我国企业应收账款证券化实践探析

发布时间：2018-05-06 08:43

本文选题：应收账款 + 企业联合应收账款证券化　；参考：《河北大学》2014年硕士论文

【摘要】：中小型企业己经成为我国经济持续、稳定与健康发展的重要力量，在市场经济体制的建立和城镇化过程中发挥了不可替代的作用。但是，中小型企业融资渠道狭窄、银行贷款额度有限且无法运用金融创新工具融入资金，加之民间借贷融资成本过高，导致企业因“失血”而严重制约自身发展。企业资产证券化作为一种创新融资渠道已经逐渐在我国开展，理论与实践都积累了一定经验。2013年3月15日，中国证监会正式发布《证券公司资产证券化业务管理规定》，或标志企业资产证券化业务进入快速发展期。应收账款作为商业信用的产物已经成为现代企业流动资产的重要组成部分，将应收账款作为基础资产进行证券化一方面可以为众多企业提供一种新型融资渠道与应收款管理方法，另一方面能够促进证券公司开展企业资产证券化业务。本文分别对中集集团与中国网通的应收账款证券化案例进行分析，发现应收账款证券化能够为企业降低融资成本、改善财务结构并进一步增强再融资能力。但在实践中企业应收账款证券化依然存在诸多问题，以对中小型企业融资服务缺位表现最为明显。为解决这一实践问题本文提出企业联合应收账款证券化模式，并对这一模式的必要性与可行性进行深入分析，进而以白沟箱包企业为例围绕此模式进行项目规划设计；并对潜在风险予以重视，其中以应收账款自身信用风险最为突出，，对此本文通过建立一套完整的事前、事中、事后控制体系对信用风险加以有效防范。与此同时，本文通过宏观、中观、微观分析模型对集中度风险加以控制，以完善交易环节防范转付风险；并对其他存在问题一一阐述提出对策建议，以期促进企业联合应收账款证券化实践发展，为更多企业提供一种融资新渠道。
[Abstract]:Small and medium-sized enterprises have become an important force in the sustained, stable and healthy development of China's economy, and have played an irreplaceable role in the establishment of the market economy system and the process of urbanization. However, the narrow financing channels of small and medium-sized enterprises, the limited amount of bank loans and the inability to use innovative financial tools to integrate funds, coupled with the high cost of private borrowing and financing, have seriously restricted the development of enterprises because of "blood loss". As an innovative financing channel, enterprise asset securitization has gradually developed in our country, and has accumulated some experience in theory and practice. China Securities Regulatory Commission (CSRC) formally issued the regulations on Asset Securitization Business Management of Securities companies, or marked the rapid development period of enterprise asset securitization business. As a product of commercial credit, accounts receivable has become an important part of the current assets of modern enterprises. On the one hand, taking accounts receivable as the basic assets for securitization can provide a new financing channel and receivables management method for many enterprises, on the other hand, it can promote the securities companies to carry out the business of asset securitization. This paper analyzes the cases of accounts receivable securitization between CIMC and China Netcom, and finds that accounts receivable securitization can reduce the financing cost, improve the financial structure and further enhance the refinancing ability for enterprises. However, in practice, there are still many problems in enterprise accounts receivable securitization, especially the absence of financing services for small and medium-sized enterprises. In order to solve this practical problem, this paper puts forward the model of enterprise joint accounts receivable securitization, analyzes the necessity and feasibility of this model, and then takes Baigou case and bag enterprise as an example to carry out project planning and design around this model. And pay attention to the potential risk, of which the credit risk of accounts receivable itself is the most prominent, this article through the establishment of a complete set of beforehand, in the matter, after the control system to effectively prevent the credit risk. At the same time, through macro, meso, micro analysis model to control the concentration of risk, in order to improve the transaction link to prevent the risk of transfer, and to other existing problems one by one put forward the countermeasures and suggestions, The aim is to promote the development of joint accounts receivable securitization and provide a new financing channel for more enterprises.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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