The Case Study Of GMAC Receivable Securitization

For most businesses,accounts receivable is not strange in the buyer’s market environment, although its establishment some extent contributed to the sales increase, as companies compete to win more chips, at the same time,companies must also bear the risk that receivable Accounts can not be realized. Statistics report shows that in2013, listed in1470(non-financial) companies,1254companies accounts receivable within one year accounted for more than50%,35companies accounted accounts receivable for more than5years more than30percent of total funds, currently most companies considered accounts receivable aged over5years as bad debts. To this end, it need to establish a new type of financing between corporate entities in order to shorten the cycle realization of accounts receivable, improve corporate financial conditions. The put forward Accounts receivable securitization is providing such a possibility. As one of asset securitization, which in a particular portfolio (internal accounts receivable) support, through the issuance of securitized products,it will converte illiquid assets to the free flow of financial markets securities,and make it flexible to realize the asset conversion. Practice of securitization of accounts receivable in china, began in the launch of " China Netcom receivables special asset management plan".Through years of development, the financing model currently integrates more and more into the physical industry, and make a huge impact on China’s financial leasing market.By analyzing, searching and summarizing a series of cases and literatures, this paper attempts to combine specific cases whit the theory to explore this new accounts receivable securitization financing model. Full Text carries out the research of GMAC auto receivables securitization cases empirical from five aspects:The opening chapter is an introduction, an overview of the research status of research background, significance and domestic securitization issues; The second part is a comprehensive summary of the relevant theoretical of Accounts receivable, which began from asset securitization theory, summed up the meaning of accounts receivable securitization and core principles, and analysed the participating subjects and the detail process from a point of entity transactions; The third part, I selected the operation of GMAC car as an example, and detailed the initiating, expansion and result performance of accounts receivable securitization in this case; The fourth part is an in-depth analysis of the case, and the case analysis process is not limited to the occurrence of background and process display,more importantly, launched from a comprehensive evaluation of the environment occurs,motivation,role impairment, effect evaluation of the case; Finally, combined with the actual situation in our country, this paper draws some inspiration for our small and medium enterprises accounts receivable securitization work.The specific content related to the implementation of accounts receivable securitization feasibility and proposing solutions to improve the design of securitization financing.Combined with the current basic national conditions, the concrete implementation is to build three demonstration mode-Trust type SPT model, the company type SPC mode, Offshore SPV mode.On this basis, it also needs to strengthen and perfect the relevant laws and regulations.