Study On The Effects To The Optimal Capital Structure Of China's Export Enterprise By Accounts Receivable Securitization

Nowadays, more and more firms involved in international trade offer credit to their customers . Open account(O/A) and Documents against Acceptance (D/A) become the major methods of trade settlement. As a result , the Accounts Receivable (AR) increase rapidly and represents a substantial component of both corporate liabilities and assets ,especially in the case of small and medium-sized companies with restricted access to financial marks .High proportion of AR leads to underinvestment problem and lack of cash . How to release the potential financing power of AR and to increase the cash flow-in of firms is a serious problem needed to solve .Assets Securitization , one of the biggest innovations emerged in international finance during the past 30 years, is catching increasing attentions from all fields of finance markets. At the same time, in China , Assets Securitization is still an emergent novelty . But, the new financing model provides a new and effective way for these companies which have in collecting fund in capital market according to tradition standards or which have a massive accounts receivable.From the new point of Accounts Receivable securitization being a dominant instrument of corporate financing , the thesis mainly researches the optimization influence on the corporate capital structure .Based on the conceptual definition of Accounts Receivable securitization, the thesis takes review on the domestic and overseas academic study about Accounts Receivable securitization, then comparatively analyzes the different characters and advantages among Accounts Receivable securitization financing ,equity financing and debt financing . After that , the thesis demonstrates the influence effect on corporate capital structure by qualitative and quantitative analysis of cost-benefit of corporate- Accounts Receivable securitization, and discusses the role of Accounts Receivable securitization to solve corporate financing puzzle and the pattern of Accounts Receivable securitization in China in the end .