Research On The Financing Of Receivables Of Pharmaceutical Circulation Enterprises Under The Two Invoice System

With the intensification of the population aging and the improvement of people's health awareness,the demand for medicines has increased significantly,and the pharmaceutical circulation industry has attracted more and more attention from the general public.Policies,capital,technology and other factors provide the basis for the reform of the medical system,as the occupation of the medical system The important position of the pharmaceutical circulation industry is characterized by fierce price competition,low profit margins in the industry,and large accounts receivable.The comprehensive introduction of the "two-invoice system" policy has reduced the circulation of medicines and improved the phenomenon of arbitrarily increasing prices of medicines.The turnover days of accounts receivable reached the longest in history.This article is based on this background,using case analysis,reading and collating domestic and foreign literature,starting from the analysis of the limited financing channels of pharmaceutical distribution companies under the "two-invoice system" and solving the problem of financing difficulties,we selected one of the leading pharmaceutical distribution companies HR Pharmaceutical Business Group Co.,Ltd.(hereinafter referred to as HR)is the research object.Under the "two-invoice system",the business scale of HR and the scale of accounts receivable continue to rise,but the turnover of accounts receivable is not optimistic,resulting in poor liquidity.Moreover,due to the high asset-liability ratio and imbalanced capital structure,traditional debt financing cannot alleviate the current financial predicament and will increase financial risks.Therefore,receivables are a breakthrough.A new financing model of receivables financing is used to revolve funds.The way out for HR under the influence of the "two invoice system" policy.The business scale of HR is on the first step of the industry,and the creditors of the company's accounts receivable are mostly the top three public hospitals,and the credit rating is high,which is in line with the securitization model of accounts receivable and can realize one-time large-scale financing and corresponding accounts receivable.The characteristics of high quality requirements,and the receivables securitization financing for HR has lower financing costs and higher efficiency.It is comprehensively confirmed that receivables securitization is a more suitable HR financing model.In the process of implementing securitization financing,HR conducts strict design and control on some key points such as the selection criteria of basic assets,credit enhancement of assets,the hiring of professional institutions for rating,and the use of circular purchasing mechanism.Through analysis,it is concluded that HR has not only solved the problem of excessive backlog of the company's accounts receivable after implementing the securitization financing of accounts receivable,but also played a series of positive effects on the financial status of the company,such as accelerated capital operation,Improve the solvency of the debt,optimize the capital structure,etc.,provide reference for other similar enterprises to deal with the impact of the "two invoice system" for receivables financing.