| Asset-backed commercial paper is a kind of debt financing method,which belongs to the category of asset securitization.Like other asset-backed products,asset-backed commercial paper is usually separated from the reputation of the sponsor,and the cash flow generated by the underlying assets is used as the basis for repayment,which is conducive to the financing of enterprises with low credit score.However,since the establishment of the product,the number of asset-backed commercial paper issued is small,lack of rich design,the development process is slow,and has not been fully recognized in the capital market.Because the design of asset-backed commercial paper products is very important for financing,and is one of the most targeted factors in the capital market.Therefore,the research on asset-backed commercial paper is very important.This article introduces the case of cooperation between Hegang company and Industrial Bank in asset-backed commercial paper financing.It starts from the theory and principle of financial market research related to asset-backed commercial paper,combines with the evolution and current situation of asset-backed commercial paper,and obtains the problems existing in the development process of asset-backed commercial paper.On this basis,we introduce the main financing processes such as issuers and participants,transaction structure,circular purchase mode,credit evaluation upgrade,etc.Then it analyzes the main characteristics of financing cases from the aspects of basic assets,financing effect,accounting treatment and risk control.Taking the successful issuance of asset-backed commercial paper in Hegang company as an example,this article analyzes the main characteristics of asset-backed commercial paper,summarizes the success and shortcomings of this financing case,and provides guidance and reference for enterprises to carry out asset-backed commercial paper financing,so as to further support the development of asset-backed commercial paper in China. |
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