The Case Analysis Of Moshan Factoring First Asset-backed Securities

Commercial factoring financing creditor's rights asset backed securities target at accounts receivable,is a new securitisation service aimed at to finance as the main purpose.China's commercial factoring industry has experienced a rapid period since 2012 to carry out commercial factoring pilot.But the scale of most commercial factoring companies is still very limited while the most important problem is the problem of financing.In practice,the funds of factoring business enterprises are mostly from banks,or Internet platform,whose characteristics is lack of financing efficiency and at a higher cost of capital.So capital bottleneck become restricting the development of commercial factoring companies directly.Moshan factoring,a motorized of asset-backed securities as the first single to factoring financing,claims to be based on asset backed securities and is a typical research object of funds to break the bottleneck of the commercial factoring industry.This paper take Moshan factoring first asset-backed securities as the object of study,using the analysis method,comparative analysis and case analysis,qualitative analysis and quantitative analysis.Using quantitative and comparative analysis of its underlying asset pool,the characteristics of a high degree of the case in the underlying asset pool of assets is concentrated.For the new cycle of underlying assets,the study employs quantitative analysis to draw conclusion that the circular buying new assets period is short,the weighted average interest rate and initial underlying asset weighted average interest rate is considerably equal;and compared with other assets support securities,it is concluded that the issuance of asset-backed securities is in a smaller scale,higher cost of issuing and lower liquidity.Considering that the underlying asset pool asset concentration degree is high,it is presented in this paper that it should be balanced dispersion in the two aspects of financing and financing industry in the selected factoring financing creditor's rights into the pool of assets,as well as in the cycle when buying can moderate to financing and financing industry to disperse the suggestions.Aiming at the problem of low liquidity,this paper presents the development of asset-backed securities transactions,other forms of investors to expand the range and the integration of the existing market to establish a unified trading platform of three proposals.Finally,combining with the actual situation of China's current economic and financial development,and the conclusion of Moshan factoring first asset-backed securities,the paper puts forward related suggestions to develop factoring financing creditor's rights for the assets of the asset base to support securities.