Research On Asset Securitization Of Reverse Factoring In Supply Chain Finance In Real Estate

With the rapid development of supply chain finance and asset securitization in our country,real estate development enterprises under the austerity control have developed their own core supply chain financial financing methods.Reverse factoring asset securitization of supply chain finance is one of the potential.Large-scale real estate enterprises with high credit rating extend the scope of financing to the accounts payable of upstream suppliers.By means of reverse factoring and credit of real estate development enterprises,the accounts payable of the upstream supply chain will be securitized and the upstream assets of the supply chain will be activated.This paper chooses New Town Holdings as the research object,deeply studies the transaction structure and Financing Motivation of the reverse factoring asset securitization products in the supply chain of real estate enterprises,and finds out the problems in the application process from the perspective of core enterprises,original stakeholders and basic assets,and makes analysis of the reasons,and puts forward corresponding suggestions.The author finds that there are some problems in this financing mode: firstly,the risk of cash repayment pressure is high for core enterprises;secondly,the difficulty of penetration verification is increased by two transfers of basic assets,and the risk of concentrated default may exist in the highly concentrated debtor industry;moreover,it is difficult to standardize construction contracts,and the definition of non-conforming asset redemption obligations is not clear.Factors will affect the quality level of basic assets;third,the original equity holder and debtor under the control of the same party will lead to a certain degree of related party risk;fourth,the supply chain financial asset securitization products in the issuance of the use of mixed creditor's rights and liabilities for the disguised financing of housing enterprises,and excessive reliance on the credit of Housing enterprises may be subject to the real estate austerity financing policy.Fifthly,the original equity holder's factoring asset management level and the internal system are not perfect enough.On this basis,this paper puts forward a series of suggestions,such as core enterprises should adhere to the true principle of upstream and downstream trade,factoring to improve the level of asset management,plan managers to establish supplier access system.