Research On The Models Of Accounts Receivable Securitization In Companies

Financing question has been the development of enterprise operation and eternal topic, whether enterprise daily activities or enterprise's expanded reproduction and financing problems are and the survival and development of enterprises is closely linked. The choice of the financing way is not only related to enterprise capital costs still affect the management of the enterprise efficiency, therefore the choice of the financing way of enterprise's development with breakthrough has an important role.Asset securitization is a kind of different from equity financing and debt financing of new financing, in the past three years development, with its very rapidly meticulous structure arrangement, unique financing process, overcome traditional equity financing and debt financing ways such as constraint, the traditional financing of enterprise to widen the financing channel. As asset securitization of one of the securitization of accounts receivable financing in the capital market, difficult to carry out the whole enterprise assets in financing activities, but there are also a lot of quality accounts receivable enterprise provides an effective financing channels.This article totally contains five parts, the first part quotes mainly introduces the researching background, significance as well as the thoughts and methods at home and abroad, summarizes the main research scholar views. The second part is the theoretical analysis, receivable securitization is due to one of asset securitization, so this paper from the asset securitization as enterprise a new financing mode, based on the perspective of asset securitization concept definition, classification, development process, then expounds the correlation elaboration on the relevant principles of account receivable securitization based assets, Including cash flow analysis, asset reorganization, risk isolation and credit enhancement four principles. Again, the paper to accounts receivable securitization participation body and operation flow analysis, think asset securitization is a structured finance. The third part through regard securitization financing and traditional equity financing ways and bond financing methods, we can see that the asset securitization differentiates two completely different from the traditional financing way from receivables, specific to the securitization see, it is enterprise financing of receivables liquidity shortage by "true for sale" and "credit enhancement", "credit rating", etc in capital market arrangement, Issue a accounts receivable as foundation assets securities, not in the overall credit financing enterprises in market financing activities. Then the securitization of account receivable of the financing methods cost, profit and risk analysis, and put forward the financing way for enterprise value influence. The fourth part for empirical part, through the establishment of related models from quantitative study and analyze enterprise through the securitization of accounts receivable financing mode to the impact of the enterprise value. The fifth part and summarized in this paper summarized the research contents, and proposed in this foundation the relevant Suggestions and future research direction.This paper the innovation points is, research content novel and empirical studies unique perspectives. Asset securitization research on financial institutions in our country at present mostly of non-performing assets of credit assets and financial institutions, and the enterprise asset securitization research is less, especially in receivable securitization. But the demand is for capital enterprises, this paper rather urgent receivable securitization is enterprise's a new financing tools such a perspective, the enterprise accounts receivable financing mode securitization compares the research and analysis; system Combined with 30 public listed companies in 2005-2010 related data for empirical research, by means of the regression analysis concluded that enterprises implement accounts receivable securitization effects to the enterprise value, and then put forward some suggestions.