摘要
传统融资渠道融资门槛高、融资成本高、融资规模小，这些问题的存在始终制约着
中小企业的发展；在供应链中，与核心企业交易密切的供应商多为中小企业，由于其对
核心企业的依赖以及核心企业在交易过程中的主导地位，供应商与核心企业多采用赊销
的方式进行贸易往来，从而使财务报表中的应收账款大幅上升，挤占了自身的营运资金
空间。在此背景下，供应链金融资产证券化作为一种具有成本低、资金来源广、符合国
家政策要求等特点的新的融资方式，可以改变信贷视角，有效地解决供应商和中小企业
的融资难题。自从 2016年推出的供应链金融资产证券化业务发展迅猛，经过近几年的发
展，截止 2021年末，供应链金融 ABS发行市场规模已经由 2016年的 168.78亿增长达到
了 924.27亿，发行单数也增长到了 171笔。
通过对“首创股份系列供应链金融资产支持专项计划”这一案例的分析，采用案例
分析和对比分析的方法研究了供应链资产证券化产品的模式、运行、结构、风险等各个
方面，目的是希望对首创股份后续的相关产品发行提供相应的参考，也能为更多类似的
企业提供借鉴。本文首先回顾了国内外关于供应链金融资产证券化的研究状况，阐述了
其基本概念、基本原理，为下一步的研究工作奠定了基础。其次，基于理论分析，本文
对首创股份的首期绿色供应链融资支持专项计划进行了实证研究，对该项目案例的发行
动因、项目要素、参与主体、产品运行结构、基础资产池情况以及现金流等相关情况进
行多方位详细的介绍和分析，并且对该项目产品可能潜在不同方面的风险进行分析，从
而了解到该项供应链金融 ABS产品的发行特点和存在的问题。最后，首创股份作为绿色
企业的典型代表，为其提出了引入多个核心企业的方案优化思路，提出使用循环购买设
计和红黑池结构设计，降低基础资产集中度，采用多元化信用增级方式以及完善合作方
的的准入制度等一系列可行性建议。从而对首创股份未来的供应链金融资产证券化产品
的改善提供一定的参考，也为相关企业创新性融资提供新的思路
关键词：
中小企业融资；供应链金融；资产证券化
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Abstract
Traditional financing channels have high financing thresholds and high financing costs,
which have become the "bottleneck" restricting the development of small and medium-sized
enterprises. In the supply chain, the supplier-centered small and medium-sized enterprises are the
center, and credit transactions are carried out in the form of credit, so that they can be financially
Accounts receivable in the statement rose sharply, thus taking up a large amount of working
capital. In this context, supply chain financial asset securitization is a new financing method with
low cost, wide source of funds and compliance with national policy requirements. It can change
the perspective of credit and effectively solve the financing problems of suppliers and small and
medium-sized enterprises. Since the launch of the supply chain financial asset securitization
business in 2016, the business of supply chain financial asset securitization has developed rapidly.
After several years of development, the market size of the supply chain financial ABS issuance
market has increased from 16.878 billion in 2016 to 83.752 billion, and the number of issued
orders has also increased to 137.
Through the analysis of the case of "The Capital Series Supply Chain Financial Assets
Support Special Plan", the model, operation, structure, risk and other aspects of supply chain asset
securitization products are studied by the method of case analysis and comparative analysis. The
purpose is to It is hoped that it will provide a corresponding reference for the follow-up related
product issuance of Capital Shares, and can also provide reference for more similar companies.
This paper firstly reviews the research status of supply chain financial asset securitization at home
and abroad, expounds its basic concepts and basic principles, and lays a foundation for the next
research work. Secondly, based on theoretical analysis, this paper conducts an empirical study on
the first phase of the Green Supply Chain Financing Support Special Plan of Capital Group. We
will carry out a multi-faceted detailed introduction and analysis of relevant situations, and analyze
the potential risks of the project product in different aspects, so as to understand the issuance
characteristics and existing problems of this supply chain financial ABS product. Finally, as a
typical representative of green enterprises, Beijing Capital Co., Ltd. proposed a plan optimization
idea for introducing multiple core enterprises, proposed the use of circular purchase design and
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