Research On Securitization Financing Of Jointown's Accounts Receivable

Asset securitization was born in the United States in the 1970 s.This financing innovation tool has obvious advantages and can be designed according to the financing needs of enterprises and the characteristics of the industry.Therefore,it has been widely used in the capital market.China’s asset securitization started in 2013.With the strong support of national policies and the gradual improvement of the financial market,the securitization products achieved breakthrough development in 2015 and have reached a trillion scale.Asset securitization reduces the overall financing cost through the re-integration of basic assets,while helping companies revitalize liquid assets to improve the existing capital structure.More and more companies choose this tool for financing.Jiuzhoutong is a representative private listed enterprise in China’s pharmaceutical circulation industry.The expansion of its business scale has generated a large amount of accounts receivable,which limits the development of enterprises.In the face of its own financing needs,Kyushutong issued the first single account receivable asset securitization product in the pharmaceutical circulation industry in June 2016,and recovered the company’s accounts receivable in advance through the securitization operation mode,realizing low-cost financing.the goal of.This is the innovation of financing methods in the pharmaceutical circulation industry.It has important significance and value in the process of China’s asset securitization practice case.Therefore,this paper chooses Jiuzhoutong Asset Support Bill as the case study object.Based on the literature research and theoretical basis of asset securitization and accounts receivable securitization,this paper uses the literature research method and case analysis method to study the case of Jiuzhoutong accounts receivable securitization,and explore its operation and inferiority and put forward perfection.Suggestions to provide new ideas and methods for financing the industry.Based on the internal financing situation and external financing environment of Jiuzhoutong,the paper analyzes the motives of the company’s securitization financing,and focuses on the analysis of the key links of the transaction,including the composition of the underlying assets,the arrangement of the transaction structure,and the internal and external credit enhancement.Implementation of the measures.Jiuzhoutong used asset securitization to finance,which has expanded the financing channels,revitalized operating assets,and reduced financial risks,and enhanced the value of the company.The reason why the company can successfully issue bills and successfully realize financing is to select high-quality basic assets,design a stable circular trading structure and set a high proportion of risk retention,but there are risks in the process of financing.The promoters in the middle are unstable in solvency,the underlying assets are too concentrated,and the service organizations fail to maintain independence.In this regard,this paper puts forward the following perfect suggestions for the securitization financing of the same company:(1)strengthen the credit management of the receivables;(2)select the third party independent institutions to provide credit enhancement;(3)rationally distribute the basic assets Concentration risk;(4)continuous disclosure of information.