Research On The Movation And Effect Of Receivables Asset Securitization In Zheshang Development

As our country changes from "manufacturing power" to "manufacturing power",supporting trade circulation enterprises of manufacturing industry are developing and growing.As the tertiary industry,commercial circulation enterprises have the characteristics of slow turnover of accounts receivable,overstock,high financial cost and low profit rate.In recent years,affected by the macroeconomic downturn and the unstable international situation,as well as the increase of competitors,the market supply and demand appear obvious imbalance.The decline in the rate of capital recovery will make the financial cost continue to grow,accounts receivable and inventory turnover further decline.As medium and large commercial circulation enterprises with state-funded background,the capital volume is often larger,and the asset-liability ratio is also higher.Therefore,strict management strategies are needed to ensure the healthy development of enterprises.In addition,in the current operation of enterprises,whether the cash flow is sufficient also determines the lifeblood of the development of enterprises.How to reduce the asset-liability ratio of enterprises,optimize the asset structure and control financial costs are all issues worthy of discussion in the post-COVID-19 era.As an innovative financing tool,asset securitization has the function of expanding the financing channels of enterprises,reducing the financial cost,promoting the production and management of enterprises,optimizing the capital structure,improving the return on equity and thus creating more wealth for shareholders.State-owned commercial circulation enterprises have strong monopoly,more quality customers,stable payment cycle,the corresponding accounts receivable assets of large scale,better quality,which laid a solid foundation for their accounts receivable assets securitization.For enterprises themselves,understanding the motivation and performance of the implementation of accounts receivable asset securitization is helpful for enterprises to better choose the opportunity to carry out accounts receivable securitization and have a preliminary grasp of the implementation effect.The case study of this paper selects "19 Development 01",an asset securitization product issued by Zheshang Development in 2019 using receivables as the basic asset,which is representative to a certain extent in the commodity commercial circulation industry.Starting from the motivation for Zheshang Development to carry out receivables securitization,this paper analyzes the market performance,business performance,financial performance and shareholder wealth performance of Zheshang Development implementation of receivables.Finally,we can get the conclusion that the implementation of accounts receivable asset securitization in Zheshang Development conforms to the policy requirements,conforms to the development strategy of the enterprise,and brings many aspects of the enterprise performance improvement.This paper also gives some suggestions for other enterprises in the bulk commodity circulation industry to carry out accounts receivable securitization.