Research On Asset Securitization Of Accounts Receivable In Construction Enterprises

Asset securitization is a financing instrument,and illiquid assets(such as accounts receivable or collateral)are collected and pledged as collateral for securities issued to investors.Although most of the ABS market is dominated by financial institutions,industrial companies also use this source of funding.These non-financial companies come from different industries and usually securitize current assets(such as trade account receivables and credit card receivables)and fixed assets(such as equipment leases).Asset-backed securitization(ABS)can bring a large amount of cash inflows to the company,making it a valuable source of funding for other resources at very high cost.In recent years,the proportion of receivable accounts of construction and engineering enterprises has become more and more important,which is not conducive to construction enterprises receiving cash to maintain operations.Under this background,construction and engineering companies need to improve their cash flow through multiple financing methods.The most important purpose of corporate financing is to optimize the capital structure and increase the value of the enterprise.From the perspective of asset securitization of accounts receivable,this paper mainly uses literature review methods and case analysis methods to systematically explore the causes of securitization and the company's cash flow.Based on the research on asset securitization operation mode,core theoretical system,and supply chain financial asset securitization,feasibility analysis and necessity analysis of receivables securitization of construction companies are focused on The advantages of asset securitization of receivables in widening the financing channels of enterprises,reducing the management costs of accounts receivable,activating assets,and shortening the financing cycle,and analyzing the proportion of construction accounts receivable,turnover rate,debt amount,etc.feature.In addition,it analyzes the selection of securitized assets and asset pools,the establishment of SPVs and bankruptcy segregation,credit rating and enhancements,and the product of securitization of typical accounts receivable assets.Finally,this paper considers the origin of the asset securitization enterprises and their interests.Through qualitative case study analysis and quantitative data analysis,a certain construction company is used as an example to design receivables securitization products and explore the financing for the transition phase of China's construction projects.Difficulties and the choice of securitization model.This helpscompanies to obtain free cash,and to reduce the company's asset-liability ratio,increase the efficiency of assets,and reduce the potential risk of stock assets.The innovation of this paper lies in the analysis of the asset securitization of receivables of a construction engineering enterprise,and a detailed analysis of the design proposal of the asset securitization of accounts receivable,and finally designing a complete set of accounts receivable securities.Program.The main contributions of the dissertation include the following points: Firstly,the perspectives on the topics are categorized into small ones,which directly address the current needs of construction engineering companies;second,they are comprehensively studied from the core theories,key issues,and case studies.Opinions are mainly based on the combination of the development characteristics of the accounts receivable in the current construction industry and the characteristics of asset securitization,so as to obtain broader practical significance and theoretical significance.In this paper,a detailed and detailed analysis of the design scheme for the securitization of accounts receivable assets is carried out,from the perspectives of asset selection and asset assessment criteria,to the design of a comprehensive SPV system,and finally a complete set of receivables securitization plans.