本文選題：應收賬款融資 + 質(zhì)押融資　； 參考：《湖南大學》2014年碩士論文

【摘要】：中小企業(yè)“融資難”問題由來已久，在實務界和學術界都引起對優(yōu)化企業(yè)融資模式的眾多研究討論，在各式融資模式之中，應收賬款融資獨樹一幟。然而現(xiàn)有國內(nèi)研究多從銀行等金融機構(gòu)立場出發(fā)，以期降低銀行進行應收賬款融資的風險；或是研究我國開展應收賬款融資業(yè)務還需法律、政策怎樣優(yōu)化，關于中小型企業(yè)針對其特征如何選擇適當?shù)娜谫Y模式的研究少之又少。本文結(jié)合海鷗公司的行業(yè)特征、業(yè)務分布等情況展開研究，可作為中小型企業(yè)融資決策的可靠依據(jù)。 本文的研究主要分為三部分：一二章是背景介紹和相關理論分析；三四章是分析公司實情，據(jù)此建立融資效率比較模型，通過模糊數(shù)學綜合評價法得出最高融資效率模式為無追索權(quán)保理融資；最后部分是以海鷗公司為基礎，，提出有助于其高效開展應收賬款融資的建議和意見。 本文立足海鷗公司實際經(jīng)營環(huán)境，在回顧已有國內(nèi)外研究的基礎上，系統(tǒng)分析比較應收賬款融資的主要模式：質(zhì)押融資、保理融資和證券化融資。文章闡述了應收賬款融資的理論，分別介紹比較了三種融資模式的特點和適用情況，繼而分別從融資成本、融資風險等影響融資效率的因素角度對比分析三種主要應收賬款融資模式，最后采用模糊數(shù)學綜合評價法對三種模式的融資效率進行綜合對比。筆者結(jié)合海鷗公司規(guī)模較小、出口業(yè)務多和應收賬款絕對金額不大的現(xiàn)實，得出最適宜M的融資模式為無追索權(quán)保理融資，為海鷗公司選擇最優(yōu)融資模式提供決策支持，也為今后中小型企業(yè)應收賬款融資模式優(yōu)化提供借鑒。
[Abstract]:The problem of "financing difficulty" of small and medium-sized enterprises has a long history. In practice and academic circles, there are many researches and discussions on how to optimize the financing mode of enterprises. Among all kinds of financing modes, accounts receivable financing is unique. However, the existing domestic studies mainly proceed from the standpoint of banks and other financial institutions in order to reduce the risk of bank accounts receivable financing; or to study how to optimize the law and policy of developing accounts receivable financing business in China. There is little research on how SMEs choose the appropriate financing model according to their characteristics. This paper studies the industry characteristics and business distribution of Seagull Company, which can be used as a reliable basis for financing decisions of small and medium-sized enterprises. The research of this paper is divided into three parts: one and two chapters are background introduction and related theoretical analysis, three and four chapters are to analyze the actual situation of the company, based on which the comparative model of financing efficiency is established. Through the comprehensive evaluation method of fuzzy mathematics, it is concluded that the highest financing efficiency model is non-recourse factoring financing, and the last part is based on seagull company, and puts forward some suggestions and suggestions to help seagull company to carry out accounts receivable financing efficiently. Based on the actual operating environment of Seagull Company, this paper systematically analyzes and compares the main modes of accounts receivable financing: pledge financing, factoring financing and securitization financing. This paper expounds the theory of accounts receivable financing, introduces and compares the characteristics and application of the three financing modes, and then starts with the financing cost. The financing risk and other factors influencing the financing efficiency are compared and analyzed. Finally, the comprehensive evaluation method of fuzzy mathematics is used to compare the financing efficiency of the three models. Considering the fact that the scale of seagull company is small, the export business is much and the absolute amount of accounts receivable is small, the author draws the conclusion that the most suitable financing mode of M is non-recourse factoring financing, which provides decision support for seagull company to choose the optimal financing mode. Also for small and medium enterprises in the future accounts receivable financing model optimization to provide reference.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.92;F406.72

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