Research On Supply Chain ABS Under Guarantee Mode

Supply chain financial asset-backed securitization is based on the credit of core enterprises and issues asset-backed securities(Referred to as "ABS")based on the cash flow generated from transactions with core enterprises,which effectively revitalizes the enterprise’s accounts receivable,improves the capital turnover efficiency and reduces the financing cost of small and medium-sized enterprises.However,there are still some problems in the market of supply chain asset securitization,such as high credit rating requirements for enterprises,high debt risk concentration and low financing coverage for small and medium-sized enterprises.when COVID-19 broke out,many small and medium-sized enterprises stopped production and faced development difficulties.The large guarantee companies,as sponsors,jointed factoring companies,securities companies and commercial banks,issued new financial asset securitization products and came into being and developed rapidly.This paper takes the special asset support plan issued by Sichuan Development Financing Guarantee Co.,Ltd(hereinafter referred to as "Sichuan development guarantee")as the research object.Combined with the literature research on Supply Chain Finance and asset securitization at home and abroad,this paper first introduces the evolution process of supply chain enterprise financing mode,compares and analyzes the advantages and disadvantages of the current mainstream supply chain finance ABS mode,and then introduces the case of "Sichuan development guarantee supply chain No.1 asset-backed securities special plan".On the basis of introducing the basic situation of the product,this paper focuses on its causes,the transaction structure and issuing benefits and risks,and finally this paper comes to the conclusion that the supply chain ABS products in the guarantee mode have high issuance success rate and low issuance cost,effectively disperse the debt concentration risk and improve the financing coverage of small and medium-sized enterprises,so as to realize the mutual benefit and win-win of all financing parties.In addition,in view of the risk factors existing in the special plan,this paper puts forward corresponding risk prevention suggestions at the end.Through the further analysis of the case,this paper believes that the strong advantages of the supply chain financial ABS product of the guarantee mode come from its "1 + N + N" transaction structure,that is,through the credit enhancement of "1" guarantee enterprises to improve the issuance success rate,"N" core enterprises join to realize risk dispersion,and finally the integrated funds effectively cover "N" small,medium and micro enterprises to help the development of Inclusive Finance.As a new product in the market,guarantee mode supply chain ABS can effectively provide guarantee and increase credit for asset securitization products.At the same time,under the background of increasingly close contact between supply chain enterprises and stable and smooth supply chain,guarantee mode ABS reduces the financing cost of chain enterprises,solves the financing difficulties and realizes the overall prosperity of chain enterprises through innovative financing tools,It provides an effective reference for China’s asset securitization products in credit enhancement and alleviating the financing problems of small and medium-sized enterprises.