Case Analysis Of Supply Chain Financial Asset Securitization Of Evergreen Real Estate Group

From 2015 to 2019,the supply of financial asset securitization products developed rapidly.In 2018,among the 2.01 trillion asset securitization products that have been issued,the accounts receivable ABS reached 307.818 billion,surpassing the small loan ABS,ranking the first in the issuance of enterprise ABS.China's real estate enterprises mainly adopt the reverse factoring business model for the securitization of supply financial assets.According to the market,the three largest public information issuances are: Vanke Group,country garden and Evergrande group.As of June 2019,according to the data released by the market,Evergrande real estate group and Evergrande tourism group have obtained a total of 29 billion yuan of asset securitization letter storage racks,and their storage racks and issuance scale ranks the top 3 of domestic real estate development enterprises.CITIC Securities-Xinjie-Lianyi finance supply chain asset support plan has a storage scale of 10 billion yuan,and its basic assets are accounts receivable for Evergrande real estate group and its subordinate enterprises,which are issued in 13 phases.This paper will introduce and analyze the case operation of CITIC Securities-Xinjie-Lianyi finance supply chain asset support plan.First of all,the related theories of supply chain financial asset-backed securities are elaborated and combed.Secondly,the background of the research case is introduced.Thirdly,through the analysis of the motivation,pricing,financing product comparison and existing risks of Evergrande real estate group's supply chain financial asset-backed securitization case,the characteristics and financing effect of the case are discussed.Finally,the article is summarized according to the analysis of the case And make suggestions.This paper holds that the securitization of supply chain financial assets can optimize the supply chain of enterprises,reduce the financing cost of enterprises,improve the liquidity of enterprises' assets,and obtain financial support when the enterprises do not increase their on balance sheet liabilities,which is an effective innovative financing means.