Research On The Design And Effect Of Accounts Receivable Securitization In Central Enterprises

Asset securitization is one of the most successful financing methods in China’s financial innovation in recent years.The reason is that asset securitization can effectively combine the two characteristics of Chinese state-owned enterprises to solve the financing problem.On the one hand,at present,debt financing is the main way of financing for state-owned enterprises in China,but the shortcomings of debt financing are very obvious.The high asset-liability ratio leads to the serious shortage of cash flow for their own development.On the other hand,assets with large scale and poor liquidity,which can bring about expected substantial cash flow,have become a difficult problen that enterprises have to face in the process of development.Asset securitization can achieve the separation and reorganization of income and risk through certain transaction process design and special purpose carriers,and issue securities in the capital market,which can solve the financing needs of enterprises.The characteristics of the securitization case of accounts receivable selected in this paper are that the original owner of the special support plan is the headquarters of the Central Enterprise Group,and the complete statement of accounts receivable is realized in the design of the transaction structure.The research object H company fundamentally solved the problen of large-scale accounts receivable and poor liquidity through this special plan,brought a large number of sustainable development cash flow to the enterprise,reduced the company’s asset-liability ratio,and made an example in major innovations.The product structure stratification,internal and external credit enhancement and risk nanagement and control were praised by the state and society.Firstly,this paper expounds the relevant theory and practice of accounts receivable securitization,and introduces the participants and transaction process of accounts receivable securitization.Then7 starting with the selected cases,the paper takes the risk of asset pool,product structured hierarchy,transaction structure,transaction process and scheme design as the main analysis points to carry out the research on accounts receivable securiti:z:ation of H Company.Then,it studies the successful implementation of asset securitization from the aspects of economic and social benefits.Hope to be able to provide some ideas and references for the state-owned enterprises which need the securitization financing of accounts receivable.The findings of this paper are as follows:(1)Accounts receivable asset securitization can broaden the financing channels of state-owned enterprises,improve the liquidity of assets,optimize the financial structure of enterprises,enrich investment opportunities,and provide the possibility for better developnent of companies.(2)Increasing the product hierarchical structure of secondary investors can guarantee risk-sharing and revenue-sharing,and achieve win-win situation.(3)Introducing the concept of qualified income can reduce the financing cost to the greatest extent.(4)Income and risk coexist in the securitization of accounts receivable.Reasonable process and structure design,such as setting up secondary mobile accounts,establishing network supervision platform,setting strict asset screening standards,can reduce risks and protect the rights and interests of all participants.