本文關(guān)鍵詞： 煤炭行業(yè) 融資 資產(chǎn)證券化 方案設(shè)計　出處：《河北經(jīng)貿(mào)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：資產(chǎn)證券化產(chǎn)品自誕生以來,以其交易方式的獨(dú)特性,迅速席卷了全世界,受到了資金需求者和資金供給者的追捧。在歐美等西方發(fā)達(dá)的金融市場上,資產(chǎn)證券化產(chǎn)品已經(jīng)成為企業(yè)融資的主要手段之一,也是投資者重要的投資工具。資產(chǎn)證券化是一項非常重要的金融創(chuàng)新,有著傳統(tǒng)融資方式所不具備的優(yōu)勢,比如改善公司的財務(wù)結(jié)構(gòu)、提高資產(chǎn)的運(yùn)營效率等。資產(chǎn)證券化不僅能夠解決企業(yè)的融資問題,而且能夠推動我國資本市場的發(fā)展。隨著我國經(jīng)濟(jì)進(jìn)入新常態(tài),加快供給側(cè)改革,推動“一帶一路”等建設(shè),我國煤炭行業(yè)面臨著新的機(jī)遇與挑戰(zhàn)。煤炭行業(yè)曾經(jīng)對我國的經(jīng)濟(jì)增長起到了巨大的推動作用,煤炭行業(yè)的健康穩(wěn)定發(fā)展關(guān)系到我國能源安全。隨著行業(yè)景氣度下降,煤炭企業(yè)急需資金進(jìn)行產(chǎn)能建設(shè),但目前我國煤炭企業(yè)融資渠道狹窄,融資方式單一,資產(chǎn)負(fù)債率普遍處于較高的水平,加之煤炭行業(yè)投資周期長、資金需求大等問題,急需要采取新型的融資方式解決巨大的資金缺口問題。本文選取了煤炭行業(yè)的代表XY公司,通過對公司的簡單介紹,了解公司的資金來源,說明公司目前融資方式存在的問題,通過對比各種融資模式的優(yōu)缺點(diǎn),說明資產(chǎn)證券化融資的合理性。本文從政策環(huán)境、市場環(huán)境和企業(yè)財務(wù)的角度進(jìn)行分析,說明資產(chǎn)證券化融資的可行性和必要性。文章通過闡述資產(chǎn)證券化的相關(guān)概念,根據(jù)企業(yè)的具體情況,選擇合適的資產(chǎn)證券化交易結(jié)構(gòu)。公司進(jìn)行應(yīng)收賬款證券化前,必須篩選出合適的優(yōu)質(zhì)資產(chǎn),對基礎(chǔ)資產(chǎn)池產(chǎn)生的現(xiàn)金流進(jìn)行預(yù)測;進(jìn)行應(yīng)收賬款證券化時,應(yīng)收賬款經(jīng)常需要打折出售,確定折價率和各級資產(chǎn)支持證券的預(yù)期收益率,然后本文對資產(chǎn)證券化融資的經(jīng)濟(jì)效益進(jìn)行了分析,最后揭示了應(yīng)收賬款證券化融資面臨的風(fēng)險和提出了相應(yīng)的防范措施。
[Abstract]:Since its birth, asset securitization products have quickly swept the world with their unique trading methods, and have been sought after by the fund demanders and fund suppliers. In the developed financial markets of Europe and the United States and other western countries, Asset securitization products have become one of the main means of enterprise financing, and they are also important investment tools for investors. Asset securitization is a very important financial innovation, with advantages that traditional financing methods do not have. For example, improving the financial structure of companies and improving the operational efficiency of assets. Asset securitization can not only solve the financing problems of enterprises, but also promote the development of our country's capital market. As our economy enters the new normal, China's coal industry is facing new opportunities and challenges in speeding up supply-side reform and promoting "Belt and Road" construction. The coal industry has played a huge role in promoting China's economic growth. The healthy and stable development of the coal industry is related to the energy security of our country. With the decline of the intensity of the industry, coal enterprises urgently need funds to build their production capacity. But at present, the financing channels of the coal enterprises in China are narrow, and the financing mode is single. The ratio of assets and liabilities is generally in a high level, in addition to the problems of long investment cycle and large capital demand in the coal industry, it is urgent to adopt a new financing method to solve the huge fund gap problem. In this paper, the representative of the coal industry, XY Company, is selected. Through a brief introduction to the company, understand the source of the company's funds, explain the problems existing in the current financing mode of the company, compare the advantages and disadvantages of various financing modes, explain the rationality of the financing of asset securitization. By analyzing the market environment and enterprise finance, the paper explains the feasibility and necessity of asset securitization financing. Select the appropriate transaction structure of asset securitization. Before the company proceeds the accounts receivable securitization, must screen out the suitable high quality assets, carries on the forecast to the cash flow generated by the basic asset pool; when carrying on the receivable account securitization, Accounts receivable often need to be sold at a discount to determine the discount rate and the expected rate of return of asset-backed securities at all levels. Then this paper analyzes the economic benefits of asset securitization financing. Finally, the paper reveals the risk of accounts receivable securitization financing and puts forward the corresponding preventive measures.
【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.21;F832.51

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