GMAC汽车应收账款证券化实例研究

发布时间：2018-01-01 17:08

本文关键词：GMAC汽车应收账款证券化实例研究　出处：《兰州大学》2014年硕士论文　论文类型：学位论文

【摘要】：应收账款对于大多数企业而言并不陌生,在买方市场环境下,其设立虽然在一定程度上促进了销量提升,为企业赢得更多的竞争筹码,但同时,企业也必须承担应收账款无法变现的风险。统计年报显示,2013年,在1470家上市(非金融类)公司中,有1254家公司一年以内应收账款占比超过50%,35家公司5年以上应收账款占应收账款总额比例超过30%,当前大多数公司将账龄超过5年的应收账款视为坏账。为此,在实体企业之间,亟需建立一种新型融资方式,以缩短应收账款的变现周期,改善企业财务状况。应收账款证券化的提出,正提供了这样一种可能。作为资产证券化的一种,它以特定的资产组合(企业内部应收账款)为支撑,通过发行证券化产品,将缺乏流动性的资产转换为金融市场中可以自由流通的证券,更灵活地实现资产转换。我国对应收账款证券化的实践,始于2006年“中国网应收款专项资产管理计划”的开展,经历几年的发展,目前该融资模式越来越多的融入到实体产业中,对我国的金融租赁市场产生着巨大的影响。通过一系列文献的查找和案例的分析、总结,本文试图将相关理论与具体案例相结合,来探讨应收账款证券化这一新型融资模式。全文从五个方面对GMAC汽车应收账款证券化案例展开了实证研究：开篇为绪论章节,概述了本文的研究背景、意义及国内外证券化问题的研究现状；第二部分是对应收账款相关理论的全面概括,从资产证券化理论出发,归纳应收账款证券化的内涵及核心原理,并从实体交易角度分析其参与主体及具体交易流程；第三部分,笔者选取了GMAC汽车这一操作实例,详细介绍了该案中应收账款证券化的发起、展开及结果表现；第四部分则对该案进行了深入剖析,案例的剖析过程不仅仅局限于发生背景和过程展示,更重要的是从本案的发生环境、动因、作用障碍、效果评价等展开综合评价；最后结合我国的实际情况,本文得出了一些对我国中小型企业应收账款证券化工作的启示。具体内容涉及在我国实施应收账款证券化的可行性,并提出完善证券化融资的设计方案,结合当前基本国情,具体落实为构建三种示范模式：信托型SPT模式、公司型SPC模式及离岸型SPV模式,在此基础上,还应加强相关法律法规的健全完善。
[Abstract]:Accounts receivable are not unfamiliar to most of the enterprises, in the buyer's market environment, although its establishment to a certain extent promoted the sales promotion, for enterprises to win more competitive chips, but at the same time, the enterprise must also bear the risk of accounts receivable cannot be realized. Statistics report shows that in 2013, 1470 listed (non finance) company, there are 1254 companies accounts receivable within one year accounted for more than 50%, 35 companies in more than 5 years of accounts receivable accounts receivable totaled more than 30%, most of the current company will be aged more than 5 years of accounts receivable as bad debts. Therefore, the entity between enterprises, to build up a new way of financing, in order to shorten the accounts receivable cash cycle, improve the financial situation of enterprises should be put forward. Accounts receivable securitization, it provides such a possibility. As a kind of asset securitization, the specific portfolio (enterprises Industry accounts receivable) as the support, through the issuance of securities products, the lack of liquidity of assets into financial markets in the free circulation of securities, more flexible asset conversion. The practice of China's accounts receivable securitization began in 2006, "China net receivables special asset management plan" to carry out. After several years of development, the current financing mode more and more into the real estate industry, has a great impact on China's financial leasing market.
Through the analysis, a series of literature search and case summary, this thesis attempts to discuss the related theory and combining the specific case, to explore the accounts receivable securitization as a new financing mode. This paper from the five aspects of the GMAC automobile Receivables Securitization case research: first is the introduction section, an overview of the research the background of this article, the research status at home and abroad security problems; the second part is a comprehensive summary of accounts receivable related theory, from the perspective of asset securitization theory, summarize the connotation and the core principle of receivable securitization, and from the perspective of their participation in the main entity transactions and transaction process; the third part, the author select the GMAC car this operation example, details of the accounts receivable securitization should be initiated in this case, the deployment and performance; the fourth part of the case conducted in-depth analysis, case Analysis of the process of cases is not limited to the background and process of the exhibition, more important is from the case of the occurrence of the environment, motivation, function disorder, evaluation of comprehensive evaluation; finally, combined with China's actual situation, the paper draws some of our small and medium-sized enterprises accounts receivable securitization work. The specific content of enlightenment should be involved in the implementation of the feasibility of accounts receivable securitization in our country, and put forward the design scheme of securitization, combined with the basic national conditions, the concrete implementation for the construction of three demonstration mode: trust SPT mode, SPC mode and company type offshore SPV model, on this basis, should also strengthen the relevant laws and regulations perfect.

【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.471;F275.2;F832.51

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