Research On The Securitization Of "Tasly Marketing" Accounts Receivable

As a new type of financing,asset securitization has attracted extensive attention both at home and abroad.Asset securitization has developed rapidly in China due to its low financing cost,lower issuance conditions compared with other financing methods,and self-owned use of raised funds.Since 2014,China's enterprise asset securitization market has shown a momentum of explosive growth,with the total amount of issuance and quantity breaking the record high for several years in a row.Enterprises have become more feasible through securitization financing,and the value of securitization for enterprise financing is no longer limited to theory,but has practical operation significance.With the development of our country's economy and market competition intensifying,medicine circulation enterprises has been developed from the original seller's market to a buyer's market,most of the medicine circulation enterprises to expand sales using the model of credit sales,accounts receivable scale increases gradually,its cost and risk is also increasingly highlights,become medicine circulation enterprises face a big problem,how to scientific financing for medicine circulation enterprises is of great significance.At the same time,with the implementation of the national "deleveraging" policy,the credit scale is limited,and the difficulty of bank loans for enterprises increases.Accounts receivable assets securitization provides a new way to solve the above problems.In 2016,kyushutong pharmaceutical,a pharmaceutical circulation enterprise,took the lead in issuing asset-backed bills and became the first enterprise in the industry to realize asset securitization.Since then,a number of pharmaceutical circulation enterprises have tried the new financing method of receivables asset securitization.The implementation of accounts receivable assets securitization financing is suitable for the current situation of large accounts receivable stock in the pharmaceutical circulation industry.This paper uses the case study method to study the accounts receivable asset securitization program of tianjin tianshili pharmaceutical marketing group.Firstly,this paper introduces the development status of asset securitization at home and abroad and the relevant theories of asset securitization.Secondly,it introduces the main participants,transaction structure and implementation process of receivables securitization of tianshili pharmaceutical marketing group.By analyzing the external environment,internal demand and key links of the securitization of assets issued by tianshili pharmaceutical marketing group,this paper finds out the problems existing in the basic assets screening and credit enhancement mechanism and accounting treatment in the securitization case of tianshili marketing receivables.At the end of this paper,aiming at the problems of the securitization of accounts receivable assets in pharmaceutical distribution enterprises reflected in the securitization of accounts receivable assets of tianshili pharmaceutical marketing group,Suggestions are put forward for other enterprises in the industry to realize the financing of accounts receivable assets securitization.