Research On Small-and-medium-sized Enterprises Accounts Receivable Mortgage Financing

In the past 30 years of China’s reform and opening up and the turmoil global economy, SMEs have become the main force in China’s national economic and social development, which in terms of taxation, technology innovation and employment. Every year there are many small and medium industrial and commercial registrations, but more are canceled. According to the data of 2014 in Jiangsu and Zhejiang, the average life expectancy of SMEs is probably more than two years. There are many difficulties in the survival and development of SMEs indeed, which the State policy to give a lot of support, such as tax cuts, technology innovation support policies to support micro-loans and other financing. But fundamentally it is the survival and development funds underlying the financing problem of SMEs in China.How to solve this problem has become a hot in research world. In the context of limited guarantee and low credibility level, SME using the large number of accumulated receivables as collateral for the financing of SMEs will widen the road.In the development process of SMEs there is bound to accumulate large amounts of receivables, during the period when receivables cannot be collated, corporate receivable turnover may be slow, there will be insufficient cash flow, which can affect the development of enterprises. China’s "Property Law" promulgated, accounts receivable can be used as collateral for the credit rating of the low SME financing pledge. But since the start of the program, its development did not achieve the desired results because of some problems, such as information asymmetry, banking risks.On the basis of previous studies from theory and practice, this paper is in the analysis of the theory of SME financing, and use the case of SMEs pledge of accounts receivable financing to analyze, find the reason why it is not widely implementation and propose appropriate measures recommended. Hoping to solve the problem of financing facing SMEs.This thesis consists of the following five parts:The first part is introduction, describing the research background, and pointing out the features and innovations of this article.The second part introduces the theory of SME financing, from the basic concept of SMEs to financing the theoretical overview, and then analyze their problems, and finally evaluate our financing model.On the basis of the third part of SME accounts receivable financing pledge concepts and features introduced, through a successful case of pledge of accounts receivable financing of SMEs in the actual application of the system, and then describes the feasibility Necessity and prospects.The fourth part analyzes SME financing receivables pledged Problems and risks from four aspects of the system.Section five discusses the corresponding risk control methods and recommend countermeasures on the part of the fourth risk analysis.The sixth part is the conclusion, summarizing the intention of writing this article and its meaning, analyzing of the accounts receivable financing pledge, and looking forward to its future development.