Research On The Risk Prevention Of Accounts Receivable Asset Securitization In China’s Construction Waterproofing Industry

In the 1990s,with the continuous development of China’s economy,the demand for funds by enterprises prompted further breakthroughs in financing methods in China’s capital market.During this period,asset securitization flourished abroad,and China also began to try this novel Financial tool.The pilot project of enterprise asset securitization in China started in 2005,and then in 2008,due to the impact of the financial crisis,China suspended further pilot projects of enterprise asset securitization.After the financial crisis,a second pilot was launched in 2011.After two pilot projects,the scope of the underlying assets of China’s enterprise asset securitization is still relatively narrow.In September 2014,the corporate asset securitization system was changed from the approval system to the filing system,which not only greatly shortened the issuance time of corporate asset securitization business,but also allowed a greater degree of openness to the type control of underlying assets.The securitization of accounts receivable started in 2015.In that year,10 accounts receivable ABS products were issued nationwide,with a total issuance quota of 10.813 billion yuan.In 2021,the number of accounts receivable ABS products reached 104,and the total issuance quota reached The ABN of accounts receivable has also increased from 11.488 billion yuan in 2016 to 31.987 billion yuan in 2021.From this,it can be found that accounts receivable securitization is increasingly recognized by enterprises,which is due to the fact that accounts receivable securitization is used in financing funds,reducing accounts receivable management costs,enhancing corporate asset liquidity,and activating existing assets,etc.unique advantages.However,some products have defaulted during the development,which shows that there are certain risks in the securitization of accounts receivable,and it is necessary to guard against possible risks.In the first part of this paper,I first reviewed the research results of domestic and foreign researchers on the effects and risks of asset securitization,the significance of accounts receivable securitization to enterprises and related risks,and then classified the concept of asset securitization and related theories.The basics are explained.The second part sorts out the policy development history of asset securitization business in China,as well as the issuance of accounts receivable securitization products and the scale of the secondary market.The result is that although the issuance scale and types have achieved rapid growth,but there is still a lack of product liquidity,and the secondary market for related products needs to be further explored.In the third part,this paper selects "21 Oriental Yuhong ABN001" as a case,studies its issuance background in depth,analyzes the main content of the special plan,and then analyzes the risks of the special plan,and on the basis of the analysis Corresponding risk prevention measures are put forward.The fourth part draws the final conclusion of this paper.China’s asset securitization business is still at an immature stage and needs to be improved from the aspects of system design and market training.This paper sets standards for asset securitization in information disclosure and transaction structure.The system design of three aspects of market training put forward suggestions.