Research On Risk Management Of Supply Chain Financial Asset Securitization In SuNing

Since the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission implemented the record-filing system reform on asset securitization in2014,the types of securitization products in my country have been diversified,the types of underlying assets have been continuously enriched,and the transaction structure has been continuously innovated.Supply chain financing has great benefits in helping small and medium-sized enterprises out of being short of funds.It is based on the entire industrial chain and utilizes the credit spillover of core enterprises.Supply chain finance enables the development of asset securitization,and risk control has become an important part of the supply chain financial asset securitization financing model.Whether it is the screening stage of the underlying assets before the issuance,or the internal and external risks faced by the special plan after the issuance.By analyzing and evaluating the different risks faced by supply financial ABS products,it has certain theoretical and practical significance for strengthening risk prevention.This paper selects the Huatai Asset Management-Suning Supply Chain Finance 12-phase asset-backed special plan as the research object,and conducts an in-depth analysis of its risks.Firstly,the related literatures on supply chain finance and asset securitization are sorted out,and on this basis,relevant theoretical knowledge such as supply chain management theory and securitization risk identification principle is used to further analyze the development status of supply chain finance ABS and the characteristics of different models.Secondly,the case elements of Suning Supply Chain Finance ABS are introduced,including the detailed information of the 12 th phase of the asset-backed special plan,the participants,the issuance overview of the same series of products,and the transaction structure.Finally,by reviewing the relevant research results of asset securitization risk analysis in the literature,the special plan in the case is identified and analyzed from the four perspectives of credit risk,underlying asset risk,technical risk and environmental risk.Collect the opinions of experts in relevant fields to evaluate the risk levels of various risk factors in the special plan of Suning’s supply chain financial asset support,and then combine the basic principles of the entropy method to rank various risk factors according to their importance.The research concludes that the risks that Suning supply chain finance ABS should pay attention to most in the process of issuing are the credit risk of core enterprises,the risk of insufficient credit enhancement mechanism and the risk of underlying asset quality.And put forward corresponding prevention and improvement suggestions for different risk contents.The research of this paper enriches the risk management theory of asset securitization products and can help relevant participants improve their ability to prevent and defuse financial risks in the process of issuing securitization products under the background of supply chain finance.Innovative financing options for small and medium-sized enterprises up and down the supply chain.