Research On Assets Securitization Of Supply Chain Finance Based On Factoring Model

China is currently in a critical period of conversion of new and old kinetic energy.If we want to realize the transformation and upgrading of China’s economic structure smoothly,we must strengthen the power of incubation of high-tech enterprises.However,because high-tech enterprises are often technology-intensive SMEs(Small and Medium Enterprise)located in upstream or downstream of the supply chain,financing difficulties is a problem which they have long faced.Due to its inferior position in the supply chain,the long payback period of receivables is one of the important reasons for the shortage of funds for SMEs.Therefore,it is imperative to find an efficient financing model for revitalizing the receivables.With the emergence of a new financing model——supply chain financial asset securitization based on factoring model,people seem to see the way to solve the financing problems of SMEs.The relevant state departments have also issued a series of policies to encourage such financial innovation..This paper hopes to provide a new way of thinking to alleviate the financing difficulties of SMEs by studying the new financing model of asset securitization of supply chain financial based on factoring model.This paper consisted by five parts.The first chapter is the introduction.This chapter elaborates on the research background and research significance of this paper firstly.Then,it summarizes relevant literatures at home and abroad,and finds that domestic and foreign research on supply chain finance,asset securitization and factoring has been comprehensive,but for the asset securitization of supply chain financial based on factoring model emerging currently.The study of this new crossdomain financing model is still blank,which leaves room for the study.The second chapter is the general analysis of the securitization of supply chain financial assets.Firstly,this chapter describes the definition of supply chain financial receivables financing model and receivables asset securitization financing model,and analyzes their advantages and disadvantages respectively.Then,based on this,the new financing model of supply chain financial asset securitization based on factoring model is introduced.The third chapter is the case introduction.In this chapter,we mainly introduce the general situation and operation process of Guoxin Securities-Yikun Factoring Supply Chain Finance No.3 Asset Support Special Plan.The fourth chapter is the case analysis.the analysis of Guoxin Securities-YiKun Factoring Supply Chain Finance No.3 Asset Support Special Plan is mainly carried out from five aspects——the asset pool,credit enhancement measures,the impact of the default rate of receivables on cash flow,the reasonableness of the expected issuance rate and the benefits of the participants.The fifth chapter is the summary and suggestions.This chapter summarizes the advantages and disadvantages of Guoxin Securities-Yikun Factoring Supply Chain Finance No.3 Asset Support Special Plan on the basis of case analysis,and proposes the suggestions for the shortcomings in the existing model.