A Research On The Electric Enterprise Accounts Receivable Securitization Financing

Asset securitization is one of the important financial innovation in recent thrity years,its exquisite structure arrangement and unique financing function broke traditional financing constraints which regards traditional financing ways as financing bid,such as stock financing,credit financing.Asset securitization broaden the financing channels and provided an effective approach for the enterprise,which hardly financing in the capital market and have much accounts receivable.This paper based on the global economic,proposes that asset securitization is the breach of the electric power enterprise financing.Through the induction and review of asset securitization development and research status,makes the electric power enterprise receivables securitization feasibility and the construction of asset pool as the research emphasis.Firstly,this paper expounds the underlying assets cash flow analysis,assets reorganization,risk-remote and credit enhancement of receivable securitization basic theory and operation mode,so as to provide theoretical research for this paper.At the same time,this paper concretely analyses the necessity of electric power enterprise receivables securitization on the financing demand,financing channels and receivables securitization's positive role,so further strengthen the research significance of this paper.Then,this paper mainly studied the feasibility of electric power enterprise receivables securitization on the supply,demand and market environment.In the research method,changed the theoretical analysis method of pure research,using new research methods of theory analysis for guiding,data analyses for support and case analysis for example.In the study,this paper depthly analyses the supply of power enterprise receivables securitization based on the accounts receivable securitization conditions and electric listed companies receivables status.On the research of demand,depthly analyses the subject status of the gross social fund in China,securities investment fund, labor and social security departments,insurance company and individual investors investing etc.Through the above-mentioned research,this article has come to a conclusion that power companies with accounts receivable securitization feasibility.At the same time,this paper analyses the practical support of electric power enterprise receivables securitization,such as egal system,accounting,taxation system and credit rating etc.In addition,this paper analyzed and summarized the first successful electric power enterprise asset securitization case-"Hua Neng Lan Cang jiang Hydro power Income Aseet Hold out The Scheduling of The Prjoect Asset Managemen",so as to strongly support the demonstration of the feasibility of electric power enterprise receivables securitization.Finally,on the basis of the feasibility of electric power enterprise receivables securitization,this paper depthly analyses the key point-the construction of asset pool of receivables securitization.In the process of concrete research,broke the traditional forms of single mode,combined the modern portfolio theory,electric power enterprise receivables reality and China construction bank individual housing loan securitization case,innovatively put porward the electric power enterprise receivables securitization can use united mode,and "China Electric Council" should lead electric power enterprise joint financing.The united has great realistic meaning for electric power enterprise receivables securitization.Although this paper complish and enrich the demonstration of the feasibility of electric power enterprise receivables securitization,and innovatively put porward the electric power enterprise receivables securitization can use united mode,the problems of the evaluation of the cash flow appraisal,the establishment of SPV and specific accounting are need to be researched.Especially,the evaluation of the cash flow appraisal is the key of the future study.