海鸥公司应收账款融资模式研究

发布时间：2018-05-28 23:27

本文选题：应收账款融资 + 质押融资　；参考：《湖南大学》2014年硕士论文

【摘要】：中小企业“融资难”问题由来已久，在实务界和学术界都引起对优化企业融资模式的众多研究讨论，在各式融资模式之中，应收账款融资独树一帜。然而现有国内研究多从银行等金融机构立场出发，以期降低银行进行应收账款融资的风险；或是研究我国开展应收账款融资业务还需法律、政策怎样优化，关于中小型企业针对其特征如何选择适当的融资模式的研究少之又少。本文结合海鸥公司的行业特征、业务分布等情况展开研究，可作为中小型企业融资决策的可靠依据。本文的研究主要分为三部分：一二章是背景介绍和相关理论分析；三四章是分析公司实情，据此建立融资效率比较模型，通过模糊数学综合评价法得出最高融资效率模式为无追索权保理融资；最后部分是以海鸥公司为基础，，提出有助于其高效开展应收账款融资的建议和意见。本文立足海鸥公司实际经营环境，在回顾已有国内外研究的基础上，系统分析比较应收账款融资的主要模式：质押融资、保理融资和证券化融资。文章阐述了应收账款融资的理论，分别介绍比较了三种融资模式的特点和适用情况，继而分别从融资成本、融资风险等影响融资效率的因素角度对比分析三种主要应收账款融资模式，最后采用模糊数学综合评价法对三种模式的融资效率进行综合对比。笔者结合海鸥公司规模较小、出口业务多和应收账款绝对金额不大的现实，得出最适宜M的融资模式为无追索权保理融资，为海鸥公司选择最优融资模式提供决策支持，也为今后中小型企业应收账款融资模式优化提供借鉴。
[Abstract]:The problem of "financing difficulty" of small and medium-sized enterprises has a long history. In practice and academic circles, there are many researches and discussions on how to optimize the financing mode of enterprises. Among all kinds of financing modes, accounts receivable financing is unique. However, the existing domestic studies mainly proceed from the standpoint of banks and other financial institutions in order to reduce the risk of bank accounts receivable financing; or to study how to optimize the law and policy of developing accounts receivable financing business in China. There is little research on how SMEs choose the appropriate financing model according to their characteristics. This paper studies the industry characteristics and business distribution of Seagull Company, which can be used as a reliable basis for financing decisions of small and medium-sized enterprises. The research of this paper is divided into three parts: one and two chapters are background introduction and related theoretical analysis, three and four chapters are to analyze the actual situation of the company, based on which the comparative model of financing efficiency is established. Through the comprehensive evaluation method of fuzzy mathematics, it is concluded that the highest financing efficiency model is non-recourse factoring financing, and the last part is based on seagull company, and puts forward some suggestions and suggestions to help seagull company to carry out accounts receivable financing efficiently. Based on the actual operating environment of Seagull Company, this paper systematically analyzes and compares the main modes of accounts receivable financing: pledge financing, factoring financing and securitization financing. This paper expounds the theory of accounts receivable financing, introduces and compares the characteristics and application of the three financing modes, and then starts with the financing cost. The financing risk and other factors influencing the financing efficiency are compared and analyzed. Finally, the comprehensive evaluation method of fuzzy mathematics is used to compare the financing efficiency of the three models. Considering the fact that the scale of seagull company is small, the export business is much and the absolute amount of accounts receivable is small, the author draws the conclusion that the most suitable financing mode of M is non-recourse factoring financing, which provides decision support for seagull company to choose the optimal financing mode. Also for small and medium enterprises in the future accounts receivable financing model optimization to provide reference.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.92;F406.72

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