| As the country attaches more importance to people’s health,the healthy China strategy,the reform of the medical and health system and other policies are constantly promoted and implemented,the pharmaceutical industry has entered a new stage of development,which needs to adapt to the trend of The Times and constantly sublimate the future development strategy.This is an opportunity for pharmaceutical enterprises,but there are also risks in the process of enterprise development,such as high financing costs and financing difficulties.The financing method of accounts receivable asset securitization has given these pharmaceutical circulation enterprises a new way of financing,and has played a role in promoting the stable development of the financial market.But companies through the process of developing asset securitization financing also there are many risks,including the default risk,financial risk of confusion,cash flow risk,liquidity risk,interest rate risk,etc.,enterprise should according to enterprise asset securitization project formulation and implementation of comprehensive risk management plan to reduce the risk of financing have to bear.This paper adopts the research method of combining theories and cases,and has a certain understanding of the financing methods and principles of asset securitization,risk management and other related theories after reading a large number of relevant literatures at home and abroad.After theoretical foundation,this paper takes the case of Nanjing Pharmaceutical receivables asset securitization as the research object,and carries out case analysis according to the ideas of risk identification,risk measurement and risk management.In the risk identification part,it summarizes the risks in the process of Nanjing pharmaceutical asset securitization from three aspects:basic assets,transaction structure and market.In the risk measurement part,the cost of capital and cash flow are compared to measure the level of risk.In the risk management part of the analysis of its internal control,external supervision,project risk prevention and control capabilities,and then according to the risk management effect of Nanjing Pharmaceutical receivables asset securitization,pointed out the shortcomings of Nanjing Pharmaceutical in asset securitization risk management.Finally,this paper puts forward suggestions for improvement on the deficiencies in the risk management of nanjing Pharmaceutical receivables asset securitization,and at the same time provides experience for other pharmaceutical circulation enterprises,so as to promote the development of asset securitization financing in the pharmaceutical circulation industry. |
