| With the rapid development of supply chain finance and the policy support of the state,the structural design related to supply chain finance is also being improved.Reverse factoring asset securitization is widely concerned by investors in the market.Reverse factoring asset securitization is used for financing to obtain funds by transforming accounts receivable creditor’s rights on the enterprise’s books.In addition,this financing method can also obtain low-cost financing for small and medium-sized enterprises with low credit and alleviate the "financing difficulties" caused by their own credit shortage.It will also help the development of the real economy.However,due to the complexity of the transaction structure of asset securitization,it is difficult for investors to identify the risks involved,especially the risk transfer function existing in the issuance process of asset securitization business.The misapplication of this function may lead to the accumulation of systemic risks and the instability of the financial system.Based on this background,this paper takes "Huatai Asset Management--SUNING.COM Supply chain Asset Support Special Plan" issued by SUNING.COM in 2019 as an example to carry out risk analysis on this type of financing model.Based on the research direction of asset securitization with reverse factoring,which has been widely concerned by the market,this paper uses a combination of quantitative and qualitative research methods for analysis.Firstly,the research background and significance of reverse factoring ABS were analyzed,and the development status of the financing mode of reverse factoring ABS at home and abroad was described,and the domestic research status was reviewed.Secondly,it explains the related concepts of reverse factoring and asset securitization,and summarizes the issuing situation of this financing model in China.Finally,the paper focuses on the risk of SUNING.COM adopting reverse factoring asset securitization financing model.According to the special plan issued by SUNING.COM,the risk management situation is analyzed,and the default risk of its core enterprise is quantified by KMV model and financial index.After analyzing the underlying assets,transaction structure and credit risks of SUNING.COM reverse factoring asset securitization,it is found that the special plan issued by SUNING.COM has such risks as high concentration of underlying assets,shorter default distance DD,declining operating conditions of core enterprises and unstable transaction structure.Finally,according to the risks existing in the special plan of Suning Tesco issuance,the corresponding risk control measures are improved from the three aspects of basic assets,core enterprises and transaction structure,and some suggestions are provided for enterprises that want to issue reverse factoring asset securitization financing model. |
