Case Study Of Zhenhua Science And Technology Accounts Receivable Securitization

Asset securitization The US housing mortgage business that emerged in the last century is an asset that is not liquid enough but is expected to generate stable cash flow in the future.It is sold by issuing securities in the capital market to maximize asset Liquidity,thus achieving the purpose of financing.Securitization of accounts receivable is a kind of asset securitization.Its essence is a financing behavior,which converts the uncertainty of current account receivables into stable cash flow generated by future accounts receivable.Regarding the research on securitization financing of accounts receivable,the international academic community has paid attention to the analysis of the practice part,but there are still some deficiencies in the research theory.Because China's gradual opening up of the capital market and the diversification of corporate financing channels have made the external environment of securitization financing increasingly rooted,domestic theoretical scholars' research work in this field is more important than the development of domestic financing methods in the economic field.There is a lag,and in China's economic field,especially in the study of financial theory,there is usually a problem that lags behind the actual development of theoretical research.Therefore,according to the actual situation in China,combined with the diversified needs of enterprises,the development of domestic accounts receivable securitization Relying on the theoretical research system of financial theory.Taking Zhenhua Science and Technology as an example,China Electronics,as the initiator,studied the changes before and after the implementation of the securitization of accounts receivable,and then came to the enlightenment of the electronic component manufacturing industry.After reading a series of related literatures and analyzing and summarizing the cases,Exploring the application of the financing model of accounts receivable securitization.The analysis of the key aspects of the securitization business is based on several key points of basic assets,cash flow forecasting,and credit enhancement.Secondly,the analysis of the effect,when analyzing the financing cost,the quantitative analysis method is used to compare and analyze the capital cost of debt financing and equity financing with this new financing method.When analyzing the efficiency of asset utilization,look for Zhenhua Science and Technology in 2013-2017.Data on receivables turnover rate,current assets turnover rate,and total asset turnover rate,and measure the average level of the above indicators in the electronic component manufacturing industry during this period,compare and analyze the changes before and after the securitization of accounts receivable,and explore its impact on Zhenhua The impact of the efficiency of the use of technology assets.Finally,when analyzing the risks in the securitization process,it discusses from the risks existing in the underlying assets,the risks in the design of special projects,the risks existing in the issuance process,and other risks.Through the above analysis,the results are summarized and evaluated,and finally the relevant enlightenment is obtained from this asset securitization financing.In general,the successful issuance of the China Electronic Accounts Receivable Assets Support Special Plan not only realized the accounts receivable,but also realized the low-cost financing and financial structure optimization of the enterprise to a certain extent,and also promoted the enterprise innovation.Implementation of the strategy.In the process of implementing the special plan,many parties benefited.Zhenhua Technology's accounts receivable securitization is relatively typical,and it has merits worthy of reference.At the same time,it has its shortcomings in the bond structure.The shortcoming is that the collection of accounts receivable is not completely isolated from the promoters.It is recommended that the third party institutions that are initially trusted by the original rights holders and the original rights holders act as asset service institutions;the bonds adopt a liquidation structure,and it is recommended to try the circulation mode.The asset-backed securities are less liquid.It is recommended to use diversified means to explore potential investors in the capital market.The advantages are: high receivables,high over-collateralization,and active exploration of qualified investment in special programs.In view of the above advantages,the enlightenment to the industry is: First,the electronic component industry has the advantage of asset securitization financing;second,to expand the internal credit enhancement effect,improve the rating of securitization products;third,to carry out qualified investment.