Research On The CXJT Company Financing Through Accounts Receivable Securitization

Asset securitization is a new kind of development trend which goes with the development of capital market.The term "asset securitization" was first presented by the famous investment banker Lewis S.Ranieri during an interview about mortgage-backed securitization with a journalist from magazine<The Wall Street Journal>.Securitization was growing rapidly recent years.As a part of securitization,the emergence and development of asset securitization increased the trades,helps investors find a new way to invest.Also,the various investment forms has a great effect on asset's procurement,monitoring and pricing behavior,thus it can meet the investment preferences of different institutional investors.Regulatory commission regulating the market,many institutional investors are limited by the investment scope,they could not invest the higher-yielding but riskier assets.However,they can achieve the high-yield investment goal with low risk rate and stable income through the investment of assets securitized products.In many countries,securitized products has popularized in capital market,it gained popularity in institutional investors.As an important part of asset securitization,accounts receivable backed securitizations is easy to reorganize,this feature is great for improving Chinese enterprises' financing methods and asset structures.Asset securitization especially the enterprise accounts receivable backed securitizations in China has no mature pattern,as a result,it is hard topush forward;at the same time,Chinese capital market have a great demand on asset securitization financing.This paper based on the disjoint between the demand and supply,to analyze the case of financing method in accounts receivable backed securitizations.This paper has six parts,research is based on the case of CXJT Company's accounts receivable backed securitizations,specifically analyzed the advantage of receivables securitization financing products which is financing platform based receivables.Through the analyzation,regulatory policy was fully considered,and financing development suggestions were made for the financing platform's transformation and upgrading.In the first part,the research background and significance were firstly presented,then cleared up all the research achievements about the asset securitization and the accounts receivable backed securitizations,at the same time,this paper clearly announced the research thinking and method,and pointed out the innovation of this paper.The second part introduced some concepts and basic theoretical knowledges related to the asset securitization and the accounts receivable backed securitizations.This part clarified the operation theory of asset securitization and accounts receivable backed securitizations,and did a comprehensive analysis.The third part introduced the basic situation of CXJT Company,the management situation of receivables,the financing gap analysis and the analysis the situation of CXJT Company in doing accounts receivable backed securitizations.Through these introductions to show how this securitization operation affects the company.The fourth part was focusing on analyze a receivables securitization product named"Mei Hao LX" issued by the CXJT Company.The comprehensive analyzation was about product's issue reason and basic situation.The fifth part was the recommendation for CXJT Company to financing in accounts receivable backed securitizations,strengthening financing risk prevention,improve the financing strategy of the company's accounts receivable securitization,in order to promote the implementation of the company functions.The last part summarized this paper,it pointed out the shortage in developing the accounts receivable backed securitizations in our country,and the outlook for the future theoretical research and practical development.The innovative point of this paper is emphasis on the guiding significance of accounts receivable backed securitizations financing case study.In fact,the real case of financing in this way is very few,we could not refer to enough cases,the only way to study and analyze is to research a large number of academic analysis in previous papers,then guiding with the basic theory of accounts receivable backed securitizations,combining the situation of CXJT Company and the asset securitization products they issued to process the accounts receivable backed securitizations case study.Standing in the perspective of financing platform company,we can see financing in accounts receivable backed securitizations is not only serve middle and small-sized enterprises,but also help financing platform serve urban construction function,then we can get the great significance for enterprise development in financing through accounts receivable backed securitizations,make the research of this paper more systematically and comprehensively.