Research On The Optimization Scheme Of The Securitization Of Supply Chain Financial Factoring Assets

Since 2016,driven by national policies and market demand,the number and scale of issuance of supply chain financial factoring asset securitization products have continued to increase,and gradually expanded from real estate industry to e-commerce and other industries,providing an effective way for small and medium-sized enterprises to solve the problems of financing difficulties and funds being occupied by accounts receivable.Continuous improvement of the products of supply chain financial factoring asset securitization will help expand the service scope and enable more SMEs to enjoy the benefits of financial innovation,which is of great significance to the real economy and financial industry.This paper takes the securitization scheme of supply chain financial factoring assets in China as the research object,and uses the methods of literature research,case analysis and qualitative and quantitative analysis to provide feasible optimization design measures for similar products.First of all,this paper reviews the research status of supply chain financial factoring asset securitization,and introduces the related concepts and principles,which provides theoretical support for the follow-up research.Secondly,this paper analyzes the development motivation,current situation and problems of supply chain financial factoring asset securitization in China,and finds that there are four major deficiencies in the practice of this kind of products,including the difficulty of benefiting low-level suppliers,high dependence on the credit level of single core enterprise,expansion of financing amount of core enterprises,and rough pricing method of products.Thirdly,Suning supply chain No.2 Specific Asset-Backed Plan was selected as the case for paper analysis.The analysis focuses on transaction structure,basic asset selection,cash flow quality,credit enhancement measures and issuance interest rate.Then it summarizes the advantages and disadvantages of the case products and leads to the following optimization scheme design.Finally,this paper designs the optimization scheme for the purpose of expanding the scope of financing benefits,reducing the level of credit risk and improving the product pricing mechanism.In the aspect of product design,this paper designs the optimization scheme of introducing the accounts receivable circulation platform,adding multiple core enterprise to participate in and adding credit protection tools.In the aspect of product pricing,it analyzes and selects appropriate pricing model to price case products,and puts forward improvement strategies.Based on the above optimization scheme,this paper also puts forward the corresponding implementation guarantee measures.This paper is helpful for the innovation and improvement of the current e-commerce industry supply chain financial factoring asset securitization scheme,and also provides the experience for other industries in China to apply and develop the supply chain financial factoring asset securitization financing mode.