Research On Risk Assessment Of Enterprise Accounts Receivable Assets Securitization

Asset securitization,as an innovative financial instrument,has received much attention in the world since its launch and has been developing rapidly.Although its development in China has gone through twists and turns,it has been growing rapidly in recent years,showing an explosive development trend.At the same time,the types of asset securitization are becoming more and more diversified.Among them,asset securitization of accounts receivable has maintained a strong momentum of development,and its number of issuance ranks first among all kinds of asset securitization products.Accounts receivable asset securitization is of great significance for revitalizing accounts receivable,improving liquidity of funds,solving the chronic problem of financing difficulties,expanding investment and financing channels,and improving the efficiency of capital allocation in diversified capital markets.However,it faces many risk factors in the process of development.For this reason,it is also of great significance for the healthy development of sponsors,investors and capital markets to effectively assess the risks faced by asset securitization of accounts receivable.The main line of this paper is to evaluate the risk of asset securitization of enterprise accounts receivable.Around this main line,the author first sorted out the relevant research results on the risk of asset securitization of accounts receivable through literature review,and introduced the inductive analysis method,questionnaire survey and descriptive statistical analysis method,analytic hierarchy process,grey system theory and case analysis method used in the research process;and then analyzed and combed the research methods of Asset Securitization of accounts receivable.Then,according to the logic of risk identification and index screening,risk measurement and evaluation,according to the principle of AHP and grey system theory,the risk assessment model of asset securitization of accounts receivable is constructed.Subsequently,the author introduces the case of "JN Company's Special Accounts Receivable Asset Support Plan" to evaluate the risks that the company may face in securitizing the accounts receivable assets.Through the way of questionnaire survey,the author obtains the evaluation data and feedback from relevant experts and scholars,completes the revision of the index system,inputs the collected survey data into the risk assessment model,and obtains the evaluation results of different types of risk weights,their ranking and overall risks,thus revealing the overall risks faced by the special project and the various risks at the main criterion level.The author also compares the results of risk assessment with the rating reports issued by credit rating agencies,thus confirming the rationality and scientificity of the evaluation method.Finally,according to the evaluation conclusion,the author puts forward the methods and suggestions to prevent and resolve the key risks of asset securitization of accounts receivable in China.The final study found that we should focus on credit risk,technology risk and environment risk.More specifically,default risk of original borrower,economic market risk,credit risk of initiator,structural design,accounting treatment risk and asset pool construction risk are the top five risk categories that need to be focused on.In addition,according to the practical application results of the risk assessment model in the case,it is found that the overall risk level of the case is low,which is basically consistent with the results of the evaluation report of Sino-Credit International,indicating that the evaluation model has a good effect.In view of the key risk categories found in the above studies,the author puts forward suggestions to consolidate the social credit information system and control the credit risk;promote the steady development of the economy and strengthen the prediction of the economic market to deal with the economic market risk;alleviate the technical risk by improving the standardized platform operation mechanism,building an efficient and reasonable trading structure and establishing an effective asset securitization system.Standardize information disclosure of asset securitization of accounts receivable,and strengthen risk disclosure and prevention.In practice,it is necessary to resolve the risks faced by asset securitization of accounts receivable in a multi-way and targeted manner,and to promote the success rate and quality of Asset Securitization Product issuance.