Analysis Of The Motivation And Effect Of SunWard’s Asset-Backed Notes

Since the launch of asset-backed notes by Dealers Association in August 2012,the asset-backed notes market has grown from scratch and gradually grown in the past ten years,with an average annual growth rate of about 10% in the number of products issued and circulated and the issuance scale.In contrast,in the machinery manufacturing industry,due to the overlapping impact of industrial digital transformation and the epidemic,the resistance to development has increased significantly,the disadvantages of the traditional way of credit sales have become prominent,and the deficiency of fund in the operation has become the "obstacle in the way" of development.An increasing number of machinery manufacturing enterprises choose to issue asset-backed notes and finance funds by selling the future income of receivables to cultivate new machines in the crisis.Sun Ward is a representative of them.This thesis focuses on the analysis of the first phase of asset-backed notes(high growth bonds)issued by Sun Ward in 2021(hereinafter referred to as 21 Sun Ward ABN001).First of all,on the basis of combing the relevant literature of domestic and foreign scholars on asset securitization,the four theories related to asset securitization are respectively discussed to lay a theoretical foundation.Secondly,according to the logical order from macro to micro,after analyzing the overall situation of the current asset securitization market and the background of the development trend of each sub-industry,the issuance overview of the first single high-growth ABN business in the interbank market,namely 21 Sun Ward ABN001,is introduced in detail.Then,it focuses on the causes and consequences of Sun Ward ’s issuance of asset-backed notes,explains its issuance motivation from external and internal perspectives,uses the financial index method to compare and analyze the financial effect brought by the issuance of asset-backed notes to Sun Ward,and focuses on the credit risk,liquidity risk and concentration risk of accounts receivable exposed in the whole process of issuance.And from the internal and external levels of the enterprise to give suggestions,symptomatic measures.Finally,this thesis holds that the successful issuance of 21 Sun Ward ABN001 has improved the debt paying ability,operating ability and cash flow status of enterprises to a certain extent,that is,the realization of accounts receivable in advance can achieve efficient fund raising and partially relieve the pressure of enterprise capital use and debt paying.It also provides an effective reference for other enterprises in the traditional manufacturing industry to expand financing means,reduce financing costs and digital transformation.However,it is necessary to strengthen the selection and management of basic assets from the inside of the enterprise and weave the supervision mechanism from the outside,so as to better reduce the issuance risk.