The Design Of Financing Scheme For Z Company's Accounts Receivable Assets Securitization

The choice of financing methods occupies an important position in the business process,and the asset securitization financing method is now the most popular financial innovation means,and has the advantage of strengthening the turnover capacity of enterprise stock assets.Compared with other financing methods,asset securitization focuses on the quality of the underlying assets rather than the overall credit of the credit subject.At the same time,corporate receivables as a good and stable basic asset,if it can be financed by means of asset securitization,will greatly improve the financing difficulties of small and medium enterprises and the difficulty of financing.Based on Z's existing basic assets,and based on its own needs,this paper designs a securitization financing plan based on corporate trade receivables as the underlying assets,opening a new way of thinking for corporate cash flow financing options.First of all,the background of the topic describes the current situation of China's asset securitization and the size of accounts receivable and the existing problems of enterprise asset securitization,and refer to the relevant literature to find the foothold of the design of the plan,that is,from the perspective of Z company;This paper expounds the operation mechanism of asset securitization based on accounts receivable,mainly from the aspects of concept and classification of asset securitization,generalization process,etc.,clarifying the connotation of asset securitization and the responsibilities of participating entities,and from the future The cash flow situation and testing,asset restructuring,risk isolation and credit enhancement introduce the principles to be followed in a complete asset securitization.Next,after analyzing Z company's business background and the related situation of accounts receivable assets,this paper makes an in-depth exploration on the financing scheme of assets securitization:First,grasp and design the transaction structure of the scheme as a whole,give a set of double SPV financing scheme of accounts receivable assets securitization with the help of commercial factoring institutions,and clarify the responsibilities of the relevant participants,with emphasis on the explanation.The core points of the scheme design are as follows:second,detailed and in-depth design and analysis of the scheme from three aspects of the basic assets profit model and cash flow forecast analysis,risk isolation means and credit enhancement measures in the process design;third,compared with other financing methods,the advantages of the asset securitization scheme are obtained,and the credit wind that may be faced in the overall implementation of the scheme is pointed out.Risk,liquidity risk,concentration risk and its own operational risk,in view of these four types of risks,the paper gives the pre-event,in-event and post-event countermeasures;finally,based on the asset securitization environment of our country,the paper discusses the problems from policy and law,tax issues and other factors,and gives reasonable countermeasures and suggestions from the perspective of legal policy,market and enterprises.