Analysis On The Pricing Of Accounts Receivable Asset Securitization

With the rapid development of China's economy,the scale of the enterprise is growing,but the problem is that the scale of enterprise's accounts receivable and the growth rate are large.The huge amount of accounts receivable which will ocuppy enterprise's a large amount of cash.Asset backed securitization,as an indispensable part of China's multi-level capital market,can effectively revitalize the enterprise's accounts receivable,improve capital utilization and reduce financing costs.China's asset backed securitization started late,laws and regulations are not very perfect,but it developed rapidly.Since the asset backed securitization market released again in 2014,a variety of securitized products appeared,and the asset backed securitization has become an important channel for corporate financing.From the view of the enterprise,the implementation of enterprise accounts receivable asset securitization pricing,that is,enterprises can withstand the maximum interest payment rate.Firstly,this paper analyzes the motivation of Chinese construction enterprises to implement the asset securitization of accounts receivable and the necessity of the using of asset backed securitization of accounts receivable in ZG construction enterprises.ZG construction enterprise,as a large state-owned construction enterprises,not only faces the performance appraisal of the SASAC,but also has the problem of the huge amount of accounts receivable.Then,this paper introduces the two accounts receivable securitization of ZG construction enterprises,mainly on the product structure,the exchange process,the basic assets and so on.At the same time,the paper points out the problems of credit enhancement in the two asset securitization products.After that,this paper extracts the factors from the structure of the securitization products,and analyzes the influence of various factors on the impact of the product pricing.The analysis found that the accounts receivable payment items,commitment and initial excess coverage belongs to negative premium;the number of debtor households,priority/secondary structure,cycle purchase,asset structure,short-term debt paying ability,operating ability and reinvested earnings belongs to benefit premium.Then,In this paper,the differential payment commitment,initial excess coverage,priority/secondary structure,cyclic buying and reinvestment of funds are quantified.And this paper analyzes the cost and benefit of enterprise accounts receivable asset securitization by the adjusted present value method.The adjusted present value of the implementation of accounts receivable asset securitization is divided into three parts:the net present value of investment,the issue cost of securitization and the cost of securitization financing.In this paper,by using the trial and error method,we can get the capital cost requirements of enterprises,that is,the maximum rate of interest payment,which can provide reference for the decision making of asset securitization.Finally,the model is validated and the driving factors of the price difference are illustrated by comparing the two cases.At the same time,we compare and analyze the pricing models from different angles.