A Case Study On The Pricing Of Accounts Receivable Asset Securitization Of A-listed Pharmaceutical Corporation

With the continuous development of capital market,asset securitization has become a major innovative product in the modern financial field,and has a very broad development prospects.During the 13 th Five-Year Plan period,under the background of the new medical reform,the pace of integration of the pharmaceutical circulation industry accelerated and the industry developed well.In this financial background and the development of the pharmaceutical industry background,this case first introduced the research background and significance,combined with domestic and foreign literature,elaborated the relevant concepts,basic principles,development process and the significance of enterprise development of accounts receivable securitization,to provide a theoretical basis for the follow-up analysis of accounts receivable assets securitization of A-listed pharmaceutical companies.Secondly,the background of the project is carefully sorted out and introduced,including the general situation of A-listed pharmaceutical company,operation status,accounts receivable and other companies,as well as the special plans of product introduction,relevant parties and major business participants,transaction process,transaction structure,operation status and operation results.The priority levels of this special plan have been dealt with successfully.It helps A listed pharmaceutical company to activate accounts receivable,reduce operating costs and alleviate capital problems.The case studied in this case is the first asset securitization project of a private pharmaceutical circulation enterprise in China,which is of great significance to the capital market and the pharmaceutical circulation industry.In this case,literature analysis and investigation are used to analyze the factors of successful issuance of accounts receivable securitization in A-listed pharmaceutical companies from the key links of issuance and operation effect.Through analysis,it is concluded that this special plan has the advantages of high quality,flexible adoption of reasonable internal and external credit enhancement measures,high marketization of issuance pricing,low interest rate,comprehensive risk prevention,etc.With the proper cooperation of multi-qualified institutions,every important step is put in place,and from the asset-liability ratio,solvency and profitability.The three aspects of ability verify that through the asset securitization of accounts receivable,A listed pharmaceutical company improves its assets and liabilities and solvency,thus improving the profitability of enterprises and enhancing its competitiveness in the complex and changeable market environment.At the end of this case,we summarize the successful experience of this transaction,and put forward five enlightenments based on case analysis: to improve the risk awareness and management level of enterprise accounts receivable,so that it can reach the standard of assets pool entry;to flexibly collocate,use or create credit enhancement methods to improve the effect of upgrading;to optimize and strengthen structured hierarchical management of products,and to pay attention to and cultivate them.Secondary investors;give full play to the advantages of road show inquiry,improve the marketability and scientificity of bond product pricing;strengthen securitization management,and give full play to the advantages of securitization financing.At present,there are few studies on the securitization of accounts receivable assets in the pharmaceutical circulation industry.I hope this case can provide some reference for the financing of accounts receivable assets securitization in pharmaceutical circulation enterprises.