| Since 2017,Asset securitization has developed rapidly under the impetus of strengthening supervision and curbing macro leverage in China,which offers a strong alternative to traditional boond market.The circulation of asset securitization products in China reached 2.34 trillion yuan in 2019,far exceeding traditional medium-and long-term direct debt financing instruments,such as corporate bonds and medium-term notes.Among them,the total amount of enterprise asset securitization products has been expanding continuously.Since the end of 2014,the enterprise asset securitization has been changed to the fund industry association post-filing and the implementation of the negative list management system of basic assets,its circulation far exceeded the total amount issued in the past decade,and for the first time exceeded the circulation of credit asset-backed securitization in 2016,becoming the largest and fastest-growing product,providing a direct financing channel for non-financial enterprises.Enterprise asset securitization not only has the function of financing,but also plays the role of "controlling lever".It involves many kinds of basic assets,among which accounts receivable financing has large scale of financing and high demand,which is most in line with the principles of securitization operation.Because of their unique characteristics of longer-term use of funds,low requirements for corporate credit rating and improving the structure of corporate assets and liabilities,which are favored by a large number of manufacturing enterprises.Due to the accumulation of accounts receivable by these manufacturing enterprises,the flow of funds is affected,and the business performance is declined.They hope to improve financial performance by issuing accounts receivable securitization products.In this context,it is of great practical significance to study the financial effect of accounts receivable securitization on the original equity holders in order to find out whether accounts receivable securitization can create wealth for shareholders and whether it really has the effect of improving the financial performance of the enterprise itself.The full text can be summarized into three parts.The first part summarizes the research results of the existing enterprise accounts receivable securitization,and combs the relevant theoretical basis and the evaluation methods of the financial effect of enterprise asset securitization.The second part gives specific introduction of the case combining with theoretical basis.In this paper,TGOOD is selected as a representative and innovative case study.In the electrical equipment manufacturing industry,TGOOD took the lead in financing through accounts receivable securitization.Furthermore,it is the first green asset securitization project in Shenzhen stock exchange,and the first green asset securitization project in the new energy vehicles charging field.Its successful issuance has opened up innovative financing channels for similar enterprises,and its "green" attribute has also won more attention from the market and investors,which has a good demonstration effect.The second part first analyzes the issuing background and motivation of the special plan,then analyzes in detail the characteristics of the basic asset pool,the participants and the trading structure setting of the product.The results show that its trading structure is designed skillfully,adopts circular purchase structure,achieves the purpose of "controlling lever ",and the large scale accounts receivable effectively maintains the quality and stability of the asset pool during the circulation period,and there is no credit event throughout the period.The third part,by combining qualitative and quantitative analysis,chooses "the first phase of the Green Asset Support Special Plan issued by TGOOD" as the object of analysis,and makes a more comprehensive analysis of the financial effect after the implementation of the special plan through two aspects:short-term wealth effect and whether the financial performance is improved.In the aspect of wealth effect,the event study is used to calculate the cumulative excess return rate to analyze whether the market recognizes the issuance of special plan as good news;in the aspect of financial performance optimization,the factor analysis is used to calculate the vertical change of enterprise comprehensive financial condition,and to judge whether accounts receivable securitization has significantly improved the financial performance of TGOOD.Finally,the conclusion is drawn.First,with the release of relevant policies and the deepening of enterprises’ understanding of accounts receivable securitization,accounts receivable securitization will become an important supplement to the direct financing of enterprises with a large number of accounts receivable by virtue of its advantages of low financing cost and fast financing speed.Second,accounts receivable securitization can bring a positive wealth effect to enterprises in the short term,to a certain extent,enhance the value of enterprises in the minds of investors,and bring new development space to enterprises.From the case of TGOOD,accounts receivable securitization can improve the financial condition of enterprise.Its financing relieves the short-term debt repayment pressure,increases the liquidity of assets,improves the growth capacity of enterprise in a period of time,increases operating profits,and solves TGOOD’s problem of accumulation of accounts receivable.But in the long run,whether accounts receivable securitization can continuously improve the financial performance of enterprises remains to be seen. |
