The Case Study On Asset-Backed Securitization Of Accounts Receivable

Accounts receivable is a common subject in the financial statements of the vast majority of enterprises.A more relaxed account receivable policy in the business process will increase sales to a certain extent and enhance the efficiency of the enterprise.However,the accounts receivable can not be collected in time,which will occupy the capital of the enterprise and reduce the efficiency of the use of funds.Therefore,a new financing mode in the enterprise will be set up in time to improve the above predicament,and the opening of the market of receivable assets securitization is providing such a channel.The asset-backed securitization of accounts receivable belongs to a class of asset-backed securitization,which combines the specific accounts receivable in the enterprise as the basic asset,issues the securitization products in the capital market,and flexibly realize the rapid conversion of the lack of liquidity into the liquidity of the assets.After several years of continuous development and development,the financing mode has gradually infiltrated into many industries,and has a great impact on the choice of the financing mode of Chinese enterprises.In this paper,in the study of account receivable asset-backed securitization,the case is selected as the special plan of M company’s account receivable asset-backed securitization.First,from the background and significance of the research,through the collection and collation of relevant literature,based on the theory of financing and the principle of securitization,this paper explores the practical development and operation process of the securitization of accounts receivable assets in China.Secondly,combined with case study,this paper studies the financing method of accounts receivable asset-backed securitization,and analyzes the ABS case of M company’s accounts receivable.From the M company and the industry status to understand,and to sort out the whole event,respectively from the financial point of view of the financing needs of the M company,the main financing situation,the motivation of the way selection,and other aspects of the financing methods,such as the conditions,risks and effects of a more comprehensive discussion.Thirdly,through the study of the characteristics of the accounts receivable asset-backed securitization project of M company,this paper draws some revelations,and thinks that the enterprises should consider their own financing needs,choose the applicability of financing ways,and do well in advance the relevant preparation and risk prevention measures in the choice of different financing methods.Finally,according to the research situation,we draw the conclusion and Prospect of relevant research.This article hopes to provide some reference for other enterprises to finance the receivable asset-backed securitization through the case of M company.To sum up,the account receivable asset-backed securitization is very effective for enterprises to broaden financing channels and reduce the dependence on traditional financing methods.It also plays an important role in accelerating the return of accounts receivable,invigorated stock assets and solving financing difficulties.Therefore,the securitization of accounts receivable assets should be of significance to the enterprise financing.The rise and development of accounts receivable asset-backed securitization is becoming an increasingly popular way of financing in China’s capital market.