企业应收账款证券化的风险及防范研究

发布时间：2018-05-23 18:04

本文选题：应收账款证券化 + 应收账款管理　；参考：《江西财经大学》2016年硕士论文

【摘要】：随着我国市场经济的开放程度加大,市场环境的竞争愈来愈激烈。为了抢占市场,提高销售额,很多企业不得不采取信用销售的方式,为客户延长账期、提高信用额度。企业这一做法,虽然对销售规模的提升有着重要的作用,但该做法也带来另一个消极结果,那就是应收账款金额的不断攀升。应收账款之殇,在悄无声息之中散播在几乎所有行业中。因我国并未放开资产负债表的公示制度,就应收账款的规模仅得通过上市公司年报来进行统计。在沪深两市公布2015年年报的702家上市公司中,几乎无一家不存在应收账款,更有包括江河创建、中国平安、中国石油等在内的九家上市公司应收账款规模超过百亿元。资金作为企业的血液,对企业的生存与发展起着至关重要的作用。企业存在大量的应收账款,无疑会占用企业的资产、降低资产的流动性,并可能导致因资金短缺而影响企业的正常运转甚至面临破产风险。一方面应收账款规模在扩张,另一方面企业却很难获得低成本的资金支持。是否能够通过应收账款融资,慢慢成为企业所关注的问题。资产证券化的出现,为应收账款融资提供了可能。资产证券化最早起源于20世纪七十年代的美国。通过资产证券化,企业能够进行结构化的交易设计,盘活缺乏流动性的资产,有效降低融资成本。资产证券化产品能够大大丰富市场证券的种类,为企业尤其是中小企业增加融资渠道。应收账款证券化的出现,为企业融资提供了新的思路。企业通过发行应收账款证券化产品,不仅能够盘活应收账款资产,提高资产的流动性,还能有效降低融资成本。一般而言,在一个应收账款证券化项目中,主要参与主体有:原始权益人(发起人)、特殊目的机构(SPV)、服务人、信用评级机构、信用增级机构、投资者等。在应收账款证券化项目中,各参与主体职责明确、分工协作,相互促进、相互制约,作为一个共同体为项目的成功都积极的推动作用。综合应收账款证券化的主要参与主体及操作基本流程,应收账款证券化是在基础资产现金流分析原理及资产重组原理、风险隔离原理、信用增级原理四大原理基础上架构而来。应收账款证券化是创新型融资的一种方式,但同时因为应收账款融资能够从资金提供方与资金需求方两方面提供很好的风险管理方式,因此,对应收账款证券化的风险研究应从融资风险及风险管理二个角度分别出发。概括的说,应收账款证券化融资的风险主要包括财务会计风险、市场结构风险、法律风险、税务风险、参与主体信用风险、评级下降风险、违约风险等。我国于2005年正式引入资产证券化项目,因受2008年金融危机影响,资产证券化项目在我国一度处于暂停状态,直到2012年才又得以恢复。在我国,资产证券化项目仍处于试点阶段,但即使如此,仍无法否定资产证券化项目对拓宽企业融资渠道的重大意义。以应收账款作为基础资产进行融资,已渐渐得到国内不少企业的认可。但因我国法律法规的不完善、企业信用体制的不健全、金融体制的不完善、企业对应收账款管理意识淡薄、会计准则缺失、行政监管存在空白等原因,目前国内试水通过应收账款证券化获得融资的企业仍以上市公司、规模以上企业为主。然而,回顾发达国家应收账款证券化的发展历程,结合目前我国的良好发展态势来看,笔者认为应收账款证券化融资前景相当明朗,并势必成为企业融资的重要渠道之一。
[Abstract]:With the opening of the market economy in China, the competition of the market environment is becoming more and more intense. In order to seize the market and increase the sales volume, many enterprises have to take the way of credit sales to extend their accounts and increase the credit limit. Another negative result is that the amount of accounts receivable is rising. The debt receivable is spread in almost all industries in a quiet way. Because China does not release the public notice system of the balance sheet, the scale of accounts receivable must be counted only through the annual report of listed companies. In the two cities of Shanghai and Shenzhen, the annual report of 2015 is 7. Of the 02 listed companies, almost none of the listed companies do not have accounts receivable, which include the creation of rivers, and nine listed companies, such as China's safety and China oil, have more than 100 billion yuan receivable. As a blood of enterprises, funds play a vital role in the survival and development of enterprises. There is a large number of accounts receivable which will undoubtedly be found in enterprises. It takes up the assets of the enterprise to reduce the liquidity of the assets, and may lead to the normal operation of the enterprise and even the bankruptcy risk due to the shortage of funds. On the one hand, the scale of accounts receivable is expanding, on the other hand, it is difficult to obtain the low cost fund support. The emergence of asset securitization provides the possibility of receivables financing. Asset securitization originated in the United States of 70s twentieth Century. Through the securitization of assets, the enterprise can carry out structured transaction design, invigorate the lack of liquidity and reduce the cost of financing effectively. Asset securitization products can greatly enrich market securities. The emergence of accounts receivable securitization provides a new way of thinking for enterprise financing. By issuing Receivables Securitization products, enterprises can not only revitalize the accounts receivable assets, improve the liquidity of the assets, but also reduce the cost of financing. In general, in an account receivable In the funds securitization project, the main participants are: the original owner (promoter), the special purpose Organization (SPV), the service person, the credit rating agency, the credit rating agency, the investor and so on. In the accounts receivable securitization project, each participant has a clear responsibility, the division of labor, mutual promotion, and mutual restriction, as a community for the success of the project The main part of the account receivable securitization is the main participant and the basic process of operation. The accounts receivable securitization is based on the four principles of the basic assets cash flow analysis principle, the principle of asset reorganization, the principle of risk isolation and the principle of credit enhancement. But at the same time, the account receivable financing can provide a good way of risk management from two aspects of the fund provider and the capital demand side. Therefore, the risk study of the receivable securitization should start from the two angles of financing risk and risk management. In summary, the risk of the receivable securitization financing mainly includes the financial accounting wind. Risk, market structure risk, legal risk, tax risk, participant credit risk, rating risk, default risk, etc. China formally introduced the asset securitization project in 2005. Due to the impact of the 2008 financial crisis, the asset securitization project was once suspended in China until 2012. In China, the asset certificate is in China. The coupon project is still in the pilot stage, but even so, it is still impossible to deny the significance of the asset securitization project to widen the financing channels of the enterprise. The financing of the accounts receivable as a basic asset has gradually been recognized by many domestic enterprises. But because of the imperfect laws and regulations, the imperfect credit system of the enterprises and the financial system Not perfect, the enterprise corresponding to the account receivable management consciousness is weak, the accounting standard is missing, the administrative supervision is blank and so on. At present, the enterprises that obtain financing through the accounts receivable securitization still take the listed companies and the enterprises above the scale. However, it reviews the development course of the receivable securitization in the developed countries, and combines with the current China From the perspective of good development, I think the prospect of securitisation of accounts receivable is quite clear, and will certainly become an important channel for corporate financing.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51;F275

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