Case Study On Financing Of Accounts Payable Asset-backed Notes In Country Garden Supply Chain

With the continuous development of the real estate industry,in order to regulate the real estate market,the government has issued a series of regulatory policies,including the reform of land supply on the supply side,how to further improve the national housing purchase and loan restriction policy on the demand side,and the credit crunch policy on the bank side.The introduction of these policies also makes the financing regulation of the real estate industry more strict.Therefore,in order to obtain sufficient cash flow,the downstream enterprises will choose to postpone the payment date,resulting in capital conflicts with some upstream suppliers,affecting the development enthusiasm of the whole industry.The supply chain accounts payable asset-backed notes issued by country garden this time are the first supply chain accounts payable asset-backed notes issued in the inter-bank market,which are innovative to some extent.At the same time,the research on this product can also understand the related risks existing in the design of its product,and have certain borrowing for the issuance of supply chain accounts payable asset-backed notes in other industries in the future Significance.In order to study this case better,firstly,this paper introduces the concept of supply chain financing and asset-backed notes,and basically understands the theoretical basis of issuing this product;through the introduction of country garden group and other relevant institutions,it simply understands some issuers,mainly including the common debtor of this bill,country garden holding and country garden land Production company: analyze its assets and operation to know whether it has certain ability to repay and bear bills.Secondly,based on the analysis of the basic asset status and cash flow of this issue of notes,it is concluded that the characteristics of this issue of notes are mainly the use of the shelf type issue mode,and the realization of the excess coverage of cash flow;and it is believed that through this issue of notes,country garden can improve the business performance of enterprises and reduce the cost of financing.Thirdly,country garden is faced with credit risk,therisk of due diligence of basic assets,the risk of insufficient cash flow and the risk of cash interception.This paper believes that country garden can prevent the risk from improving the risk evaluation mechanism of credit,paying close attention to the ability and progress of sales and improving the dispersion of basic assets.After analyzing the financing characteristics and effect of this issue of asset-backed notes,this paper draws the following conclusions: through the issue of supply chain accounts payable asset-backed notes,country garden can improve the influence and market position of the enterprise,reduce the cost of financing,and improve the performance of the enterprise.Therefore,through the risk analysis and related characteristics analysis of this issue of notes,it is believed that in the future,supply chain enterprises can improve the competitiveness of the supply chain system by constantly improving the supply chain financing risk assessment system,and actively maintain the relationship between supply chain enterprises.At the same time,the government should also strengthen the supervision and improvement of the issue of asset-backed notes in the supply chain Its information disclosure system promotes the development of asset-backed notes in supply chain.