| With the currently rapid development and extended scope of global communication, especially the continued increasing popularity rate of subscribers in developing countries, the market scale of communication apparatus expands unceasingly. When competing with overseas competitors, less research and production funds is invested in by our communication apparatus business men, which takes great bad effect on technical standards of our own independent intellectual properties. Therefore, solving the problem of short on funds in research and production is the top priority in developing our communication.ZTE Corporation is the largest listed company in communication at present. In 2007, according to the Hong Kong Accounting Standards, the major income of ZTE is more than 34 billion Yuan, of which the international income is about 57.8%, and ZTE becomes one of the top ten companies listed overseas in Business Weekly and is the only one communication company in China. Its financial statements shows that since 2007, every year the size of 70-100 million in revenue accounts, representing nearly 25% of main business revenue, and accounts receivable taking up a lot of money. To a certain extent, this has hampered the development of ZTE. So breaking the bottleneck of funds may be more conducive to post-ZTE bigger and stronger.This paper constructively aiming at ZTE Corporation (000063) the existing cash-flow situation, starting from the asset securitization theory and practice, based on the Group's accounts receivable explores the application of theoretical simulation of asset securitization practice. Different from the traditional qualitative analysis of theories, this article on the basis of the facts, through quantitative analysis methods on various pairs of ZTE Corporation in which the financial position and cash-flow situation refinement, makes a detailed analysis of its implementation of the necessity and feasibility on the receivables asset securitization operations section. Through regression analysis, the fact consistent with the predecessors'has been basically concluded that the cash flow will reflect a company's future earning power, while the cash flow is also the fundamental element in business operations. To a certain extent cash flow can be able to represent the true value of companies; accounts receivable as a large branch of cash flows in a enterprise is bound to affect the value of the business and profitability. Through the correlation analysis, this paper finds that accounts receivable do affect the company's continuing operations and future earning power, representing a certain stage of business value. Therefore, a reasonable treatment and disposal of accounts receivable to resolve this issue have become another focus of discussion.Undertaken an accounts receivable asset securitization theory and empirical analysis, in the second half of this article concentrates on analyzing the qualifications of implementation of ZTE Corporation accounts receivable asset securitization. This paper concludes that ZTE has satisfied the qualifications by analyzing the current situation with the implementation, and there is a need for securitization. Subsequent hypothetical implementation makes the entire paper penetrating and powerful. On one hand, it analyzes the enterprises'models of implementing asset securitization, and details of the asset securitization operations; on the other hand, it draws enough attention on the potential risks in operation. Though the theoretical and practical significance of this article is the relatively strong, after all, it is still in the theoretical exploratory stage. The specific implementation of the process may be more complex and realistic.From the analysis of ZTE Corporation's relevant data, make a research on the interaction between the cash flow and business development, put forward solutions to the cash flow problem on asset-based securitization theory, make empirical studies by use of specific data, and further confirm the theoretical analysis conclusions. This paper's mainly includes:1) The relationship between cash flow and enterprise development2) The impact accounts receivable on the enterprise development3) Theoretical study of asset securitization4) Feasibility study of accounts receivable asset securitization5) The Solution to ZTE accounts receivable securitizationInnovations of this paper are to change a simple theoretical analysis of asset securitization, and resolve cash-flow problems through quantitative models and validation of asset securitization. At the same time, this paper targeted with a single sample, for example (ZTE communication, 000063) systematically describes the implementation of asset securitization, as well as the implementation process of the risk control and benefits. This paper also makes an initial try on ZTE corporation accounts receivable asset securitization, to increase its capital liquidity, ease the financial pressure on development, manufacture, integration, and improve their market competitiveness.The specific structure of this arrangement:Chapter Preface, against the background of this study, from the rational view of the reality of the issues, raise the thinking of the issue of asset securitization, put forward the direction and content of this paper, and then make a condensation.Chapter II gives theoretical overview of an asset securitization, and straightens out the existing research in order to conduct a rational research on the basis of predecessors'results, and also provide a theoretical guidance for the following systematical discussion.[92] Chapter III, it dialectically analyses the necessity of implementation of asset securitization from both theoretical and practical aspects against the current cash-flow "breaking" phenomenon.Chapter IV, with a sample of ZTE, based on ZTE's true description of the existing situation that, systematically analyze its implementation of the feasibility on the asset securitization to solve accounts receivable, and gives this a specific operation of the implementation process. |
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