Research On Accounts Receivable Securitization Of Listed Companies In China

In recent years,competition among enterprises has become increasingly fierce.In order to gain an advantage in the competition,"credit sales" has become a widely used means.As the proportion of credit sales increases year by year,the balance of accounts receivable of various companies has also generally increased.In order to improve the liquidity of accounts receivable,accounts receivable securitization has emerged.This thesis studies the problems of accounts receivable securitization in China by literature review and case analysis.Firstly,it expounds the current situation of accounts receivable securitization of listed companies in China.Secondly,four problems are analyzed,including the quality of basic asset,the risks of basic asset,information disclosure and financial effects.Based on macro-economy and policies,several reasons are adduced.Based on the international advanced experience,the thesis puts forward some suggestions for the accounts receivable securitization of listed companies in China.First,listed companies must take the initiative to improve information disclosure,and other participants need to clear their responsibilities.Second,listed companies need to strengthen accounts receivable management and take overall risk factors into consideration.Third,listed companies should build core competitiveness through the development of advantageous business and the improvement of management.Finally,pool of basic assets can be made by some different companies so that constraints can be reduced.At last,the thesis makes a case study on Minmetals Development Co.,Ltd.Analyzing and comparing financial indicators,it intuitively reflects the problem of poor selection of basic assets,low efficiency of capital use,and high financing costs.By learning from the general experience of China and the experience of profitable companies,some suggestions are proposed,including managing basic asset,improving the efficiency of capital and diluting financing costs.