Research On The Optimization Of Capital Structure Of Z Company By Supply Chain ABS

Under the policy background of the real estate industry,the capital operation of the real estate enterprises in China is hindered,the financing capacity is limited,and the financing cost is increasing,which affects the business performance of the enterprises.At the same time,the environment of simultaneous rent and sale promotes the strategic transformation of some housing enterprises to the "light and heavy" mode.The capital structure of the real estate industry is facing the optimization challenges brought by adapting to the policy environment and the strategic transformation of enterprises.The internal and external environment of enterprises is pushing them to optimize their own capital structure.Accordingly,based on the basic principles of balance sheet and the related theories of asset-liability management of commercial banks,this paper establishes the optimization framework of capital structure from the aspects of capital structure,debt structure and asset-liability structure.This paper takes Z Company as an example to analyze its three successful issuance of supply chain ABS in 2018,so as to analyze the path of optimizing the capital structure of supply chain ABS.This paper describes Z Company's strategy,cash,income and financing costs before issuing ABS in supply chain,and presents its capital structure background from the balance sheet analysis framework.The analysis finds that the mismatch of capital structure leads to the problems of business performance,and Z company adopts ABS mode of supply chain to optimize capital structure.In the ABS of supply chain finance adopted by Z company,the securitization of accounts receivable collects cash ahead of time and reduces the risk of bad debts,which brings cash assets to enterprises and optimizes the asset structure;the securitization of accounts payable optimizes the debt structure by means of supply chain occupancy and deferral of liabilities;the securitization of assets can reduce the overall financing cost and improve future financial performance due to its low risk and low cost advantages,which provides new ideas for the optimization of capital structure of similar enterprises.