Research On The Effect And Risk Of ABS Financing In The Supply Chain Of Core Enterprises

As an innovative financing tool with the rapid development of supply chain finance,supply chain financial asset securitization(ABS)can play a huge role in alleviating the financing problems of small and medium-sized enterprises and cultivating modern supply chain.Although the supply chain financial asset-backed securities started late in recent years,the issuing scale has maintained a high-speed growth trend.Without expanding the financial leverage,it provides a channel for large and medium-sized high credit enterprises,Internet platforms,trade financing companies and other types of core enterprises to revitalize their capital,thus forming a financial support for the small and medium-sized enterprises in the upstream and downstream of the core enterprises.In view of the fact that capital stock issued the first green supply chain ABS in the industry in 2019,we select capital stock as the research object,which is worthy of our in-depth study as a case.This paper elaborate the principles of core companies and supply chain financing and outlines the concept of risk,briefly describes the concept of risk and makes a general classification,and combs four kinds of supply chain financing methods and the existing risk points,including accounts receivable,prepayment,inventory,Internet platform participation,and uses supply chain management theory,value chain theory,information asymmetry theory,transaction cost theory and risk management theory,analysis of the current supply chain ABS financing status and risk,and finally lead to the case of capital stock,including the basic situation and financial analysis of capital stock,as well as the process of supply chain asset securitization,asset pool,financing effect and risk and countermeasures.At the end of the paper,the full text is summarized and suggestions are put forward,which has reference significance to other enterprises.In the case,there are three aspects worthy of attention.The first is the adoption of the financing method and the shelf issuance system of the upstream supplier’s accounts receivable from Beijing Capital and its affiliated companies,which contributes to the issuance of supply chain ABS by green companies in the future;Secondly,this issuance has brought advantages and challenges to the profitability,operating capacity and solvency of Beijing Capital;Thirdly,from the external and internal risks of the Beijing Capital before and after the issuance,the countermeasures are proposed respectively to improve the ability of Beijing Capital to cope with the risks in the future.