Research On Financing Through Accounts Receivable Securitization Of SYJC Enterprise

The asset securitization initially appeared in 1970 s in America.After a series of developments,now it becomes a new-style financing equipment which connects substantial and virtual economy,as well as stimulates the mutual development.In general speaking,Chinese asset securitization was given birth late.The domestic experimental projects mostly only involve banking loan and fundamental big-scale facility benefits so that the receivables projects are very few.Besides,the regulations and laws are not complete nowadays while the experience originated from asset securitization and risks controlled by the related enterprises are still insufficient.All of the factors above slow the speed of the development of Chinese receivables securitization.The thesis introduced the difficulties of receivables securitization of Chinese enterprises in the reality which would combine the successful experience from related theories of asset securitization and practice of assets securitization.The thesis that is using the literature research and case analysis method is based on the actual data of the SYJC enterprise’s accounts receivable.First,it analyzes the necessity of the securitization financing of the accounts receivable from three angles,such as the financing channels,financing needs and the advantages of the receivable securitization financing implementation.Secondly,it analyzes that the securitization financing of the accounts receivable is feasible from three angles,such as the enterprise itself,investors and market environment.Thirdly,design in the following aspects: first is institution choice from special purpose,second is the establishment of asset pool,the third is analysis of cash flow in the asset pool,fourth is Credit enhancement methods of design,fifth is product pricing analysis.As well as verify the rationality of relevant parameters by structuring hierarchy models.Finally,for the quality guarantee of securitization,provide the safeguard measures from both internal and external aspects.This thesis improve the efficiency of the enterprise by means of case analysis and program design to help enterprises with more accounts receivable and cash flow,using the securitization tools of accounts receivable to solve the financial difficulties of enterprises.