Research On The Risk Of Accounts Receivables Securitization Of SANY Heavy Industry

Affected by many adverse factors,China’s construction machinery industry was once depressed and was a downward trend.The disadvantages of financial leasing credit sales mode to stimulate sales growth in the early stage became increasingly prominent.The enterprise receivables increased significantly,and the cash flow and enterprise operation crisis followed,affecting the development of enterprises.In this context,higher requirements are put forward for the asset management of construction machinery enterprises,and better financing methods in terms of financial benefits are needed.In 2011,the national policy on asset securitization was put on the agenda,and relevant standard documents were issued in 2014.Based on this,in November 2016,SANY Heavy Industry took the lead in exploring the new financing mode of receivables securitization,namely " S ANY Heavy Industry Phase 1 Accounts receivable Assets Support Special Plan in 2016-Zhongtai Everbright".The project is highly iconic and representative in the whole industry,and has strong research value and research significance,so this article chooses to carry out in-depth research on it.Based on the relevant theory of accounts receivable securitization,this paper collects and sorts out a large number of relevant research results at home and abroad,understands the risks of accounts receivable securitization,and provides an important basis for the development of this study.With SANY Heavy Industry Co.,Ltd.as the research object,this paper analyzes the actual enterprise background,accounts receivable,financing financial benefits,and the process of implementing the special plan: basic asset credit risk,capital mixing risk,design transaction structure risk.The management strategies and control strategies are put forward for the risk problems,and combined with the comprehensive situation of the case,we give the corresponding optimization plans and measures for the ac counts receivable securitization in the project plan.According to the study of this paper,the special plan of accounts receivable securitization of SANY Heavy Industry has actually reduced the financing cost of enterprises,revitalized the stock assets o f enterprises,filled the shortage of traditional financing methods,and improved the profitability of enterprises.From the overall implementation effect,the plan is favored by investors.At present,the risk of the plan lies in that the basic assets mortgaged by the plan are accounts receivable.The credit risk of the basic assets of the money is the biggest risk of the smooth implementation of the whole plan.Secondly,it is the risk of capital mixing and trading structure,and the corresponding risk countermeasures are put forward.SANY Heavy Industry Company is the first listed asset securitization enterprise among the construction machinery manufacturing enterprises,which has a landmark innovation significance for the whole industry.The research of risk points in this paper provides a reference on new financing models for enterprises in the same industry.