XY公司应收账款证券化融资方案设计

发布时间：2018-03-01 09:08

本文关键词： 煤炭行业融资资产证券化方案设计　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：资产证券化产品自诞生以来,以其交易方式的独特性,迅速席卷了全世界,受到了资金需求者和资金供给者的追捧。在欧美等西方发达的金融市场上,资产证券化产品已经成为企业融资的主要手段之一,也是投资者重要的投资工具。资产证券化是一项非常重要的金融创新,有着传统融资方式所不具备的优势,比如改善公司的财务结构、提高资产的运营效率等。资产证券化不仅能够解决企业的融资问题,而且能够推动我国资本市场的发展。随着我国经济进入新常态,加快供给侧改革,推动“一带一路”等建设,我国煤炭行业面临着新的机遇与挑战。煤炭行业曾经对我国的经济增长起到了巨大的推动作用,煤炭行业的健康稳定发展关系到我国能源安全。随着行业景气度下降,煤炭企业急需资金进行产能建设,但目前我国煤炭企业融资渠道狭窄,融资方式单一,资产负债率普遍处于较高的水平,加之煤炭行业投资周期长、资金需求大等问题,急需要采取新型的融资方式解决巨大的资金缺口问题。本文选取了煤炭行业的代表XY公司,通过对公司的简单介绍,了解公司的资金来源,说明公司目前融资方式存在的问题,通过对比各种融资模式的优缺点,说明资产证券化融资的合理性。本文从政策环境、市场环境和企业财务的角度进行分析,说明资产证券化融资的可行性和必要性。文章通过阐述资产证券化的相关概念,根据企业的具体情况,选择合适的资产证券化交易结构。公司进行应收账款证券化前,必须筛选出合适的优质资产,对基础资产池产生的现金流进行预测;进行应收账款证券化时,应收账款经常需要打折出售,确定折价率和各级资产支持证券的预期收益率,然后本文对资产证券化融资的经济效益进行了分析,最后揭示了应收账款证券化融资面临的风险和提出了相应的防范措施。
[Abstract]:Since its birth, asset securitization products have quickly swept the world with their unique trading methods, and have been sought after by the fund demanders and fund suppliers. In the developed financial markets of Europe and the United States and other western countries, Asset securitization products have become one of the main means of enterprise financing, and they are also important investment tools for investors. Asset securitization is a very important financial innovation, with advantages that traditional financing methods do not have. For example, improving the financial structure of companies and improving the operational efficiency of assets. Asset securitization can not only solve the financing problems of enterprises, but also promote the development of our country's capital market. As our economy enters the new normal, China's coal industry is facing new opportunities and challenges in speeding up supply-side reform and promoting "Belt and Road" construction. The coal industry has played a huge role in promoting China's economic growth. The healthy and stable development of the coal industry is related to the energy security of our country. With the decline of the intensity of the industry, coal enterprises urgently need funds to build their production capacity. But at present, the financing channels of the coal enterprises in China are narrow, and the financing mode is single. The ratio of assets and liabilities is generally in a high level, in addition to the problems of long investment cycle and large capital demand in the coal industry, it is urgent to adopt a new financing method to solve the huge fund gap problem. In this paper, the representative of the coal industry, XY Company, is selected. Through a brief introduction to the company, understand the source of the company's funds, explain the problems existing in the current financing mode of the company, compare the advantages and disadvantages of various financing modes, explain the rationality of the financing of asset securitization. By analyzing the market environment and enterprise finance, the paper explains the feasibility and necessity of asset securitization financing. Select the appropriate transaction structure of asset securitization. Before the company proceeds the accounts receivable securitization, must screen out the suitable high quality assets, carries on the forecast to the cash flow generated by the basic asset pool; when carrying on the receivable account securitization, Accounts receivable often need to be sold at a discount to determine the discount rate and the expected rate of return of asset-backed securities at all levels. Then this paper analyzes the economic benefits of asset securitization financing. Finally, the paper reveals the risk of accounts receivable securitization financing and puts forward the corresponding preventive measures.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.21;F832.51

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