杨志华

摘  要：在供应链金融环境下，企业进行资产证券化，将不流通的存量资产或可预见的未来收入转变为可以在资本市场上流通的金融产品，有效地降低风险控制成本并实现规模效应，解决中小企业融资贵的问题，但是资产证券化过程中，底层资产的真实性、资产存续期监控信息的实时性存在一定的风险。文章提出通过利用基于区块链技术融资信息平台进行供应链金融资产证券化，金融各方机构对每一笔融资资金进行共同审核，保证交易的真实性。为整个资产证券化提供了降低成本、提高效率、保证资产真实和透明的解决方案。

关键词：供应链金融;区块链;资产证券化;解决方案

中图分类号：F275.6    文献标识码：A

Abstract： Under the environment of supply chain finance， enterprises carry out asset-backed securities， which transforms the non circulating stock assets or foreseeable future income into financial products that can be circulated in the capital market， it will effectively reduces the cost of risk control and realizes the scale effect， so as to solve the problem of high financing for small and medium-sized enterprises. However， in the process of asset-backed securities， there are some risks in the authenticity of underlying assets and the real-time monitoring information of asset duration. In this paper， we propose to securitization of supply chain financial assets by using the financing information platform based on blockchain technology， financial institutions of all parties shall jointly review each financing fund to ensure the authenticity of the transaction. It provides a solution to reduce the cost of assets， improve efficiency， ensure authenticity and transparency of assets.

Key words： supply chain finance; blockchain; asset-backed securities; solution

在供应链环境下，中小企业将发起人（债务人）与其基础资产隔离开来，严格监管与基础资产相关物料、资金流与信息流，借用核心企业的高信用度、真实交易关系、融资自偿性原理，实现基础资产的低成本信用增级，组建可证券化的资产池，将中小企业融资需求以不同风险、期限和收益的投资组合进行证券化，以商业票据等形式在资本市场上发行和流通，实现资本供应充足、低风险、低成本的金融效应。而传统的资产证券化的基础资产包的形成过程中涉及多方参与，数据各自独立不共享，信息披露存在一定风险，最终导致协同效率低且费时费力，增加了资产证券化的风险与成本。

1  供应链金融资产证券化概述……