Research On Assets Securitization Risk Control Of Guangtian Group’s Receivables

Asset securitization originated from the "loan sale" of American state banks and entered the financial market of China at the end of the 20 th century.In the past five years,China’s asset securitization business has developed vigorously.At the executive meeting of the State Council held in January 2016,Premier Li Keqiang made clear the measures of financial support for industrial efficiency upgrading.It is pointed out for the first time that the use and innovation of financial instruments to support industrial efficiency upgrading is an indispensable part of financial services in the real economy.At the meeting,Premier Li Keqiang put forward the concept of "broadening financing channels,encouraging the expansion of direct financing such as equity and bonds,vigorously developing receivables financing",and stressed the need to "strengthen financial supervision,improve relevant laws and regulations,and effectively control the risk of securitization"Asset securitization is a kind of financing method that enterprises can choose.The advantage of this method is to activate assets,and the interest cost of financing is also low.Therefore,it can further optimize the capital structure of enterprises.In addition,the traditional way of debt or equity financing has little relationship with accounts receivable.Large amount of accounts receivable often corresponds to high management cost,and asset securitization can solve this problem well.But at the same time,as a new way of financing,there are many related parties involved and the relevant laws and regulations are not perfect,which leads to many risks.In recent years,in order to better control risks and further regulate the operation of the asset securitization market,many financial institutions represented by the Securities Regulatory Commission have also introduced relevant control measures.The development of construction industry helps to speed up the process of urbanization in China.As one of the basic industries supporting the development of national economy,it has its own characteristics,such as long construction cycle,project payment cycle and construction progress.These characteristics lead to the poor quality of accounts receivable of construction companies.If the accounts receivable of enterprises are securitized,it can not only activate the assets of enterprises,but also provide abundant capital flow for the business operation activities of enterprises,and solve the financing problems.But all participants,including regulators,must be alert to the potential risks in the implementation process.Therefore,the research of this topic is of great significance,which can provide some practical reference for the same industry companies to carry out the securitization business of accounts receivable assets.This paper takes the case analysis as the main research method,selects the example of receivables asset securitization business of Guangtian group,first introduces the implementation background and operation process of the case,and summarizes the basic elements of the special plan and analyzes its implementation motivation;secondly,through the analysis of the factors of the plan itself,the plan operation and the external factors of the plan during the development of the case company Further analysis,analysis of the risk points and risk management and control measures in the process of the implementation of the case company’s securitization of accounts receivable assets;finally,draw the conclusions of the study and the Enlightenment of the case,put forward the future outlook,in order to provide optimization ideas for the design of the Securitization scheme of accounts receivable assets of other enterprises in the industry.The conclusion of this paper can further enrich and improve the discussion of the issue of receivables asset securitization,which is of reference significance for further research in the future.Through the analysis of specific practical cases to explore the causes of risk,and further analysis and summary of the corresponding solutions to the case,put forward the enlightenment conclusions and suggestions,to provide reference for the same industry to carry out such business,so that asset securitization can be effectively integrated into the financing mode of enterprises.However,because of the case study method adopted in this paper,the universal significance of the proposed management control strategy remains to be further explored.