本文選題：應(yīng)收賬款 + 企業(yè)聯(lián)合應(yīng)收賬款證券化　； 參考：《河北大學(xué)》2014年碩士論文

【摘要】：中小型企業(yè)己經(jīng)成為我國經(jīng)濟持續(xù)、穩(wěn)定與健康發(fā)展的重要力量，在市場經(jīng)濟體制的建立和城鎮(zhèn)化過程中發(fā)揮了不可替代的作用。但是，中小型企業(yè)融資渠道狹窄、銀行貸款額度有限且無法運用金融創(chuàng)新工具融入資金，加之民間借貸融資成本過高，導(dǎo)致企業(yè)因“失血”而嚴重制約自身發(fā)展。企業(yè)資產(chǎn)證券化作為一種創(chuàng)新融資渠道已經(jīng)逐漸在我國開展，理論與實踐都積累了一定經(jīng)驗。2013年3月15日，中國證監(jiān)會正式發(fā)布《證券公司資產(chǎn)證券化業(yè)務(wù)管理規(guī)定》，或標志企業(yè)資產(chǎn)證券化業(yè)務(wù)進入快速發(fā)展期。應(yīng)收賬款作為商業(yè)信用的產(chǎn)物已經(jīng)成為現(xiàn)代企業(yè)流動資產(chǎn)的重要組成部分，將應(yīng)收賬款作為基礎(chǔ)資產(chǎn)進行證券化一方面可以為眾多企業(yè)提供一種新型融資渠道與應(yīng)收款管理方法，另一方面能夠促進證券公司開展企業(yè)資產(chǎn)證券化業(yè)務(wù)。 本文分別對中集集團與中國網(wǎng)通的應(yīng)收賬款證券化案例進行分析，發(fā)現(xiàn)應(yīng)收賬款證券化能夠為企業(yè)降低融資成本、改善財務(wù)結(jié)構(gòu)并進一步增強再融資能力。但在實踐中企業(yè)應(yīng)收賬款證券化依然存在諸多問題，以對中小型企業(yè)融資服務(wù)缺位表現(xiàn)最為明顯。為解決這一實踐問題本文提出企業(yè)聯(lián)合應(yīng)收賬款證券化模式，并對這一模式的必要性與可行性進行深入分析，進而以白溝箱包企業(yè)為例圍繞此模式進行項目規(guī)劃設(shè)計；并對潛在風(fēng)險予以重視，其中以應(yīng)收賬款自身信用風(fēng)險最為突出，，對此本文通過建立一套完整的事前、事中、事后控制體系對信用風(fēng)險加以有效防范。與此同時，本文通過宏觀、中觀、微觀分析模型對集中度風(fēng)險加以控制，以完善交易環(huán)節(jié)防范轉(zhuǎn)付風(fēng)險；并對其他存在問題一一闡述提出對策建議，以期促進企業(yè)聯(lián)合應(yīng)收賬款證券化實踐發(fā)展，為更多企業(yè)提供一種融資新渠道。
[Abstract]:Small and medium-sized enterprises have become an important force in the sustained, stable and healthy development of China's economy, and have played an irreplaceable role in the establishment of the market economy system and the process of urbanization. However, the narrow financing channels of small and medium-sized enterprises, the limited amount of bank loans and the inability to use innovative financial tools to integrate funds, coupled with the high cost of private borrowing and financing, have seriously restricted the development of enterprises because of "blood loss". As an innovative financing channel, enterprise asset securitization has gradually developed in our country, and has accumulated some experience in theory and practice. China Securities Regulatory Commission (CSRC) formally issued the regulations on Asset Securitization Business Management of Securities companies, or marked the rapid development period of enterprise asset securitization business. As a product of commercial credit, accounts receivable has become an important part of the current assets of modern enterprises. On the one hand, taking accounts receivable as the basic assets for securitization can provide a new financing channel and receivables management method for many enterprises, on the other hand, it can promote the securities companies to carry out the business of asset securitization. This paper analyzes the cases of accounts receivable securitization between CIMC and China Netcom, and finds that accounts receivable securitization can reduce the financing cost, improve the financial structure and further enhance the refinancing ability for enterprises. However, in practice, there are still many problems in enterprise accounts receivable securitization, especially the absence of financing services for small and medium-sized enterprises. In order to solve this practical problem, this paper puts forward the model of enterprise joint accounts receivable securitization, analyzes the necessity and feasibility of this model, and then takes Baigou case and bag enterprise as an example to carry out project planning and design around this model. And pay attention to the potential risk, of which the credit risk of accounts receivable itself is the most prominent, this article through the establishment of a complete set of beforehand, in the matter, after the control system to effectively prevent the credit risk. At the same time, through macro, meso, micro analysis model to control the concentration of risk, in order to improve the transaction link to prevent the risk of transfer, and to other existing problems one by one put forward the countermeasures and suggestions, The aim is to promote the development of joint accounts receivable securitization and provide a new financing channel for more enterprises.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

【參考文獻】

相關(guān)期刊論文 前9條

1 李斐斐;;應(yīng)收賬款證券化的啟示——淺析中集集團應(yīng)收賬款證券化[J];經(jīng)營管理者;2009年21期

2 高保中;資產(chǎn)證券化演進與金融市場效率[J];金融教學(xué)與研究;2003年04期

3 陳裘逸,張保華;資產(chǎn)證券化定義和模式的檢討——以真實出售為中心[J];金融研究;2003年10期

4 張文強;;論實體企業(yè)應(yīng)收賬款資產(chǎn)證券化的風(fēng)險與定價[J];金融研究;2009年05期

5 趙旭;;企業(yè)資產(chǎn)證券化破冰——中國網(wǎng)通實例研究[J];首席財務(wù)官;2006年07期

6 鮑靜海;馬延;王佼;;金融危機中企業(yè)利用應(yīng)收賬款融資方式探討[J];現(xiàn)代財經(jīng)(天津財經(jīng)大學(xué)學(xué)報);2010年02期

7 胡威;;資產(chǎn)證券化的運行機理及其經(jīng)濟效應(yīng)[J];浙江金融;2012年01期

8 王會蘭;;我國現(xiàn)存應(yīng)收賬款證券化問題探析[J];鄭州大學(xué)學(xué)報(哲學(xué)社會科學(xué)版);2007年02期

9 張文強;;我國企業(yè)集團應(yīng)收賬款證券化的交易結(jié)構(gòu)[J];中國金融;2009年23期

本文編號：1851594