Research On The Financing Mode And Risk Control Of Vanke's Reverse Factoring Asset Securitization

Reverse factoring belongs to the scope of supply chain finance,which is the financing service that the core enterprises in the supply chain apply to the factoring companies for their upstream small and medium-sized suppliers.The combination of reverse factoring and asset securitization combines the characteristics of supply chain finance that can solve the financing difficulties of SMEs and the characteristics of asset securitization that can revitalize existing assets.It is a major development of financial innovation.But the research on the characteristics of its financing mode,issuance effect and risk control is still in a backward state.Therefore,this paper makes an in-depth study with the help of the series of securities issued by Vanke.This paper first introduces the model of the reverse factoring asset securitization adopted by Vanke for its supplier companies;then compares the characteristics of the financing model with the traditional factoring asset securitization,and further analyzes the theory;then studies the core of the financing model.The effects of enterprises,small and medium-sized supplier companies and financial markets were analyzed.Finally,the risk control of financing models was analyzed.The KMV model and financial indicators were used to analyze the credit risk of the core enterprise Vanke.In the KMV model application,the financial structure of the 34 companies of ST in the A-share real estate industry was selected as the default point to ensure the rationality of the model;In the analysis of financial indicators,two real estate companies were selected as reference enterprises,which avoided the influence of the particularity of the financial structure of the real estate industry on the analysis of corporate credit risk.According to the research,the main difference between the reverse factoring asset securitization financing model and the traditional model is that the credit subject is moved from SPV to the core enterprise.Therefore,the process and structure of the product can be optimized accordingly,but the risk is excessively concentrated.From the perspective of this case effect,it is of great significance for small and medium-sized supplier enterprises to reduce financing costs and revitalize existing assets,and also improve the efficiency of resource allocation in financial markets.There is also a certain improvement in the cash flow management of the core enterprise Vanke.The product has completed risk isolation and liquidity risk management.However,Vanke's default risk is higher than that of the same industry companies,short-term solvency is insufficient.In the case of escalating supervision and competition in the real estate industry,securities products face certain risks.Therefore,it is recommended to increase credit enhancement measures for products to better protect investors.