Research On The Design And Pricing Analysis Of Commercial Factoring Asset Securitization Financing Model

With the development of China's new normal economy,China's economy hasentered a period of slow and steady stage.However,the financing difficulty of enterprises is still a problem in our country.Under the background of encouraging people to start their own business and to make innovation proposed by our government,many enterprises are exploring new financing ways.With the expansion of pilot area of free trade zone in our country,factoring business has been making a great progress in the similar financial sector of the Ministry of Commerce since 2012.The financing innovation of factoring business is emerging endlessly.First factoring asset securitization was issued in September 2015.Factoring asset securitization is no doubt an important innovation in China's financial market.From the overall point of view,it can revitalize dispersed stock assets,optimize business asset allocation,and make strong support toward economic transformation in China.From the financial industry point of view,it can help financial institution reasonably allocate new capital,accelerate asset turnover rate,improve profit margins,and meet the need for effective asset allocation from different risk preference capital side.From the financing enterprises point of view,it can reduce the financing cost and liability rate.Asset securitization of our country went through three stages: "Introduction" ? "Die in World Financial Crisis" and "Restart in 2012".Both bank credit asset securitization and enterprise asset securitization are in rapid development of scale and product innovation.In recent years,the policy of asset securitization in our country pushes the continuous improvement of the system,and basically realizes the reforms of registration system.Asset securitization financing in China is making positive impact and contribution to asset markets and the real economy.In the period of China's new normal economy,asset securitization is regarded as a step forward in financial deepening and the main financial products in solving the financing problem.The "financing model" and "pricing art" are core techniques of asset securitization,but the development in these fields in our country is still blank.Especially in pricing techniques,financing enterprises still mainly rely on rating firm.As everyone knows our credit rating industry starts late,our credit ratingAbstract system and technology need a lot of talents and research to support,especially insuch innovative products.Under the background mentioned above,this study chooses financing model design of business factoring asset securitization and pricing analysis research as my research topic.The goal is to provide more references for commercial factoring companies in asset securitization financing practices.From innovative financing channels point of view,this study explores commercial factoring companies use factoring asset securitization as a mean to improve the shortage of funds.It starts from characteristics analysis of commercial factoring assets and tries to build a structured model of asset financing for commercial factoring.Then,standard assets generated by structured financing model are analyzed and compared with other standard debt assets to establish the financing pricing mathematical model of commercial factoring assets.In this study,factoring assets selection criteria,credit enhancement measures and risk isolation measures are considered in the construction of factoring asset securitization financing model.In the product pricing analysis of factoring asset securitization,basic risks include the changes in interest rates,the changes in basic asset market and prepayment factors.These risks are considered in the construction of the pricing model of factoring asset securitization products.Finally,financing model and pricing analysis are examined through empirical comparative analysis of the sample test.