| As a financing financial tool,asset securitization emerged in the United States in the 1970 s,and was gradually recognized by the market and generally accepted worldwide.However,the beginning of asset securitization was relatively late in China.In 2005,China conducted the first batch of pilot work on asset securitization.Until 2013,the asset securitization business will gradually be fully standardized.Since 2012,China’s overall industry environment has tended to be sluggish,and the construction machinery industry has once fallen into a development bottleneck.Therefore,in order to improve the operating conditions and stimulate the development of the industry,companies have increased the scale of their accounts receivable.Enterprises in the machinery industry have sufficient receivables for asset securitization.At the same time,under such a background,companies have new demands in revitalizing their stock assets,and companies need new and more effective financing methods.Sany Heavy Industry is a very representative enterprise in China’s construction machinery industry.The special asset plan issued by Sany Heavy Industry is the first single product listed on the Shanghai Stock Exchange in the construction machinery industry.It has innovated the financing model of the construction machinery industry.The field of construction machinery has a landmark meaning,therefore,the case study object of this paper selects Sany Heavy Industry Asset-backed Securities.First of all,this article reads domestic and foreign literature on asset securitization related theories,summarizes domestic and foreign research results,and studies the process of asset securitization at home and abroad.Then combined with the actual situation of Sany Heavy Industry’s asset issuance plan,the case of asset securitization was analyzed.It mainly includes the background of case implementation,transaction structure,motivation and effects,and the characteristics of case implementation.This article conducts specific research and analysis on the motivation for the implementation of this plan,and evaluates the design and implementation of the plan.This article selects relevant indicators for this case for research and analysis,and compares and evaluates the financial status before and after the implementation of the plan,and the market effect after financing.Combined with the comprehensive analysis of the case,based on this,we propose relevant experience and enlightenment for the securitization of accounts receivable in the field of construction machinery.Finally,this paper concludes that the implementation of this asset support plan has brought good results to Sany Heavy Industry,improved the company’s asset-liability structure,and enhanced financing capabilities.This article believes that the adoption of this innovative model by Sany Heavy Industry is the correct choice in the context of the current era.For companies,the plan has a positive impact,bringing new ideas for the choice of financing models and for managing the same industry Of operators provide reflection and inspiration.Therefore,this article combines Sany Heavy Industry’s expertise in asset securitization and puts forward some suggestions on asset securitization and business management. |
