Risk Control Case Analysis Of Commercial Factoring ABN

In August 2012,the guidelines for asset-backed notes of non-financial enterprises in the inter-bank bond market was issued and implemented by China Association of interbank market dealers,which included the asset-backed notes of non-financial enterprises in the inter-bank bond market for the first time for standardized management.In December 2016,the China Association of interbank market dealers again issued and implemented the guidelines for asset-backed notes of non-financial enterprises(Revised Draft).The revised provisions on the introduction of specific purpose vehicle(SPV)greatly promoted the development of commercial factoring asset-backed notes.This paper selects CRCC factoring commercial factoring asset-backed notes as a typical case study,aiming to identify the risks of its products and summarize its successful risk control experience,hoping to play a positive demonstration effect on improving the market rules of non-financial enterprise asset-backed notes and promoting more large enterprises to help small and micro enterprises develop healthily and continuously.China Railway Construction Corporation is a large-scale central enterprise in the construction industry,with strong credit.In recent years,in order to solve the financing problem of small and medium-sized enterprises in its industrial chain and actively participate in financial innovation,China Railway Construction Corporation successfully issued the first supply chain asset-backed note of central enterprise as a core enterprise in June 2018.It is a typical reverse factoring asset-backed note product,and it is also an innovative application of the first cycle purchase structure of the whole market supply chain financial asset securitization.It is of great value and practical significance to analyze this typical and innovative case.In this paper,case studies?literature studies and qualitative and quantitative analysis are used to review the previous research results on asset securitization risk and factoring asset securitization.First of all,this paper makes a detailed study on the issue terms of the case,including the issue arrangement,transaction structure,cycle purchase mode,capital flow,etc.Secondly,it evaluates the risks that may arise from the whole business' s basic assets pooling,transaction structure design,capital operation and final cashing process.Then it discusses and summarizes the successful experience of the sponsors in risk control in each risk link,including its strict basic asset access mechanism,careful internal and external credit enhancement arrangement,unique risk prevention design of circular purchase,etc.Finally,at the end of the article,through the research and consideration of the case product issuance process,the paper puts forward the development suggestions of the current asset-backed note market,including further improving the information disclosure standard system and credit rating system of asset securitization.This paper analyzes the main risks faced by commercial factoring asset-backed notes in China by selecting typical cases,summarizes the risk prevention measures from asset pooling and project design,in order to provide reference for establishing the risk prevention and control system of commercial factoring asset-backed notes,and improve the market rules of non-financial enterprise asset-backed notes.