Analysis Of The Income And Risk Of Securitization Of Account Receivable Of My Country's Pharmaceutical Circulation Enterprises

With the reform and opening up and economic development,China's capital market has gradually shifted from a planned economy to marketization.The rapid growth of market size,market efficiency,and business has brought tremendous financial pressure on the operation and development of enterprises.Asset securitization,as an important way for enterprises to expand financing channels,has many advantages such as reducing financing costs,revitalizing existing assets,and improving the efficiency of asset use.In recent years,with the strong support of national policies,asset securitization has gained Use more and more frequently.Asset securitization refers to a financing process in which the original assets of the original beneficiary's tradable assets or foreseeable income are packaged,stripped,and converted into securities through a special institution SPV.This financing method can be designed according to the characteristics of the enterprise and financing needs Securities products have the characteristics of cost and effectiveness.The practice of China's asset securitization market started in 2004.Due to its many advantages compared to other financing methods,it has developed rapidly in China.However,there are still some obstacles to the development of asset securitization in China.Many risk-avoiding companies have faced this problem.There are still many doubts about this emerging financing method.Compared with the conventional conservative bond financing,how do the theoretical advantages of asset securitization financing methods concretely manifest? How does the positive impact on the enterprise manifest itself? Localization of asset securitization also requires more market inspections to increase market confidence in it.China's pharmaceutical circulation industry has the characteristics of light assets,low industry profitability,and large accounts receivables.Among them,higher accounts receivable is a common phenomenon in the pharmaceutical circulation industry.A large number of accounts receivable have long-term occupation of corporate funds.,Which brought huge financing pressure to the medical circulation companies in capital-intensive industries.The release of accounts receivable asset securitization products by Kyushu Tong Pharmaceutical Group Co.,Ltd.in 2016 is the first case of asset securitization in this industry.Even the entire domestic capital market has reference value for the attempt of asset securitization.Therefore,this article takes China's listed company Kyushu Tong Pharmaceutical Group 2016 first phase account receivable asset support special plan as an example,and adopts case study method and literature analysis method to analyze the financing environment and basic situation of the company.Based on the company's financial data,from the perspective of a listed company,the receivables securitization will bring about the benefits and risks associated with Kyushu Connect.The analysis shows that the main benefits brought by the securitization of accounts receivable to Jiuzhoutong are:(1)reducing financing costs(2)reducing financial risks and improving financial performance(3)improving asset liquidity and strengthening operation management(4)Improving the market image,and at the same time in the process of asset securitization,there is(1)the risk of repayment of basic assets,(2)the pricing risk,and(3)the risk of credit enhancement.These risks are discussed in this article.(1)Reasonable screening of basic assets and establishment of a pricing mechanism to reduce payment risk.(2)Multi-party collaborative pricing to enrich credit enhancement methods to diversify and transfer corporate risks.(3)Enrich credit enhancement methods to diversify and transfer corporate risks.Several suggestions are hoped.The above conclusions are hoped.It can provide reference for China's listed companies' capital securitization financing and further promote the localization of asset securitization.