Z Company Accounts Receivable Securitization Plan Research

As one of the important part of China's economic development,the construction industry has the characteristics of advanced construction?large amount of accounts receivable?long cost recognition period which leads to lower industry turnover rate.Large scale stock accounts receivable occupy a large amount of self-owned funds,which reduces the efficiency of capital use,and restricts the development of construction enterprises.As an innovative financing pattern,asset securitization of accounts receivable can solve the problem of enterprises' shortage of funds,and sell the creditor's rights of accounts receivable to the investors of asset securitization in order to obtain sufficient cash flow to support the operation of enterprises and reduce the financing cost and risk of enterprises.This paper analyzes the real case of Z construction company which uses asset-backed special plan financing scheme,summarizes the successful experience,and puts forward targeted suggestions for the risk points in the scheme,which has practical significance and value to promote the long-term development of account receivables'asset securitization business of construction enterprises.Based on the characteristics of the construction industry,this paper takes Z construction company's asset-backed securitization plan as a case and uses case study analysis method.First of all,this paper expounds the related concepts and theories of asset securitization and account receivables' asset securitization,and makes a comprehensive analysis of its operation principle;Then this paper introduces the process of company Z' s special plan project of account receivables,which includes the company's situation and project situation,as well as the financing subject,transaction structure,basic assets,cash flow,credit enhancement measures,business risk points and other key factors.All of them are analyzed thoroughly to explore the feasibility of the project and the follow-up precautionary measures for risk analysis.On the basis of case analysis,this paper summarizes the reason why Z construction company has successfully issued the accounts receivable asset support special plan and gets inspiration.Throughout the whole project design,effective measures are designed to improve the success rate of the project issuance.Finally,this paper hopes that the above analysis can provide reference and suggestions for domestic enterprises to optimize the financing of account receivables securitization,which has certain practical application and reference value,and is conducive to promoting the healthy and long-term development of the construction industry.