Analysis On The Pricing Of Liquidity Of Accounts Receivable With Government Cooperation

By the end of 2017,the debt balance of local governments in China has reached 35.9 trillion yuan,and the cooperation between government and credit is an important way for local governments to finance at this stage.The cooperation of government and credit means that the local government financing platform relies on trust companies to finance.The liquidized trust model is also known as the "quasi-asset securitization" model.At present,the interest rate of government credit cooperative products in the market is about 8%.However,because of the government background,many investors ignore the corresponding high risk of high returns and blindly believe that "city investment has just been converted".In recent years,because of the high cost of trust financing,the uneven use of funds,and the government's governance of local government's irregularities guarantee,the violation of contract of government-credit cooperative products has been happening constantly.The problem of this paper is the degree to which trust funds are guaranteed to investor's income under the circumstance that the state restricts the guarantee of local government.In the past studies,the risk pricing factors of the project mainly focused on the macroeconomic variables such as the average return rate of trust industry,risk-free interest rate,risk premium,interbank lending rate,consumer price index,product factors such as financing scale,financing duration,and most of them were empirical studies.This paper uses case analysis and literature analysis to quantify the benefits and related costs of trust funds invested in projects from the perspective of investors,and then establishes a pricing model to determine the maximum returns of investors that can be guaranteed by the use of funds.Firstly,this paper introduces the basic situation of ZJ Urban Construction Group and local government,and then analyses their financial status and liabilities.Secondly,the case is introduced from four aspects:product design,transaction structure,credit enhancement and capital utilization projects.This paper specifically analyses the asset pool,credit enhancement mode,risk control,financial index optimization and capital reinvestment income in the case,and studies its impact on the cost-benefit of capital utilization projects.Combining with the adjusted net present value method,this paper quantifies the difference payment commitment,initial excess coverage,priority/sub-structure,cyclic purchase and capital reinvestment income,and establishes a pricing model.With case data,the maximum return of investors can be ensured when trust funds are invested in projects,and the results are analyzed.This paper argues that in the current market environment,the risk of government and telecommunications projects is determined by regional economy,administrative level and profitability of platform companies.This paper draws a conclusion that the current market of government credit projects,the use of funds project profitability is insufficient,financing costs are high,investors'earnings are mainly guaranteed by the government.At the same time,investors should also face the legal risk of local guarantee.