Research On Financing Scheme Of Securitization Of Accounts Receivable

In the late 1960 s,asset securitization was born in the United States.In 1992,Chinese enterprises issued the first asset securitization product.Since 2005,asset securitization has got rapid development in China.As a financial innovation,there is a big difference in the traditional equity financing and debt financing,mainly reflected in the design of transaction structure,the process of financing,bankruptcy isolation and risk isolation.Asset securitization,through the construction of basic asset or basic asset pool,issue securitization products,obtain fund from investors.Besides equity financing and debt financing.It is the third financing channel.Money is the blood of all the enterprises.The fund question has been the eternal theme of enterprise operation and development,whether enterprise daily business activities or large-scale expansion,expand reproduction and investment mergers and acquisitions.The fund question are closely related to the business and development of enterprises.The choice of financing methods and financing instruments is not only affecting the capital cost of enterprises,but also affecting the efficiency of the management.Therefore,the choice of financing methods and the design of financing schemes have great significance to the development of enterprises.From the perspective of improving the utilization efficiency of enterprise stock assets,this paper study the forming reasons and structure of accounts receivable deeply,and tries to use the financial tool of asset securitization to improve the turnover and liquidity of accounts receivable.In order to recover the fund as early as possible.Asset securitization can optimize the financial structure of enterprises and promote better development of enterprises.There are seven parts about this paper.The first part is the introduction,including the research background,the research purpose,the research ideas and significance,the overall framework and the main content of the paper.The first----Based On The Analysis Of Yuanda Co.,Ltd part also summarizes the main research perspectives of accounts receivable and accounts receivable securitization at home and abroad.The second part is the research of the status of accounts receivable in China.It takes listed companies as an example,introduces the overall size and development trend of accounts receivable.This part focuses on the reasons of the accounts receivable and the traditional management methods of accounts receivable.The third part is the study of theoretical basis.Because of the accounts receivable asset securitization is a branch of asset securitization,so this part starts to study the theory of asset securitization,including its basic principle and basic concept.Its main practice and successful experience are also been studied.On this basis,this paper study the transaction subject and operation mode of the securitization of accounts receivable.The fourth part is case study.This paper mainly selectes the asset-backed securities of accounts receivable about Minmentals Development Co.,Ltd.and China Electronics Corporation as an example.One case is listed company as the initiator.The other one is the headquarters of central enterprises group as the initiator.Two companies are central enterprises.The case of Minmetals Development mainly focus on the securitization of business accounts receivable.The case of China Electronics Corporation focus on taking accounts receivable out of the statement of balance sheet.The fifth part and the six part are the key point of this paper.Selected State Power Investment Group Yuanda Environmental Protection Engineering Co.,Ltd as the target company,discussed the shareholders background and equity structure of the target company in detail.And we also discuss the overall situation and development trend of accounts receivable.Accounts receivable turnover and turnover days,the enterprise nature of accounts receivable,the distribution of customer industry and region are also mentioned.This part give a general overview about accounts receivable which belongs to State Power Investment Group Yuanda Environmental Protection Engineering Co.,Ltd.Then the paper analyzes the feasibility of asset securitization of accounts receivable in Yuanda Co.,Ltd.Including the requirements of " two gold " and the attitude of shareholders and management,the quality and structure of accounts receivable,the credit and credit rating of shareholders in capital market.After clarifying the feasibility,this paper design the financial plan based on accounts receivable asset securitization.The design of financing plan is very detailed.Including the implementation steps and time table.This plan has strong reference significance.The seven part summarizes the conclusion of this paper,and give some suggestions and ideas for the future research direction.The innovation of this paper is that the research takes account of theoretical research and case study.And design the financial plan based on the new financing mode of the account receivable asset securitization.At present,the research on asset securitization financing is less.Especially in the research of securitization financing based on accounts receivable is much less.The research object of this paper has multiple nature of central enterprise,environmental protection industry,engineering enterprise.The reference of accounts receivable assets in this kind of enterprises will have strong reference significance to state-owned enterprises,environmental enterprises and construction enterprises.