Research On The Financing Effect Of Humanwell Healthcare Receivables Securitization

The fifth plenary session of the 19th CPC Central Committee put forward the major task of "comprehensively promoting the construction of healthy China".The pharmaceutical industry is one of the important foundations for realizing the long-term goal of"a healthy China".The healthy development of the pharmaceutical industry is closely related to the well-being of the people.However,in recent years,due to the full implementation of policies such as the cancellation of drug mark-up and bidding price reduction,enterprises in the pharmaceutical industry generally have problems such as long collection cycle and great difficulty due to the reduction of income and capital contraction of downstream hospitals.Therefore,the pharmaceutical industry will focus on a new and efficient financing methodaccounts receivable securitization.In addition,since the concept of asset securitization came into China,China has continuously issued policies and improved systems to guide enterprises to carry out the securitization of accounts receivable in an orderly manner.Now,asset securitization products are diversified and large in number,which effectively raise funds for many enterprises.Therefore,it is of great theoretical and practical significance to study the financing effect of accounts receivable securitization.This paper takes Humanwell Healthcare(group)Co.,Ltd as the case study object to study the key process,related risks and effects on Humanwell Healthcare(group)Co.,Ltd in carrying out the securitization of accounts receivable.The comparative analysis method is used to compare the financing costs of accounts receivable securitization with other financing methods,the F score method is used to evaluate the financial risks of accounts receivable securitization,the event study method is used to analyze whether accounts receivable securitization can improve the market value of enterprises,and the financial index analysis method is used to analyze whether accounts receivable securitization can enhance financial performance.Through the analysis of the relevant data and indicators of enterprises,it is found that the securitization of accounts receivable can reduce the financing cost,optimize the relevant financial indicators,reduce the financial risk and improve the market value to a certain extent.In the process of studying accounts receivable securitization,this paper analyzes not only the traditional financial indicators but also the changes of enterprise market value and risk brought by securitization financing from multiple perspectives,analyzes the financing effect of Humanwell Healthcare(group)Co.,Ltd accounts receivable securitization from financing cost,financial effect,market value and financial risk,and uses SPSS and EXCEL software to sort out the data to analyze the changes of relevant stock returns,The use of the F-score model to quantify the company’s financial risk provides an important reference for enterprises that intend to use accounts receivable for securitization financing,and beneficially enriches the theoretical application and practical research of accounts receivable securitization.