Research On The Financial Effect Of Accounts Receivable Asset Securitization

As a new type of financing instrument,asset securitization has received wide attention from institutional investors since its introduction into China.In recent years,as the development process of asset securitization continues to advance,enterprise accounts receivable asset securitization has been favored by many enterprises by virtue of its unique financing method,strong financing ability and excellent ability to get out of the table.Based on the theoretical background of domestic and international development of asset securitization and the policy background of national policy support,this paper selects Digital China,a listed company,as a case company to analyze the financial effects generated by its implementation of accounts receivable asset securitization from three levels: changes in stock returns,changes in operating performance and changes in financial risks.This paper firstly compares the domestic and international literature on asset securitization,and clarifies the case study method as the research method,supplemented by the event study method and Z-value model method.The following conclusions were reached after the study:First,the securitization financing of accounts receivable assets can bring positive impact on the stock return of listed enterprises.Second,accounts receivable asset securitization financing can improve the business data indicators of enterprises.Third,accounts receivable asset securitization financing can reduce financial risks.Overall,it can be basically concluded that the implementation of accounts receivable asset securitization can bring positive financial effects on enterprises.In the process of applying these research methods to the analysis,the author has gained the following insights: First,the use of market research method needs to ensure that the events in the event period are as independent as possible.Second,the identification of Z-value model coefficients needs to be "company-specific".Third,corporate managers need to take a long-term view of securitization,rather than just seeking short-term improvements in financial indicators.The article concludes by expressing the author’s expectation that the financial derivative instrument of corporate securitization will become more abundant and mature,and that its mechanism or idea can solve the financing dilemma of SMEs.