本文選題：應(yīng)收賬款 + 證券化��； 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：W公司是一家以鋼鐵貿(mào)易業(yè)務(wù)為主的企業(yè)。2012年以來(lái),受到宏觀經(jīng)濟(jì)的影響,W公司開始戰(zhàn)略轉(zhuǎn)型,需要大量的資金支持。同時(shí),又因?yàn)閼?yīng)收賬款迅速增長(zhǎng),2014年底,W公司對(duì)其與子公司的部分應(yīng)收賬款進(jìn)行證券化,以中信證券作為管理人,設(shè)立了“W公司資產(chǎn)支持證券專項(xiàng)計(jì)劃”。文章對(duì)W公司應(yīng)收賬款證券化的研究,主要分析了W公司應(yīng)收賬款證券化的財(cái)務(wù)效應(yīng),指出了W公司應(yīng)收賬款證券化過程中存在的部分問題。文章對(duì)W公司應(yīng)收賬款證券化的財(cái)務(wù)效應(yīng)分析,選取了W公司被證券化的初始入池應(yīng)收賬款,對(duì)其持有成本和融資成本進(jìn)行計(jì)算,并與其他融資方式的成本相比較,發(fā)現(xiàn)應(yīng)收賬款證券化節(jié)約財(cái)務(wù)成本;又對(duì)W公司應(yīng)收賬款證券化實(shí)現(xiàn)循環(huán)購(gòu)買前后的資本流動(dòng)情況,進(jìn)行比較分析,發(fā)現(xiàn)應(yīng)收賬款證券化改善了W公司的資本結(jié)構(gòu);在對(duì)W公司應(yīng)收賬款證券化實(shí)現(xiàn)循環(huán)購(gòu)買前后的資產(chǎn)運(yùn)轉(zhuǎn)效率分析中,發(fā)現(xiàn)應(yīng)收賬款證券化不會(huì)從根本上解決應(yīng)收賬款管理上面臨的問題,但會(huì)對(duì)需要營(yíng)運(yùn)資金支撐的資產(chǎn)的運(yùn)轉(zhuǎn)產(chǎn)生正方向效應(yīng)。文章通過對(duì)比國(guó)外成熟運(yùn)作模式下的應(yīng)收賬款證券化數(shù)據(jù),指出了W公司應(yīng)收賬款證券化過程中存在的部分問題。首先,W公司雖重視基礎(chǔ)資產(chǎn)池的構(gòu)建,但在基礎(chǔ)資產(chǎn)本身的選取和管理上存在問題,從而基礎(chǔ)資產(chǎn)違約率高;然后W公司由于信用增級(jí)方式的不當(dāng),信用成本高;再者,信托形式下的應(yīng)收賬款證券化在我國(guó)缺乏法律支持;最后,配售定價(jià)由于信息不對(duì)稱缺乏公平性。針對(duì)W公司應(yīng)收賬款證券化存在的問題,文章認(rèn)為,W公司可以建立全面應(yīng)收賬款管理模式,增強(qiáng)對(duì)應(yīng)收賬款的管理,提高應(yīng)收賬款回收率;信用增級(jí)是決定應(yīng)收賬款證券化成本的關(guān)鍵,W公司可以采用先行融資賬戶結(jié)構(gòu)進(jìn)行信用增級(jí),降低應(yīng)收賬款證券化的成本;W公司可以通過母公司設(shè)立子公司作為特殊目的機(jī)構(gòu),降低法律風(fēng)險(xiǎn);W公司可以建立多層次信息披露體系,確保證券定價(jià)的透明度和公平性,增強(qiáng)配售定價(jià)的說服力。
[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.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F752.6

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