Case Study Of ABS Accounts Receivable Of Central Enterprises

The rapid development of asset securitization in China is essentially to convert the existing assets into securities that can be sold in the secondary market by packaging and selling the existing assets to revitalize the assets of the enterprise.Because it can help companies reduce their asset-liability ratio and improve their capital structure in terms of capital use,they have become the choice of many companies when optimizing corporate assets and reducing corporate asset-liability ratios.In particular,in recent years,the central government has proposed that state-owned enterprises and state-owned enterprises should take measures to reduce leverage and reduce two gold funds.The number of ABS receivables of state-owned enterprises and central enterprises in the market continues to rise,and it has led to a wave of investment in secondary securities for state-owned enterprises.Therefore,based on the background of lowering leverage and lowering two golds in central enterprises,this paper studies in-depth the research on the design of Z company's ABS products and the response of the capital market after the issuance.The research background of this article is:The report of the 19th National Congress of the Communist Party of China and the Central Committee for Comprehensive Deepening Reform clearly stated that we should actively promote the reduction of macro leverage,especially the reduction of leverage of state-owned enterprises.To promote substantial progress in the deleveraging of state-owned enterprises,it is necessary to effectively combine deleveraging with transformation and upgrading to accelerate the realization of high-quality development.The new asset management regulations released in 2018 will gradually implement a strong regulatory policy of deleveraging and risk guidance.Asset securitization utilizes assets such as accounts receivable for financing,thereby avoiding the problems of high leverage and high financial risks brought about by companies using debt financing.The research question of this paper is:in the context of deleveraging,the issuance of assets and securitization products of accounts receivable of central enterprises has an impact on enterprises and their risks.The research ideas and methods of this article are:first,the design and trading scheme of asset securitization products of Z Enterprise are introduced;second,the research on the financial impact after the issuance includes the analysis of the financing cost of the issued products and the capital structure and capital of the post-issuance enterprise The market's reflection includes the revenue effect of issued products and stock price changes,and the financial index effect includes changes in profitability,operating capacity and debt servicing capacity,and risks include analysis of the risks that companies may generate after the issuance through model analysis.These four aspects are analyzed.After the release of the product on the company's impact.The innovation of this article is:It analyzes the asset-backed asset securitization product plan adopted by central enterprises,and analyzes the product structure through asset securitization,which provides ideas for other central enterprises to issue asset-backed securitized products.Combined with the perspective of capital cost,financial indicators,capital market response,asset securitization risk,and more comprehensive analysis of the impact on the enterprise.The research significance of this article is as follows:(1)It provides a feasible idea for the design of asset-backed securitization products of central enterprises,and also provides an effective reference method for central enterprises to reduce asset-liability ratio.(2)By analyzing the impact on the capital market and possible risks,it can provide reference for investors and other enterprises.