Research On The Financial Effect Of The Securitization Of Accounts Receivable Of XCMG

With the development of the times,the continuous innovation of China's economic system keeps pace with the market.Facing the fierce competition pressure and capital gap,listed companies in China tend to focus on the development of financing,among which asset securitization is the core element.Accounts receivable securitization belongs to the category of asset securitization.It relies on accounts receivable to improve its credit evaluation,so as to provide financing channels and financing methods with higher level information.As a means of financing with both financial and financial characteristics,it can excavate the available value of accounts receivable,alleviate the inherent risk of accounts receivable,provide necessary assistance for the adjustment of listed companies' institutions,and provide an indispensable financial basis for the development of enterprises.Therefore,the study of securitization of accounts receivable has become an urgent problem for Chinese enterprises.Key.In this paper,Xugong Machinery Co.,Ltd.(hereinafter referred to as Xugong Machinery)issued in the fourth quarter of 2015 "Xugong Machinery No.1 Account Receivable Asset Support Special Plan" as the research object.On the one hand,because in the period of 2015,China's machinery assembly manufacturing industry market competition is too fierce,a large number of construction machinery enterprises expand blindly,issuing credit products to withdraw quickly.Although this risky marketing method can improve the sales volume,there are many hidden dangers which may cause the enterprise to be destroyed once.Once the enterprise accounts receivable can not be collected late,it will directly damage the normal operation of the enterprise's capital chain,and even cause a negative impact on some investment projects,resulting in a large number of bad debts,long-term development will lead to the loss of inventory of enterprises;On the other hand,Xugong Machinery,as one of the most influential engineering machinery products in China,is first in mechanical assembly.The industry has issued the asset securitization products of accounts receivable,which makes the enterprise activate the capital of the enterprise to a certain extent,reduce the scale of accounts receivable,effectively broaden the financing channels of the enterprise,and enhance the business performance of the enterprise.In view of the above background,this paper will combine case study method,financial index method and market model method,apply all kinds of methods synthetically,through the way of event study,take Xugong Machinery Company as the research base,and make a thorough study on the financial effects of asset securitization of accounts receivable.The event study method with market model method as the breakthrough point can well reflect the financial target effect.The financial index method and the innovative Z-value model rule can clearly present the financial index effect and the financial risk effect.On this basis,first of all,the paper analyses the accounts receivable situation of Xugong Machinery,which is the object of this study,and finds Xugong Machinery to carry on the receivable.Necessity of securitization of accounts receivable,and then from both internal and external perspectives,analyze the problems and advantages that may arise in the process of securitization of accounts receivable,and then analyze the whole process of securitization of accounts receivable in terms of subject,structure and credit enhancement.On this basis,construct a scientific and practical evaluation system for accounts receivable.The contents,methods and detailed data indicators of the paragraph have certain universality.Finally,the positive factors and financial effects brought by the securitization of accounts receivable of Xugong Machinery are analyzed.Through the combination of theory and practice,the following results have been achieved: Accounts receivable securitization can adapt to China's national conditions,play an indispensable role in the development of innovative financing for Chinese enterprises,avoid bad debts and bad debts,improve risky accounts receivable,win cash injection,and improve cash flow,which has a positive effect on the development of enterprises.More cost-effective and low-cost way to alleviate the traditional financing shortcomings of scientific and stable risk structure,laid the foundation for promoting enterprise financing.On the other hand,although the securitization of accounts receivable also needs cost,especially the financing investment which is not needed by traditional financing methods such as trusteeship,underwriting,etc.,its overall performance-price ratio is high,and the financing cost is still much lower than the traditional financing investment.On the other hand,the securitization of accounts receivable has a more advanced and contemporary traffic structure and increased credit,which optimizes the basic conditions for issuing securities.It can help the initiator not to attract investors at too low prices when issuing securities,and the interest rate is relatively low,thus ensuring that the financing cost is in the ideal category;it can bring positive wealth to the shareholders of enterprises.Rich effect,and enhance the profitability of enterprises,reduce their financial risk level.