| Securitization originated in the United States in 1970 s.At present,American asset securitization market is the largest and most developed securitization market in the world.Asset securitization is one of the most important products in American fixed income market.Because started relatively late,mostly with bank credit assets securitization and big infrastructure of remuneration as a pilot project,which involves the accounts receivable related pilot is relatively small,In addition,the laws and regulations on the securitization of accounts receivable are relatively weak,and at the same time,there is also lack of relevant experience in the risk prevention of asset securitization,which has led to the slow development of the receivables securitization of Chinese enterprises.In view of the related dilemma faced by China's steel trade industry in securitization financing,this paper combines the relevant theories and practical experience of asset securitization,and uses the literature method and case method to analyze the actual data of ZY company.Firstly,it analyzes the necessity of ZY company to carry out securitization financing of accounts receivable;secondly,it analyzes ZY company's feasibility of securitization of accounts receivable from ZY company itself,investors and market environment;The design of ZY company's accounts receivable securitization mainly includes the selection of special purpose institutions and the construction of asset pools,product credit enhancement and pricing.Finally,it proposes internal and external safeguards to ensure the quality of ZY's accounts receivable securitization.The purpose of this paper is to help enterprises with more accounts receivable and tight cash flow through the use of account receivable securitization tools to reduce corporate capital costs,improve asset liquidity,and diversify funds through case analysis and program design.Source,diversify asset risks,solve financial distress and improve operational efficiency. |
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