Research On The Securitization Of Accounts Receivable And Its Effect In Company A

Asset securitization is considered as an efficient direct financing tool.It is a process of issuing asset-backed securities based on the above conditions,which takes the future cash flow of the pooled assets as the payment support and adopts the hierarchical design to increase the credit level.In recent years,the development trend of Receivables Securitization in China is rapid.With the promotion of policies and systems,the types of basic assets are also increasing.More and more enterprises use Receivables Securitization to raise funds.Company a,a pharmaceutical circulation enterprise,carries out financing through the securitization project of accounts receivable,realizes the innovation of industry financing mode,and has very important value.This paper analyzes a company's Receivables Securitization Financing Project through the combination of theory and case.First of all,it expounds the related concepts and theoretical basis of Receivables Securitization,and introduces the transaction process of asset securitization.Secondly,it focuses on the analysis of the key links of a company's participation in the securitization of accounts receivable: basic asset pool,circulation structure and credit enhancement measures,and finds out the problems that a company needs to pay attention to as a participant.Finally,the paper studies the effect of using Receivables Securitization Financing,and analyzes from four aspects of financial cost,financial structure and index,short-term wealth and financial risk,and draws the following conclusions: the design of circular structure helps to solve the problem of capital mismatch,reduce the repayment pressure of enterprises,extend the financing period and share the fixed cost of financing;the financing of Asset Securitization The larger the scale is,the smaller the amortized financing cost will be;the quality of the basic assets in the asset-backed notes,the proportion of the secondary assets held by the original equity holders and the setting of external credit enhancement measures will have an impact on the accounting statement of asset securitization,thus affecting the financial indicators of the enterprise;due to the impact of the market value of the enterprise and the scale of securitization financing,this receivable certificate In terms of financial risk,the securitization of accounts receivable improves the efficiency of asset interest rate and reduces the financial risk of enterprises.Finally,the paper puts forward some suggestions to improve the effect of Receivables Securitization,such as strengthening the management of receivables,avoiding the risk of concentration,improving the measures of increasing credit and choosing the financing way reasonably.From the perspective of the sponsor,this paper hopes that through the case study of a company's Receivables Securitization,it can make the enterprise have a full understanding of Receivables Securitization Financing,avoid the possible problem risks when using this financing method in the future,understand the effect achieved by using this financing tool,and then choose a reasonable financing method.