Research On QA Company Financing Through Accounts Receivable Securitization

Asset securitization derives from America in 1970 s. During decades of development, it has become a new financial instrument, and promoted the virtual and real economy interaction and development. However, asset securitization started late in our country and the initial projects are mainly about loans of banks and benefit rights of large infrastructure, rarely around accounts receivable. In addition, imperfectness of the laws about the establishment of special purpose vehicle(SPV), enhancement of the credit level and credit rating is dragging down the development of asset securitization. Also, few enterprises have succeed in accounts receivable securitization(ARS), so inadequate experience in risk prevention makes companies in our country move slowly in the progress of securitization.Coal is China’s major energy and important industrial raw materials. Coal industry is an important basic industry in our country, so its sustainable development relates to the healthy development of the national economy and energy security. However, now China’s coal industry is at the bottom, reflecting accounts large amounts of accounts receivable, high growth rate and the whole industry fell into trouble. The thesis details the attributes of large coal companies and the actual difficulties and limitations of laws and rules in ARS. It also designs the concrete steps of ARS in terms of QA Company. Before the implement of securitization, the thesis discusses the necessity and feasibility of securitization. In the process of carrying out, it elaborates the process generally, and structuring and transferring in detail,specifically reflecting in the following parts, selecting accounts receivable and builds the asset pool, designing the securitization product and the transferring method, elaborating the ways of erecting special purpose vehicle and improving credit level, and discussing supporting measures for insuring smooth progress.This thesis aims to financing companies, especially those large ones lacking of cash and full of accounts receivable in use of theory and practice of accounts receivable securitization.