Research On Credit Risk Of The Financial Asset Securitization In The Supply Chain Of The Greentown Group

Driven by the supply chain financial management of core enterprises and the financial innovation of commercial banks,China’s supply chain finance has developed rapidly in a short period of more than 20 years,although it started late.The product of supply chain financial asset securitization was born.Supply chain finance combines the form of asset securitization with the form of packaging the supply chain assets(mainly accounts receivable)with weak liquidity Restructuring and transforming into securitized products with strong liquidity.This securitization product provides a new financing channel for small and medium-sized enterprises in the upstream and downstream of the supply chain,in order to activate high-quality resources in the supply chain,reduce enterprise costs and improve the efficiency of capital use,thus achieving a win-win situation between small and medium-sized enterprises and core enterprises.However,in recent years,the frequent credit collapse of real estate enterprise and the inherent risk attribute of asset securitization products have caused people’s attention and vigilance to the credit risk of real estate enterprise supply chain financial asset securitization projects.Therefore,it is necessary and urgent to study the credit risk of such asset securitization projects.This article selects a typical case study of the Green Town Supply Chain Financial Asset Securitization Project-CITIC Construction Investment-Green Town Factoring-Green Town Yangtze River Delta Integrated Supply Chain Finance No.7 Asset Backed Special Plan.Firstly,it introduces the business development motivation,project foundation,participants,basic asset pool,and issuance results of the asset backed special plan.Secondly,it analyzes the source points of credit risk of Green Town No.7 special plan,which are the credit risk of the project subject,the quality risk of the asset pool and the credit risk of the project transaction structure,and then constructs the criteria of whether the credit risk can be tolerated according to the source of the credit risk of the special plan.On this basis,it qualitatively identifies the credit risk of the asset securitization project.Then we use the modified KMV model to measure the credit risk of core enterprises that do not meet the credit risk tolerance criteria,and draw the following conclusions:(1)The case project has low credit risk;(2)The credit status of all participants in the case project is good,the design of the project’s basic asset pool and issuance pricing is reasonable,the issuance system is relatively excellent,and the credit enhancement measures have certain effect;(3)The external credit enhancement is insufficient,and the concentration of basic assets is highly correlated with debtors.In view of this case,this thesis draws some enlightenment from the perspective of investors,core enterprises,plan managers and regulators,which has certain reference value for correctly understanding such real estate supply chain financial asset securitization projects.