China's Enterprises Accounts Receivable Securitization Financing Research

Securitization is one of the most important fruit appeared in the trends of worldwide financing innovation since 1970s. It is different from traditional stock financing or bond financing. It provides a new and effective financing way for these companies which have difficulty in collecting fund in capital market according to traditional standards or which have a massive accounts receivable.From the perspective of securitization being a new instrument of corporate financing, the thesis mainly researches the internal motivations and a suitable mode of accounts receivable securitization in China. After introducing the basic theories and its procedure of securitization, the external and internal motivations is addressed. The thesis puts forward the economical explanations in increasing the shareholders' wealth, decreasing agent cost, cutting down information cost, proofing the value of corporate assets by using asymmetric information economics. It analyzes the domestic actuality of accounts receivable securitization, especially the volume and quality of accounts receivable, the demand of asset-backed securities (ABS) and its qualifications, then comes to conclusion that the elementary conditions for accounts receivable securitization in China is not mature. In order to evade the obstacles of law, tax, accounting and etc., it puts forward an offshore securitization mode. It designs an underlying asset pool by pooling the accountsreceivable of a same industry to offset the volume of accounts receivable in one single company is not enough for securitization.