本文選題：應(yīng)收賬款證券化 + 應(yīng)收賬款管理��； 參考：《江西財經(jīng)大學(xué)》2016年碩士論文

【摘要】：隨著我國市場經(jīng)濟的開放程度加大,市場環(huán)境的競爭愈來愈激烈。為了搶占市場,提高銷售額,很多企業(yè)不得不采取信用銷售的方式,為客戶延長賬期、提高信用額度。企業(yè)這一做法,雖然對銷售規(guī)模的提升有著重要的作用,但該做法也帶來另一個消極結(jié)果,那就是應(yīng)收賬款金額的不斷攀升。應(yīng)收賬款之殤,在悄無聲息之中散播在幾乎所有行業(yè)中。因我國并未放開資產(chǎn)負債表的公示制度,就應(yīng)收賬款的規(guī)模僅得通過上市公司年報來進行統(tǒng)計。在滬深兩市公布2015年年報的702家上市公司中,幾乎無一家不存在應(yīng)收賬款,更有包括江河創(chuàng)建、中國平安、中國石油等在內(nèi)的九家上市公司應(yīng)收賬款規(guī)模超過百億元。資金作為企業(yè)的血液,對企業(yè)的生存與發(fā)展起著至關(guān)重要的作用。企業(yè)存在大量的應(yīng)收賬款,無疑會占用企業(yè)的資產(chǎn)、降低資產(chǎn)的流動性,并可能導(dǎo)致因資金短缺而影響企業(yè)的正常運轉(zhuǎn)甚至面臨破產(chǎn)風(fēng)險。一方面應(yīng)收賬款規(guī)模在擴張,另一方面企業(yè)卻很難獲得低成本的資金支持。是否能夠通過應(yīng)收賬款融資,慢慢成為企業(yè)所關(guān)注的問題。資產(chǎn)證券化的出現(xiàn),為應(yīng)收賬款融資提供了可能。資產(chǎn)證券化最早起源于20世紀(jì)七十年代的美國。通過資產(chǎn)證券化,企業(yè)能夠進行結(jié)構(gòu)化的交易設(shè)計,盤活缺乏流動性的資產(chǎn),有效降低融資成本。資產(chǎn)證券化產(chǎn)品能夠大大豐富市場證券的種類,為企業(yè)尤其是中小企業(yè)增加融資渠道。應(yīng)收賬款證券化的出現(xiàn),為企業(yè)融資提供了新的思路。企業(yè)通過發(fā)行應(yīng)收賬款證券化產(chǎn)品,不僅能夠盤活應(yīng)收賬款資產(chǎn),提高資產(chǎn)的流動性,還能有效降低融資成本。一般而言,在一個應(yīng)收賬款證券化項目中,主要參與主體有:原始權(quán)益人(發(fā)起人)、特殊目的機構(gòu)(SPV)、服務(wù)人、信用評級機構(gòu)、信用增級機構(gòu)、投資者等。在應(yīng)收賬款證券化項目中,各參與主體職責(zé)明確、分工協(xié)作,相互促進、相互制約,作為一個共同體為項目的成功都積極的推動作用。綜合應(yīng)收賬款證券化的主要參與主體及操作基本流程,應(yīng)收賬款證券化是在基礎(chǔ)資產(chǎn)現(xiàn)金流分析原理及資產(chǎn)重組原理、風(fēng)險隔離原理、信用增級原理四大原理基礎(chǔ)上架構(gòu)而來。應(yīng)收賬款證券化是創(chuàng)新型融資的一種方式,但同時因為應(yīng)收賬款融資能夠從資金提供方與資金需求方兩方面提供很好的風(fēng)險管理方式,因此,對應(yīng)收賬款證券化的風(fēng)險研究應(yīng)從融資風(fēng)險及風(fēng)險管理二個角度分別出發(fā)。概括的說,應(yīng)收賬款證券化融資的風(fēng)險主要包括財務(wù)會計風(fēng)險、市場結(jié)構(gòu)風(fēng)險、法律風(fēng)險、稅務(wù)風(fēng)險、參與主體信用風(fēng)險、評級下降風(fēng)險、違約風(fēng)險等。我國于2005年正式引入資產(chǎn)證券化項目,因受2008年金融危機影響,資產(chǎn)證券化項目在我國一度處于暫停狀態(tài),直到2012年才又得以恢復(fù)。在我國,資產(chǎn)證券化項目仍處于試點階段,但即使如此,仍無法否定資產(chǎn)證券化項目對拓寬企業(yè)融資渠道的重大意義。以應(yīng)收賬款作為基礎(chǔ)資產(chǎn)進行融資,已漸漸得到國內(nèi)不少企業(yè)的認(rèn)可。但因我國法律法規(guī)的不完善、企業(yè)信用體制的不健全、金融體制的不完善、企業(yè)對應(yīng)收賬款管理意識淡薄、會計準(zhǔn)則缺失、行政監(jiān)管存在空白等原因,目前國內(nèi)試水通過應(yīng)收賬款證券化獲得融資的企業(yè)仍以上市公司、規(guī)模以上企業(yè)為主。然而,回顧發(fā)達國家應(yīng)收賬款證券化的發(fā)展歷程,結(jié)合目前我國的良好發(fā)展態(tài)勢來看,筆者認(rèn)為應(yīng)收賬款證券化融資前景相當(dāng)明朗,并勢必成為企業(yè)融資的重要渠道之一。
[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.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F832.51;F275

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