Research On The Financing Effect Of Supply Chain Asset-backed Commercial Paper

At present,supply chain financial management is becoming a development strategy that can occupy a leading advantage in market competition.The core enterprises target their own credit advantages and allocate and integrate the upper and lower end resources of the supply chain reasonably.In recent years,with the deepening and expansion of supply chain innovation and application level,the people’s Bank of China and the Ministry of Finance have issued relevant regulations to support supply chain core enterprises to build supply chain innovative financing service platform.The purpose is to help small and medium-sized enterprises to innovate financing channels and promote the steady development of the industry.The existing research on supply chain finance to solve the financing dilemma is mostly focused on electronic emerging industries such as Internet e-commerce,but the financing effect analysis of large entity manufacturing industry is relatively scarce.Therefore,this paper will study the issue of supply chain asset-backed commercial paper(Asset-Backed Commercial Paper)in a specific enterprise under the condition of placing credit risk release certificate(Credit Risk Mitigation Warrant)in case study.From the starting point of supply chain financing,this paper describes the process of bill issuance in detail and puts forward some solutions to the risks in financing.Finally,it deeply studies the financing effect brought by bill issuance and draws the conclusion and practical enlightenment.The results show that supply chain financing can first alleviate the current financing constraints of upstream enterprises in supply chain,secondly,maintain the long-term stability of capital flow and capital chain between supply chain enterprises,and finally help to prevent and resolve the related risks of core enterprises.