Research On The Motivation And Effect Of Accounts Receivable Asset Securitization Of Haiwang Biology

In recent years,the policy reform of the pharmaceutical circulation industry has attracted much social attention,the "two-invoice system" reform has reduced the medical circulation link,greatly alleviating the problem of people’s "expensive medical treatment",but at the same time,many problems have been derived,on the one hand,in the process of reform,private pharmaceutical circulation enterprises in order to seize market share,crazy foreign mergers and acquisitions,resulting in a surge in the demand for enterprise funds;on the other hand,the wanton relaxation of credit sales policies,coupled with the weak position of circulation enterprises in the industrial chain,resulting in serious deposition of accounts receivable.How to revitalize accounts receivable to fill the capital gap has become the key to the competitiveness of pharmaceutical circulation enterprises in industrial restructuring.Accounts receivable securitization financing is just in line with the pain points of the pharmaceutical circulation industry.It breaks the limitations of traditional financing models such as bank lending,bond financing,and equity financing,and plays an important role in revitalizing accounts receivable,alleviating the financial pressure of enterprises,and reducing financing risks.Therefore,this paper selects Neptune Biology for case study,explores the motivation and effect of accounts receivable securitization financing,finds out the possible deficiencies of this financing method,and puts forward corresponding optimization suggestions.Taking neptune Biotech’s 2018 Phase 1 Accounts Receivable Creditor’s Debt Asset Support Special Plan as the research object,this paper sorts out the relevant literature of receivables asset securitization,combines cash flow analysis theory,focuses on analyzing the feasibility and development status of the pharmaceutical circulation industry in selecting receivables asset securitization financing,and adopts the case study method,financial indicator method,Z-value research method and event research method to objectively evaluate the process,motivation and effect of Neptune Biologics’ receivable asset securitization financing.This article believes that Neptune has effectively transmitted positive market signals through accounts receivable asset securitization,boosted stock prices,reduced financing costs,accelerated asset liquidity,optimized capital structure,and reduced financial risks.In view of the problems of high issuance interest rate and insufficient external credit enhancement in the process of asset securitization,this paper puts forward corresponding optimization suggestions in asset screening,credit enhancement,circular purchase structure setting,information disclosure and other links.The optimization suggestions proposed in this paper have certain reference value for helping Neptune to solve financing problems and improve the level of operation management.At the same time,the research in this paper can provide a new financing idea for other private pharmaceutical circulation enterprises.