Research On The Influence Of Accounts Receivable Factoring On Financing Efficiency Of H Enterprise

After years of continuous development,China’s market economy system is becoming more and more perfect,accounts receivable factoring business is also gradually developed in China.After the first batch of listed enterprises to carry out factoring business in 2017,the business has become a new business with broad market prospects.In terms of academic research,scholars at home and abroad focus on exploring the advantages and disadvantages of accounts receivable factoring business compared with accounts receivable pledge and securitization business,to constantly innovate the type,mode and specific operation of factoring business.Finally,in recent years,focus on the impact of factoring business on financing efficiency.Some scholars believe that no matter what form of factoring business,as long as its legal and reasonable compliance will have an optimal impact on financing efficiency.However,other scholars believe that factoring business should be treated with caution,and that this business can effectively solve the problem of insufficient capital,but also improve the financing risk of other aspects of the enterprise.Because factoring business in China started late among large and medium-sized enterprises,it is still worth discussing in detail whether factoring business has an impact on financing efficiency in practice.Therefore,this thesis will calculate and analyze the impact of factoring business on financing efficiency,select the new factoring business H enterprises in 2019 as the research object,according to the financial data disclosed by H enterprises from 2016 to 2019 as the original data.First of all,this thesis introduces the research background and purpose significance,combing and summarizing the existing domestic and foreign literature and related theoretical basis.Then we analyze the operating conditions and financial difficulties of H enterprises before factoring business,and judge whether H enterprises have the basic conditions to carry out factoring business.Then,we establish entropy weight method-mutation series model.The financing efficiency is divided into four aspects: financing risk,financing cost,capital use efficiency and enterprise characteristics.The final evaluation results are combined with financial data and the actual situation to compare and analyze the financing efficiency of H enterprises in four years,so as to explain the specific impact of factoring business on financing efficiency in 2019.After excluding accidental factors and clarifying that there are no other events that will significantly affect the change of financing efficiency in2019,factoring business obviously optimizes the financing efficiency of H enterprises,but has side effects on the cost index of equity financing.In addition,factoring business also has a positive optimization effect on the other ten evaluation indexes,and the influence on the cash guarantee multiple is the most obvious.Therefore,this thesis believes that factoring accounts receivable can improve the financing efficiency of enterprises,and will not lead enterprises to face other financial risks.Finally,according to the research results of this thesis and the current situation of factoring business in H enterprises,three suggestions are put forward.The innovation of this thesis is mainly reflected in the combination of factoring business and financing efficiency,and the objective results are evaluated and analyzed by entropy weight method-mutation series model,in order to provide reference for the research of factoring business in China.