| One of the key factors for the lack of hematopoietic function of construction enterprises is that some of them are slow in collecting payment,which brings about an upward trend in the occupation of enterprise inventory and receivables.The "Reduction of Enterprises’ Accounts Receivable and Inventory" notice pointed out that enterprises need to regard asset management as a significant task.Although the development of asset securitization in China has been relatively mature,it is still necessary to give a great attention on the important causes of problems such as poor liquidity of enterprises’ assets.As one of the typical enterprises of asset securitization in China,China Railway Construction Corporation successfully issued accounts receivable securitization products(ABS)on the Shanghai Stock Exchange in 2016.By 2019,the scale of asset securitization has ranked first among state-owned enterprises.This paper is based on the discussion of the general situation of China Railway Construction Corporation,the characteristics of asset management and the specific implementation process of accounts receivable asset securitization.Firstly,analyzing the external motivation of enterprises to carry out asset securitization activities from the call of the state to reduce corporate accounts receivable and inventory.Secondly,using the fact study method and the fuzzy comprehensive evaluation method to deeply discuss the short-term and the long-term financing effect of the enterprise’s accounts receivable securitization.Finally,according to the specific situation of construction enterprises,specific implementation measures of enterprise asset securitization are put forward in targeted.The study shows that China Railway Construction Corporation’s accounts receivable securitization financing,if the asset quality is better,not only the market will have positive feedback on the enterprise,but also the enterprise’s own comprehensive capabilities will be strengthened,and financial statements will also be improved.Therefore,this paper believes that China Railway Construction Corporation ’s choice of the financing model of accounts receivable securitization is an excellent choice for its current development.For the enterprise itself,this behavior is a new choice for raising funds,and can provide certain reference for the industry as well.However,in actual practice,enterprises should proceed in the light of their own conditions to avoid excessive financing behaviors and lead to a bubble economy.At the same time,when analyzing the effect of enterprise securitization financing,the financial statement data should not only be focused on,but also consider the future development of the enterprise itself. |
