保险行业：浅析商业保理公司在资产证券化业务中的作用及相关风险缓释措施

Investment Rating - The report does not explicitly state an investment rating for the commercial factoring industry Core Insights - The commercial factoring industry in China has developed over ten years, with regulatory improvements leading to higher quality development [4][5] - The role of commercial factoring companies in asset securitization is crucial, as they provide financing and manage receivables, but their declining performance raises concerns about the impact on securities repayment [2][7] Industry Overview - The main business of commercial factoring companies involves the transfer of receivables from suppliers to these companies, which then provide financing and manage accounts [3] - As of 2021, the total business volume of commercial factoring in China was approximately 2.02 trillion yuan, with a year-on-year growth rate of about 34.7% [5] - The number of commercial factoring companies has been decreasing, indicating a trend towards higher market concentration and quality development [5][6] Role in Asset Securitization Channel Business - In channel business, commercial factoring companies have a relatively weak role, focusing on the quality and legality of underlying assets [8][14] - The final repayment source for channel-type asset securitization products primarily relies on the willingness and credit level of the debtors [14] Non-Channel Business - Non-channel business requires thorough due diligence on the operational, financial, and compliance aspects of commercial factoring companies [15][16] - The quality of underlying assets in non-channel business is closely related to the operational and risk control systems of commercial factoring companies [19][21] Risk Mitigation Measures - For channel business, ensuring the authenticity and legality of asset transfers while avoiding fund collection through the factoring company's accounts is crucial [14] - In non-channel business, establishing separate accounts for receivables and implementing mechanisms to prevent fund misappropriation are essential [17][18]