The Research Of Accounts Receivable Financing Model On Huatong Pharmaceutical

With the development of economy and the improvement of people's living standards,people pay more and more attention to physical health,coupled with the implementation of the "Healthy China" strategy and the coordinated promotion of the "three medical linkage" reform,directly or indirectly promoted the development of China's pharmaceutical industry and the expansion of market scale.However,along with the continuous development of pharmaceutical enterprises,some problems are gradually exposed,among which the large stock of accounts receivable,financing difficulties,single channels and other small and medium-sized enterprises have become the biggest problem.Therefore,how to solve the problem of accounts receivable management and financing is an urgent problem for Chinese enterprises.Based on Huatong pharmaceutical as a case company,this paper starting from the financing situation of the company,analyzes the problems existing in the process of financing,founding that the rate of assets and liabilities of Huatong pharmaceutical sustained growth and accounting for current liabilities is bigger.Besides,the company will be under financial pressure because it is planning to expand and increase investment in research and development.In order to solve this series of problems,this paper analyzes the feasibility of Huatong Pharmaceutical's accounts receivable financing,and finds that the company's accounts receivable has both quantitative support and quality assurance,as well as a suitable external environment.It can be financed through existing accounts receivable,which solves the two major problems of financing and accounts receivable management for Huatong Pharmaceutical.Then,based on the previous analysis,this paper has formulated four financing schemes: accounts receivable pledge financing,recourse factor factoring financing,non-recourse factoring financing and securitization financing.Based on the fuzzy comprehensive evaluation method,the evaluation system of the financing plan is designed.The expert evaluation method is used to determine the weight and membership degree,and the consistency test is carried out to ensure that the consistency of the matrix is within the acceptable range.Through a further comprehensive evaluation,the paper comes to a conclusion that the most suited to Hhuatong medical current financing is the third party of a suretyship of joint and several liability shall guarantee a non-recourse factoring accounts receivable financing.Finally,according to the existing literature and practical experience,the specific operations in the implementation process are estimated,and the expected effects of the implementation of financing plan are analyzed.On this basis,in order to ensure the smooth implementation of the financing plan,and to ensure the long-term and stable development of the accounts receivable financing of Huatong pharmaceutical,this paper proposes the guarantee measures for the implementation of the financing plan from both internal and external aspects.