Research On XH Company Receivable Securitization

In order to achieve the goal of improving market share and optimizing sales performance,it has become a common mode of sales for enterprises to confirm revenue first and then defer the collection of arrears.As a result,a large number of accounts receivable have been accumulated,which often occupies a large amount of cash flow of enterprises,and then weakens the ability to pay debts.If we can use accounts receivable to finance,we can bring many benefits for enterprises,such as improving the liquidity of funds,alleviating the shortage of operating cash flow,reducing financing costs and enhancing the value of enterprises.This paper focuses on the accounts receivable securitization project of XH Company by case analysis,trying to sort out the successful factors and key problems of domestic enterprises,and summarizes the instructive accounts receivable securitization model and promotes it.At the beginning of this paper,it introduces the background and significance of the creation of this paper,and summarizes the latest literature,which lays a theoretical foundation for the follow-up case analysis.Then it enters into the key chapter of this paper-the case study of XH company's receivable securitization.It emphatically analyses the current situation of the XH company's receivable management,and then carefully restores the whole process of XH company's receivable securitization project,the construction of the receivable fund pool,the arrangement of internal circulation purchase structure and the analysis of cash flow are explained in detail.Based on this,this chapter focuses on the analysis of the impact of accounts receivable securitization on XH company.By comparing with other financing methods,we can draw the conclusion that accounts receivable securitization can save financing costs.By analyzing the key financial indicators and data of XH in the process of accounts receivable securitization,we can safely prove that accounts receivable securitization has the ability to optimize the main capital ratio and promote enterprises profitability development.In the fourth chapter sums up the problems encountered in this project,such as lack of a sound legal and accounting system,the default rate of basic assets is high.At the end of this paper,it summarizes the key conclusions based on the research of this securitization project,which can help other enterprises to learn from the experience and help the overall development of accounts receivable securitization in China.