本文選題：應(yīng)收賬款 + 企業(yè)聯(lián)合應(yīng)收賬款證券化　； 參考：《河北大學(xué)》2014年碩士論文

【摘要】：中小型企業(yè)己經(jīng)成為我國(guó)經(jīng)濟(jì)持續(xù)、穩(wěn)定與健康發(fā)展的重要力量，在市場(chǎng)經(jīng)濟(jì)體制的建立和城鎮(zhèn)化過程中發(fā)揮了不可替代的作用。但是，中小型企業(yè)融資渠道狹窄、銀行貸款額度有限且無法運(yùn)用金融創(chuàng)新工具融入資金，加之民間借貸融資成本過高，導(dǎo)致企業(yè)因“失血”而嚴(yán)重制約自身發(fā)展。企業(yè)資產(chǎn)證券化作為一種創(chuàng)新融資渠道已經(jīng)逐漸在我國(guó)開展，理論與實(shí)踐都積累了一定經(jīng)驗(yàn)。2013年3月15日，中國(guó)證監(jiān)會(huì)正式發(fā)布《證券公司資產(chǎn)證券化業(yè)務(wù)管理規(guī)定》，或標(biāo)志企業(yè)資產(chǎn)證券化業(yè)務(wù)進(jìn)入快速發(fā)展期。應(yīng)收賬款作為商業(yè)信用的產(chǎn)物已經(jīng)成為現(xiàn)代企業(yè)流動(dòng)資產(chǎn)的重要組成部分，將應(yīng)收賬款作為基礎(chǔ)資產(chǎn)進(jìn)行證券化一方面可以為眾多企業(yè)提供一種新型融資渠道與應(yīng)收款管理方法，另一方面能夠促進(jìn)證券公司開展企業(yè)資產(chǎn)證券化業(yè)務(wù)。 本文分別對(duì)中集集團(tuán)與中國(guó)網(wǎng)通的應(yīng)收賬款證券化案例進(jìn)行分析，發(fā)現(xiàn)應(yīng)收賬款證券化能夠?yàn)槠髽I(yè)降低融資成本、改善財(cái)務(wù)結(jié)構(gòu)并進(jìn)一步增強(qiáng)再融資能力。但在實(shí)踐中企業(yè)應(yīng)收賬款證券化依然存在諸多問題，以對(duì)中小型企業(yè)融資服務(wù)缺位表現(xiàn)最為明顯。為解決這一實(shí)踐問題本文提出企業(yè)聯(lián)合應(yīng)收賬款證券化模式，并對(duì)這一模式的必要性與可行性進(jìn)行深入分析，進(jìn)而以白溝箱包企業(yè)為例圍繞此模式進(jìn)行項(xiàng)目規(guī)劃設(shè)計(jì)；并對(duì)潛在風(fēng)險(xiǎn)予以重視，其中以應(yīng)收賬款自身信用風(fēng)險(xiǎn)最為突出，，對(duì)此本文通過建立一套完整的事前、事中、事后控制體系對(duì)信用風(fēng)險(xiǎn)加以有效防范。與此同時(shí)，本文通過宏觀、中觀、微觀分析模型對(duì)集中度風(fēng)險(xiǎn)加以控制，以完善交易環(huán)節(jié)防范轉(zhuǎn)付風(fēng)險(xiǎn)；并對(duì)其他存在問題一一闡述提出對(duì)策建議，以期促進(jìn)企業(yè)聯(lián)合應(yīng)收賬款證券化實(shí)踐發(fā)展，為更多企業(yè)提供一種融資新渠道。
[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.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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