Study On CR PHARMA CPMM Accounts Receivable Securitization

As a new type of financing,asset securitization has received extensive attention at home and abroad.Asset securitization has low financing costs,issuance conditions are less stringent than other financing methods,and the funds used for free use are rapidly developing in China.As of December 31,2018,China's asset securitization products(including credit asset securitization,corporate asset securitization,asset-backed notes issued a total of 2612 singles,the total amount reached 5.4676 trillion RMB?In recent years,the market scale of China's pharmaceutical circulation industry has continued to expand.After experiencing rapid development,the national policy has tightened the regulation of the industry,and the market growth rate of the pharmaceutical circulation industry has declined and has grown slowly.The concentration of pharmaceutical circulation enterprises in China is very low.In order to occupy the market,pharmaceutical circulation enterprises have to adopt the credit sales model for sales,resulting in the company's accounts receivable increasing year by year,the accounts receivable turnover rate is declining,and the capital turnover pressure is increasing.Large,too many accounts receivable are bringing certain business risks to the enterprise.In order to alleviate the capital turnover pressure of enterprises and reduce the business risks of enterprises,asset securitization,as a kind of financing on the left side of the balance sheet,can not only revitalize the stock assets of enterprises,ease the pressure on capital turnover of enterprises,and further reduce the financing costs of enterprises.This paper selects the case analysis of the asset securitization products issued by CR PHARMA CPMM,which ranks second in the country in terms of pharmaceutical circulation enterprises,and elaborates on the operation process and design structure of the product,based on the combination of relevant theories.To analyze the key links and risks associated with the product,and evaluate the impact of CR PHARMA CPMM.on the securitization of accounts receivable from the implementation of the motivation and the effect of the implementation,summarizing CR PHARMA CPMM.The successful experience of the company's accounts receivable securitization project provides a reference for other pharmaceutical circulation enterprises to implement accounts receivable securitization.