The Influence Of Reverse Factoring Asset Securitization On The Financial Effect Of Core Enterprises

With the rapid development of "supply chain" and "Internet",a new derivative financial product-reverse factoring asset securitization product gradually appeared in the market.Small,medium and micro enterprises in the upstream and downstream of a business chain are often the financing subjects of reverse factoring asset securitization,and when factoring or Banks consider these enterprises,they usually bundle the relevant credit and credit levels of "core enterprises" to evaluate the repayment ability of the whole business chain or upstream and downstream enterprises in the product chain.Therefore,in order to maintain the stability of the whole business chain or product chain,core enterprises will also participate in its upstream and downstream financing mode and bear the liability risk of upstream and downstream enterprises.Reverse factoring the dominant party is often terminal core enterprise in supply chain,reverse factoring as well as to meet the financing needs of small and medium-sized suppliers credit line is small,the threshold of financing small and medium enterprises can not meet the relevant intermediary agencies or the request for credit,core enterprise can step out and help its upstream and downstream of the micro,small and medium enterprises financing,giving full play to the advantages of small and medium-sized enterprises active market economy at the same time,also can with the minimum cost of obtaining funding,core enterprise point of view,not only can promote one's own strength,can also enhance the stability of the whole business chain as a whole.Of micro,small and medium enterprises to do the difficult subject to the conditions of our country's credit system and the influence of all kinds of business in the chain "core" enterprise depends on a higher level of management and risk control ability,coupled with its as the core enterprise leading effect,the boom of the industry and scale forecasting more accurate,accounts payable by "shelf issued" to further improve the efficiency of distribution.Through the mass data of the reverse factoring asset securitization and the suppliers,relying on the large scale of the accounts payable of the core enterprises,it ensures the high degree of homogeneity of the basic assets,establishes the supplier financing system of dynamic access,and introduces the credit granting of the core enterprises as the main body,thus strengthening the risk prevention.This paper aims to study and solve the problem of how the reverse factoring asset securitization can affect the financial effect of the "core enterprise" which is an indirect financing party but also a leading party.In 2016,the first SLR to factoring asset securitization: vanke reverse factoring asset securitization shelf issued 22.5 billion;In the new economic form,this paper provides a new financing solution and feasible direction for enterprises that are difficult to obtain financing in various "business chains",and further expands the development of asset securitization by analyzing the financial effect of vanke reverse factoring asset securitization on the core enterprises."Reverse factoring" is a relatively popular trade financing business in developing countries in recent years.It greatly reduces the risks of Banks while improving the market development capacity of smes.Reverse factoring is when a bank enters into an agreement with a large and creditworthy buyer of high quality to provide factoring to the small and medium-sized enterprises that supply the company and are located in its supply chain.In practical operation,the bank first reached an agreement with the buyer with good credit,and determined that the bank would provide factoring financing for the small and medium-sized enterprises supplying to the buyer.After the small and medium-sized enterprises supplying the goods perform the contract,they will present to the bank the buyer to accept the bill,the bank will provide financing immediately,and carry out accounts receivable management.When the bill is due,the buyer will pay the bank directly.