供应链金融资产证券化的产品信用风险研究--基于QYSJ-ABS和RXZL-ABS的案例分析  

Research on Product Credit Risk of Supply Chain Financial Asset Securitization:Case Analysis Based on QYSJ-ABS and RXZL-ABS

作　　者：鲍新中[1] 陈柏彤 潘肇新 Bao Xinzhong

机构地区：[1]北京联合大学管理学院,北京100101

出　　处：《金融理论与实践》2022年第2期1-9,共9页Financial Theory and Practice

基　　金：北京市社会科学基金重大项目“北京市高精尖产业知识产权证券化模式与机制研究”(20ZDA03)的阶段性成果。

摘　　要：以“QYSJ知识产权供应链金融资产支持专项计划”和“RXZL2017年一期资产支持专项计划”为例,研究供应链金融资产证券化产品信用风险控制问题。首先通过分析交易结构和产品设计,对比两案例的风险分散和控制情况;其次基于证券化前后的财务数据,通过Z值变动判断资产证券化对公司信用风险的影响,分析专项计划的实施效果。研究发现:合理选择基础资产、使用信用增级措施和采用供应链这种交易结构均能够对证券化项目的信用风险防范起到一定促进作用。同时,借鉴QYSJ-ABS的成功经验,从证券化项目交易结构的设计、证券化项目基础资产的选择和信用增级举措的选择三方面总结了版权证券化的风险管理流程。最后,从风险管理体系建设方面入手,对未来拟进行供应链金融资产证券化的企业提出发展建议。Taking“QYSJ intellectual property supply chain financial asset support special plan”and“RXZL 2017 phase I asset support special plan”as examples,this paper studies the credit risk of supply chain financial asset securitization products.Firstly,based on the transaction structure and product design,the risk control situation of the two cases is compared and analyzed;Secondly,Z score Model is used to judge the influence of ABS on corporate credit risk.It is found that the reason-able selection of basic assets,the use of credit enhancement measures and the use of supply chain transaction structure can play a certain role in promoting the credit risk prevention of securitization projects.At the same time,this paper draws on the successful experience of QYSJ-ABS and summa-rizes the risk management process of copyright securitization from the following three aspects:the de-sign of transaction structure of securitization project,the selection of underlying assets of securitiza-tion project and the selection of credit enhancement measures.Finally,the paper puts forward some suggestions on the construction of risk management system for future supply chain financial asset se-curitization enterprises.

关 键 词：供应链金融 资产证券化 信用风险控制 案例研究 

分 类 号：F832.4[经济管理—金融学]