Research Of Accounts Receivable Securitization In Green Enterprises

Asset securitization has a history of about 50 years.It has high value in enterprise financing and enhancing asset liquidity.In recent years,it has been more and more popular among enterprises in China.The concept of green economic development put forward in the 13 th Five-Year Plan has promoted the policy to support green enterprises in issuing asset securitization products.At the same time,under the background of green low-carbon transformation of industrial structure and green manufacturing system being constructed by the goverment,green manufacturing enterprises are facing an opportunity for development.However,some green manufacturing enterprises have less financing channels and single financing methods,and there are still many financial management problems such as accounts receivable occupying a large amount of liquidity.To overcome these problems,green manufacturing enterprises are conducive to achieving win-win economic and environmental benefits,promoting green economic development and ecological environmental protection.From the perspective of financing and accounts receivable management of green manufacturing enterprises,based on the research background of green manufacturing enterprises and asset securitization development,this paper analyses the macro-and micro-institutional background and priority financing theory of asset securitization,the theory of maximizing shareholder wealth value and the theory of information asymmetry,and collates asset securitization of enterprises,asset securitization of green enterprises and accounts receivable.With the development of securitization,the original data of 155 green manufacturing enterprises have been collected by hand,and the existing problems in financing and accounts receivable management of green manufacturing enterprises have been analyzed.Secondly,the typical domestic green manufacturing enterprise Qingdao Tgood Electric Co.,Ltd.is selected to make a specific analysis of the securitization of accounts receivable.This paper explains the scheme,motivation and characteristics of Tgood's securitization of accounts receivable,analyses and summarizes its accounting tax treatment,implementation effect and existing risks,and finally draws relevant conclusions and puts forward relevant suggestions.In the case study,it is found that the main reason for Tgood's securitization of accounts receivable is that the financial operation of the enterprise has not kept up with the pace of business operation.Its financing channels are few,accounts receivable need to be further managed,the financial situation is poor,and the new energy electric vehicle business which is vigorously developing needs more financial support.Tgood Accounts Receivable Securitization is supported by national policies,with short approval time and high financing efficiency.It plays an important role in expanding financing channels,revitalizing stock assets and optimizing the financial situation of enterprises.Through the event study of excess cumulative return rate,it is found that the securitization of accounts receivable produces positive excess cumulative return rate,the market responds well,and increases the value of shareholders' wealth.Through the research,it is found that green manufacturing enterprises have much in common with general enterprises in securitizing accounts receivable based on green environmental protection projects.The motivation,transaction structure and credit enhancement method,accounting and tax treatment,effect and risk of securitization of accounts receivable are universal.However,green manufacturing enterprises have more advantages than general enterprises.The advantages are mainly reflected in the choice of financing methods,the efficiency of financing approval,the certification of financing and the effect of financing.Moreover,there are some disadvantages in the securitization of accounts receivable of green manufacturing enterprises,mainly in the restriction and supervision of the use of fund-raising and the cost of green evaluation.The contributions of this paper are as follows: firstly,paying attention to environmental protection,collecting and analyzing the original data from the perspective of green manufacturing enterprises in combination with the concept of green development,finding out the problems of their financing and accounts receivable occupying funds,and analyzing the similarities and differences between the securitization of accounts receivable of green manufacturing enterprises and the securitization of accounts receivable of general enterprises.Secondly,selecting the new case of Tgood's accounts receivable securitization,which is representative and can provide some ideas for other green manufacturing enterprises to solve the problem of financing and accounts receivable occupying funds.Thirdly,this paper analyses and applies the macro-system and micro-system of accounting and taxation of green enterprise's assets securitization,which is also need to be focused on in the process of green manufacturing enterprises' assets securitization.