SYJC企业应收账款证券化融资研究

发布时间：2018-04-13 17:12

本文选题：SYJC + 应收账款证券化　；参考：《沈阳工业大学》2017年硕士论文

【摘要】：资产证券化最早出现在20世纪70年代的美国,经历一系列的发展现已成为企业的新型融资工具,实现了实体经济和虚拟经济之间的相互联系,促进其共同发展。总体上讲,我国资产证券化的起步相对较晚,国内试点的项目大多数是银行贷款和大型基础设施的受益权,基本上甚少有应收账款相关项目;另一方面,目前我国应收账款证券化相关的法律法规尚不完善,以及企业成功进行资产证券化和风险防控等相关经验不足的因素,都导致了我国企业的应收账款证券化发展较为缓慢。本文介绍了我国企业应收账款证券化融资目前存在的现实困境,结合资产证券化相关理论和现实中资产证券化融资的成功经验,采用文献研究法和案例分析法,以SYJC企业应收账款的实际数据为基础进行研究。首先,从SYJC企业融资渠道、融资需求和企业实施应收账款证券化融资优势三个角度分析了SYJC企业进行应收账款证券化融资具有必要性;其次,从SYJC企业自身、投资者和市场环境三个角度分析了SYJC企业进行应收账款证券化融资具有可行性;再次,对SYJC企业应收账款证券化从以下几个方面进行设计,包括:特殊目的机构的选择、资产池的构建、对资产池中的现金流进行分析、SPV购买应收账款折扣的设计、资产池中违约率的预计、信用增级方式的设计、产品定价分析等方面,并利用结构化分层模型来验证相关参数的合理性。最后,为了保证证券化质量,从内部和外部两个方面提出该公司应收账款证券化的保障措施。本文的研究旨在通过实例分析与方案设计帮助应收账款较多且现金流紧张的企业,运用应收账款证券化工具融资,以解决企业的财务困境,使运营效率得到提高。
[Abstract]:The asset securitization first appeared in 1970s in the United States experienced a series of development has become the new financing tools of enterprises, realize the relationship between real economy and fictitious economy, promote the common development. Generally speaking, asset securitization in China started in late phase, most of the domestic pilot project is right bank loans and large infrastructure, basically there are very few accounts receivable related projects; on the other hand, at present our country accounts receivable securitization related laws and regulations are not perfect, the success factors of asset securitization and risk prevention and control and lack of relevant experience and enterprise, have led to China's enterprises should accounts receivable securitization development is relatively slow. This paper introduces the enterprises in our country should be practical difficulties existing accounts receivable securitization of asset securitization, combined with relevant theoretical and practical asset securities The successful experience of financing, using the method of literature research and case analysis, with the actual data for SYJC enterprises accounts receivable as the basis for the study. First of all, from the SYJC financing channels for enterprises, should be three aspects of accounts receivable securitization financing advantage analysis of SYJC enterprise accounts receivable securitization financing necessity of financing needs and enterprise; secondly, from the three angles of the SYJC enterprises, investors and market environment analysis of SYJC enterprise has the feasibility of account receivable securitization; thirdly, the SYJC enterprise accounts receivable securitization design from the following aspects including: SPV choice, asset pool, analysis the cash flow of the asset pool, should buy SPV design accounts receivable discount, expected default rate in the asset pool, the design methods of credit rating, pricing analysis, and use hierarchical structured To verify the rationality of the model parameters. Finally, in order to ensure the security quality, from the two aspects of internal and external security measures should be put forward the accounts receivable securitization of the company. This study aims to design example analysis and solutions to help the accounts receivable and more cash flow tight enterprises, using accounts receivable securitization financing, to solve the financial difficulties of enterprises, the operation efficiency is improved.

【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F406.7

【参考文献】