张乐飞：以应付账款为基础资产的反向供应链ABS交易融资模式解析

Core Viewpoint - The article analyzes the reverse supply chain ABS financing model based on accounts payable, highlighting its participants, transaction processes, and advantages, demonstrating how it optimizes supply chain funding allocation through innovative financial means, thereby providing new financing ideas for enterprises and promoting supply chain stability and development [1][2]. Participants and Their Roles - Creditor (Supplier A) provides necessary financing application materials and seeks to improve cash flow and reduce accounts receivable recovery risks through this financing model [3]. - Debtor (City Investment Enterprises and their subsidiaries) must complete payment approval processes and confirm the authenticity of accounts payable before disbursement [3]. - Original Rights Holder/Asset Service Institution (Factoring Company) acquires accounts payable from Supplier A and manages the underlying assets, including accounts receivable recovery [4]. - Manager/Sales Institution (Securities Companies) establishes and manages asset-backed special plans, packaging accounts payable into asset-backed securities for sale to investors [5]. - Investors provide funding by purchasing asset-backed securities, sharing in the returns from accounts receivable recovery based on their risk preferences [6]. - Custodian Bank ensures the safety and independent operation of the special plan funds, executing fund transfers as directed by the manager [7]. - Legal Firms, Rating Agencies, and Accounting Firms ensure legal compliance, provide credit ratings for asset-backed securities, and audit the financial status of underlying assets [8]. Transaction Process - Accounts payable are formed and transferred from Supplier A to the Factoring Company, which pays the purchase price and becomes the holder of the debt [9]. - The Manager/Sales Institution establishes an asset-backed special plan using the accounts receivable as the underlying asset, packaging them into asset-backed securities for issuance to investors [10]. - Funds are raised through investor subscriptions to the asset-backed securities, which are then used to pay the Factoring Company for the acquired debt [11]. - City Investment Enterprises and their subsidiaries complete payment approvals and make payments to designated accounts, with the Custodian Bank distributing funds to investors after deducting relevant fees [12]. Advantages of the Model - Improves supplier cash flow by allowing them to access funds earlier through the securitization of accounts receivable, enhancing capital turnover and reducing operational risks [13]. - Optimizes financial management for debtors, allowing for better payment scheduling and alleviating short-term financial pressures while maintaining good supplier relationships [14]. - Provides investors with new investment options, as asset-backed securities offer certain returns and relative stability, catering to various risk preferences [15]. - Enhances supply chain stability by addressing funding issues, fostering cooperation among enterprises in the supply chain, and improving overall competitiveness [16]. Conclusion - The reverse supply chain ABS financing model based on accounts payable is an innovative and effective financial tool that integrates resources and financial means within the supply chain, achieving a win-win situation for multiple parties. As the financial market continues to develop, this model is expected to be applied and promoted in more industries and supply chains, providing strong support for the development of the real economy [17].