Research On The Model Of Supply Chain Financial Factoring Asset Securitization

In recent years,economic development and technological progress have continuously led financial innovation.Under the environment of the state adhering to the principle of "real estate without speculation" and strictly regulating the real estate industry,the financing channels of the real estate industry have become more limited.As a financing mode based on the real assets,supply chain financial factoring asset securitization,It has been favored by major real estate companies and recognized by regulators.The basic assets of supply chain financial factoring asset securitization come from the prepayment,company inventory or accounts receivable formed in the transaction between upstream and downstream enterprises.This financing model can not only meet the financing needs of real estate enterprises,but also solve the problems of expensive financing of small and medium-sized enterprises,promoting the integrated development of supply chain and benefit the whole supply chain.With the strong support of national policies and market demand,supply chain financial factoring asset securitization has developed rapidly.Firstly,this thesis analyzes the development status of factoring asset securitization of supply chain finance in China,introduces the relevant concepts and theoretical basis,and compares the advantages and disadvantages of three financing modes of supply chain finance.Taking Xingcan No.1 asset-backed special plan as a research case,this thesis focuses on the operation mechanism of accounts receivable financing mode,factoring process,basic assets’ auditing,relevant risks and risk prevention.In the case analysis,the transaction structure of Xingcan No.1 special plan is described in detail,the main responsibilities of each participant are introduced,the operation analysis and financial evaluation of the main debtor,Xinghe Real Estate Group,are carried out,and the cash flow pressure test is carried out on this basis.In the analysis of the basic assets,this thesis evaluates the quality of the basic assets from the perspectives of the distribution of accounts receivable balance,the classification of contract nature,the regional distribution of debtors,the industrial distribution of debtors and the concentration of debtors,and summarizes the characteristics of the basic assets.This thesis analyzes the cyclical risk,basic asset risk,management risk,operational risk and other risks of the supply chain financial factoring asset securitization,and finally puts forward preventive measures for these risks.This thesis hopes to help small and medium-sized enterprises use supply chain financial factoring asset securitization for financing in a better way,clarify the risks and countermeasures in the implementation process,and promote the application and development of supply chain financial factoring asset securitization.