Reverse Factorization Asset Securitization Research

Reverse factoring is the business of the debtor of the receivables to finance the factoring company for the unpaid funds.Unlike in traditional factoring,the relationship between multiple debtors and single creditors,reverse factoring is a supply chain financial solution for a single debtor to multiple creditors.On the payment side,large purchasers have gradually changed from traditional bank acceptance bills,commercial acceptance bills and other payment methods to merchants' insurance stickers under reverse factoring,and purchase payment methods such as transfer.Since 2016,Vanke Real Estate has adopted a reverse factoring asset securitization approach to make a bold and successful attempt on the reverse factoring payment financing model,providing an example reference for the reverse factoring financing model innovation.This paper adopts the case analysis method,taking the first reverse factoring asset securitization business in China as an example in 2016,focusing on the implementation effect and implementation points of the innovative financing model of asset securitization in reverse factoring business.Firstly,the paper introduces the necessity of the enterprise to carry out the reverse factoring asset securitization attempt(ie “why to do”).Secondly,in the main part of the paper,it is reversed through case description and analysis.The key points of the factoring asset securitization business are analyzed in detail,and the important factors such as the business subject qualification,the factoring business capability,the factoring company financing ability,and the recycling purchase avoidance are indispensable in the successful implementation of the business.Finally,the above content is summarized(that is,“how to do it”);finally,a feasibility summary of the feasibility of the entire business(ie “why can be done”)is made from the aspects of policy support and market recognition.All the data and case participation subject information appearing in the article are from the open market information.The conclusions obtained are derived through factual reflection and have certain reference value.Because there is no theoretical theory of asset securitization in the reverse factoring business,and the case adopted in this paper is the first of such business,this paper analyzes the example of reverse factoring asset securitization business more innovatively.Through the above analysis,the paper draws the following conclusions.Firstly,it affirms that the reverse factoring asset securitization business has obvious advantages in terms of source of funds,business coverage and financing period compared with traditional reverse factor financing such as commercial insurance.Secondly,the five implementation points of the core factor credit level,the factoring business capability,the factoring company's short-term financing ability,the bond sales ability and the choice of recurring purchases in the reverse factoring asset securitization business are summarized.The changes,the prominent role of business in SME financing,market feedback and potential business volume point out the significance of the business,with a view to providing reference for further research on reverse factoring securitization in the academic circle.