W公司应收账款证券化研究

发布时间：2018-05-03 01:36

本文选题：应收账款 + 证券化　；参考：《湘潭大学》2017年硕士论文

【摘要】：W公司是一家以钢铁贸易业务为主的企业。2012年以来,受到宏观经济的影响,W公司开始战略转型,需要大量的资金支持。同时,又因为应收账款迅速增长,2014年底,W公司对其与子公司的部分应收账款进行证券化,以中信证券作为管理人,设立了“W公司资产支持证券专项计划”。文章对W公司应收账款证券化的研究,主要分析了W公司应收账款证券化的财务效应,指出了W公司应收账款证券化过程中存在的部分问题。文章对W公司应收账款证券化的财务效应分析,选取了W公司被证券化的初始入池应收账款,对其持有成本和融资成本进行计算,并与其他融资方式的成本相比较,发现应收账款证券化节约财务成本;又对W公司应收账款证券化实现循环购买前后的资本流动情况,进行比较分析,发现应收账款证券化改善了W公司的资本结构;在对W公司应收账款证券化实现循环购买前后的资产运转效率分析中,发现应收账款证券化不会从根本上解决应收账款管理上面临的问题,但会对需要营运资金支撑的资产的运转产生正方向效应。文章通过对比国外成熟运作模式下的应收账款证券化数据,指出了W公司应收账款证券化过程中存在的部分问题。首先,W公司虽重视基础资产池的构建,但在基础资产本身的选取和管理上存在问题,从而基础资产违约率高;然后W公司由于信用增级方式的不当,信用成本高;再者,信托形式下的应收账款证券化在我国缺乏法律支持;最后,配售定价由于信息不对称缺乏公平性。针对W公司应收账款证券化存在的问题,文章认为,W公司可以建立全面应收账款管理模式,增强对应收账款的管理,提高应收账款回收率;信用增级是决定应收账款证券化成本的关键,W公司可以采用先行融资账户结构进行信用增级,降低应收账款证券化的成本;W公司可以通过母公司设立子公司作为特殊目的机构,降低法律风险;W公司可以建立多层次信息披露体系,确保证券定价的透明度和公平性,增强配售定价的说服力。
[Abstract]:Since 2012, under the influence of macro economy, W Company has begun its strategic transformation and needs a lot of financial support. At the same time, due to the rapid increase in accounts receivable, the company securitized some of its accounts receivable with its subsidiaries at the end of 2014, and set up the "Special Plan for Asset backed Securities of W Company" with CITIC Securities as its manager. This paper mainly analyzes the financial effect of W company receivable securitization and points out some problems in the process of W company receivable securitization. Based on the analysis of the financial effect of W Company's accounts receivable securitization, this paper selects the initial accounts receivable of W company to be securitized, calculates its holding cost and financing cost, and compares it with the cost of other financing methods. It is found that accounts receivable securitization saves financial cost, and the capital flow of W company before and after circular purchase is compared and analyzed, and it is found that accounts receivable securitization improves the capital structure of W company. In the analysis of assets operation efficiency before and after W company accounts receivable securitization realizes circular purchase, it is found that accounts receivable securitization will not fundamentally solve the problems facing the management of accounts receivable. But it will have a positive effect on the operation of assets that need working capital. By comparing the data of accounts receivable securitization in foreign mature operation mode, this paper points out some problems existing in the process of receivables securitization of W Company. First of all, although the company attaches importance to the construction of the basic assets pool, there are some problems in the selection and management of the underlying assets themselves, thus the default rate of the underlying assets is high; then, due to the improper way of credit upgrading, the credit cost of the W company is high; Accounts receivable securitization in the form of trust lacks legal support in China. Finally, placing pricing lacks fairness due to asymmetric information. In view of the problems existing in the securitization of accounts receivable of W Company, this paper holds that the company can establish a comprehensive management model of accounts receivable, strengthen the management of accounts receivable and improve the recovery rate of accounts receivable. Credit enhancement is the key to determine the cost of accounts receivable securitization. Company W can adopt the advance financing account structure to increase credit grade, and reduce the cost of accounts receivable securitization. W company can set up subsidiaries as special purpose organization through parent company. To reduce the legal risk, the company can establish a multi-level information disclosure system, ensure the transparency and fairness of securities pricing, and enhance the persuasiveness of placing pricing.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F752.6

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