| Since the introduction of the concept of supply chain finance,many domestic financial institutions and enterprises have made some exploration,but the development of asset securitization on this basis is relatively slow,and it is rarely used in the real manufacturing industry.At the right time,asset-backed commercial paper(ABCP)began to be piloted in China.ABCP is an asset securitization product issued by the issuer through the integration and packaging of various accounts receivable and other assets.Its characteristics of strong liquidity,short term and"rolling issuance" are very consistent with the payment period of most domestic manufacturing enterprises.The supply chain system of physical manufacturing industry is perfect,the core enterprises are strong,and the financing demand of suppliers is strong.ABCP can effectiv ely connect its supply chain and external capital market,and alleviate the financing difficulties of small and medium-sized enterprises in the supply chain.The "Sany Supply Chain E-Note oriented asset-backed commercial paper of rongxintongda(Tianjin)co mmercial factoring Co.,Ltd.(referred to as Sany Supply Chain E-Note ABCP)selected in this case is the first ABCP product in the national construction machinery supply chain,with strong representativeness.Its successful experience can be used for refer ence to the ABCP financing practice of China’s physical manufacturing industry,especially the construction machinery industry.Through the combination of theory and practical cases,this paper makes an in-depth analysis of Sany Supply Chain E-Note ABCP.In terms of relevant theories,this paper introduces the enterprise financing decision-making theory,asset securitization theory and the basic characteristics and operation mechanism of ABCP,and analyzes its applicability to the supply chain financing of physical manufacturing industry.In terms of case analysis,this paper expounds the financing background,transaction subject,transaction structure,credit enhancement measures and operation status of Sany Supply Chain E-Note ABCP,and focuses on its financing characteristics and financing effect.The results show that the financing effect of Sany Supply Chain E-Note ABCP is good: the financing cost is low,and the coupon rate of2.8% is far lower than the financing cost of enterprises and their suppliers;The financing scale is large,and the storage rack scale is 10 billion yuan,which is much higher than the average storage rack scale of 1.97 billion yuan of ABCP;Realize the off balance sheet financing needs of enterprises,and actually issue enterprises to improve the asset structure and enhance the liquidity of stock assets;Alleviate the financing problems of small and medium-sized enterprises in the supply chain,and help 316 small and medium-sized enterprises in the supply chain solve the financing problems.In terms of project limitations,the case analysis shows that the precipitation of SPV trust funds increases the cost of financiers,improper supply chain management may lack basic assets,there is uncertainty risk in the renewal of the project,and it is greatly affected by the policy and market environment.Finally,combined with the actual situation of the case and the current situation of ABCP development,this paper puts forward improvement suggestions for all participants to improve the future development and sustainability of ABCP and promote the high-quality development of supply chain financing in China’s physical manufacturing industry. |
