case Study Of Risk About Supply Chain Finance Asset-Backed Project Issued By Yuzhou Properties

At present,the financing difficulties and expensive financing problems of small and medium-sized enterprises in China are common.Supply chain finance is based on the entire supply chain system and relies on core corporate credit for credit endorsement,which reduces the financing difficulties of small and medium-sized enterprises due to information asymmetry and moral hazard.At the same time,supply chain finance is based on real transaction activities and has a certain amount of selfreimbursement.Therefore,it is a practical and effective way to solve the financing dilemma of small and medium-sized enterprises.At present,most of China's supply chain finance ABS issuances take real estate companies as the core enterprises,and their models and mechanisms are relatively mature and complete.This paper selects the Tianfeng-Yuzhou Real Estate Supply Chain Finance Phase 1 Asset Support Special Plan as the research object,and read related literature in combination with cases,and use a combination of qualitative and quantitative analysis research methods,combining the main theories of supply chain finance and asset securitization.The case "Tianfeng-Yuzhou Phase 1" focused on the basic situation,transaction structure and product design of the case.In the case analysis part,it focused on identifying the risk of the case and calculating the weight of each risk with the help of the analytic hierarchy process of expert scoring.Analyze the risks it faces,use the KMV model to measure the credit risk of core companies,and conclude that the supply chain finance ABS model is practical and effective in solving the financing problems of supply chain companies,but this model faces problems such as over-reliance Core enterprise,basic asset quality and other issues.Through case interpretation and analysis,this article makes a comprehensive analysis of the credit risk,basic asset risk,operational risk,and market risk that ABS products in the supply chain may face,and uses the analytic hierarchy process of expert scores and the KMV model for core companies.The credit risk was measured.Finally,the outlook of the supply chain finance ABS model is put forward from the aspects of reducing the dependence on core enterprises and the multi-level circulation of accounts receivable.It is hoped that it can provide a new channel and new method for the majority of small,medium and micro enterprises to solve financing problems,and provide reference for enterprises in more industries to develop supply chain financial asset securitization.