| In recent years,my country has increased its support for SMEs and promulgated various policies to ensure the stable operation of SMEs.At the same time,my country has continuously promoted financial reform and innovation,provided high-quality financial services for small and medium-sized enterprises,promoted the development of supply chain finance,and effectively alleviated the financing difficulties of small and medium-sized enterprises.A new type of supply chain financing model has also emerged,namely reverse factoring asset securitization.This new financing model is a product that uses the accounts receivable of upstream suppliers to downstream enterprises as basic assets,and uses the credit of core enterprises for asset securitization.In the entire supply chain,because SMEs are often controlled by large companies,they do not have a dominant position in terms of delivery form and delivery time.If there is a financing problem,it will affect the continued stable operation of small and medium-sized enterprises,and it is not conducive to ensuring the stability of the entire supply chain.The reverse factoring asset securitization is based on the solid cooperative relationship between small and medium-sized suppliers and core enterprises,and combines the accounts receivable and accounts payable generated by the long-term business transactions between the enterprise and the upstream and downstream into a reverse factoring business.The asset-backed securitization products of small and medium-sized suppliers rely on the credit of core enterprises to obtain financing amount.This model not only relieves the financial pressure of small and medium-sized suppliers,but also increases the cooperation stickiness between upstream and downstream enterprises.In addition,the new retail industry is also in the stage of vigorous development.Through high-debt expansion and asset-light operation,the new retail model has allowed enterprises to further develop,but it also brings certain risks.The upgrading and transformation of my country’s social consumption structure and the continuous innovation of the retail industry have exacerbated the difficulty of financing new retail enterprises.The emergence of reverse factoring asset securitization has provided new ideas for the financing of small and medium-sized enterprises,facilitated the financing of retail enterprises,and eased the financing pressure of retail enterprises.The supply chain financing business is increasing day by day,and the types of financing are gradually enriched,which further increases the difficulty of supply chain financing risk control.This paper adopts a combination of theory and case analysis method,and takes the first phase of the asset support special plan of Yonghui Superstotes supply chain as the research object.Firstly,the literature is reviewed from three aspects: supply chain finance,asset securitization and reverse factoring asset securitization,which lays a theoretical foundation for exploring the implementation of reverse factoring asset securitization in Yonghui Superstotes;The relevant theories and researches on asset securitization are described,and the relevant concepts,characteristics,risk categories and related theories of the reverse factoring asset securitization model are mainly introduced;firstly introduced the general situation,scheme design and implementation motivation of this case,and then analyzed the implementation effect of the case according to the selected financial indicators,and also analyzed the risk of Yonghui Superstores implementing reverse factoring asset securitization;Then analyze the risk control measures adopted by the special plan;finally,summarize the reverse factoring asset securitization business of Yonghui Superstotes,and draw relevant suggestions for enterprises,industries and regulatory agencies.Yonghui Superstores has carried out reverse factoring asset securitization business,improved the financial status of the company,established a supply chain financing information sharing platform,optimized the business process of the company,improved financing efficiency,and effectively controlled risks.The smooth implementation of the reverse factoring asset-backed securitization business of Yonghui Superstotes has provided direction guidance for other retail enterprises and brought useful inspiration.First,building an information sharing platform can improve financing efficiency.Enterprises can combine Io T technology and blockchain technology to increase the transparency of transaction information and effectively solve the problem of information asymmetry.At the same time,clarifying the performance capabilities of each participant can effectively avoid the risk of default.As an important part of the reverse factoring asset-backed special plan,the level of credit risk and the performance capacity of the participating entities will directly determine whether the special plan can be successfully implemented.Finally,a sound legal system can stabilize the development of asset securitization.Relevant departments and enterprises should actively introduce corresponding policies to ensure the smooth implementation of this financing model. |
