【作者】 曹阳；

【导师】 李豫湘；

【作者基本信息】 重庆大学 ， 会计硕士（专业学位）， 2018， 硕士

【摘要】 随着我国市场经济的发展,市场竞争更加激烈。原先的卖方市场已经向买方市场转移,企业的应收账款规模逐渐增大,其带来的成本和风险也凸显出来,加强应收账款管理已成为企业管理中重要的组成部分。在另一方面,“融资难”一直是企业的老大难问题。在债务融资方面,随着国家“去杠杆”政策的推行,信贷规模受限,银行贷款难度增加;在权益融资方面,由于门槛高、成本高,大多数中小企业并不会选择。而采用应收账款证券化就能为解决上述问题提供新的思路。从2014年以来我国企业资产证券化市场呈现出爆发增长的态势,发行总额以及数量连续几年突破了历史最高水平,但是由于发展较晚、认知度不高,相较于债券、股票市场仍存在较大差距。对于企业自身来说,了解应收账款资产证券化会给企业带来什么影响,是其恰当运用这一金融工具的前提。通过本文对应收账款证券化融资效果的分析希望能为企业未来决策提供新的参考。本文结合资产证券化的会计处理方式,以定性和定量、理论和案例相结合的方式,从成本、收益、风险、财务指标五个方面分析了应收账款证券化的融资效果。本文选择了招商创融--金科股份应收账款(一期)资产支持专项计划作为分析对象。成本方面,以资本成本一般公式以及到期收益率法两种方法计算了金科股份资产证券化的资本成本;收益方面,采用事件研究法,计算超额收益率与累计超额收益率分析了该计划的财富效应;风险方面,采用Z-Score模型量化分析该计划对金科股份的财务风险的影响;财务指标方面,与历史数据以及同行业上市公司对比分析了金科股份偿债能力、盈利能力、营运能力受到的影响。通过上述分析主要得出了以下几个结论:资产支持计划中基础资产质量、原始权益人持有次级证券的占比以及增信方式选择等因素会影响证券化资产能否实现出表融资,进而影响证券化对企业的财务影响;分析得出了应收账款证券化融资成本计算公式,并与其他融资方式比较分析,当融资需求量较大时,应收账款证券化融资成本较小;应收账款证券化在短期能够给企业带来正向的财富效应,提升企业价值;应收账款证券化能够缓解企业短期偿债压力,解决企业债务长短期错配的问题,并降低企业的财务风险。更多还原

【Abstract】 With the continuous development of the market economy in our country,the competition is more fierce.The seller’s market has been transferred to the buyer’s market.The scale of the accounts receivable of enterprises is also gradually increasing.The costs and risks brought by it are also highlighted.Therefore,Accounts receivable management must to be an important part of modern business management.On the other hand,"financing difficulties" has always been a persistent problem for enterprises.In terms of debt financing,with the implementation of the national "deleveraging" policy,the scale of credit is limited and the difficulty of bank loans is increased.As equity finance,due to the high threshold and high cost,most SMEs do not choose.Securitization of accounts receivable can provide a new idea for solving the above problems.Since 2014,China’s enterprise asset securitization market began to show an explosive growth trend.The total amount exceeded the highest level in history for several years in a row.However,due to the late development and the low recognition,there is still a big gap between the stock market and bond market.As for the enterprises,it is also a precondition for them to take advantage of the asset securitization to understand what impact accounts receivable securitization will have on the enterprises.I hope this article can provide new reference for the future decision-making of enterprises,and improve management efficiency.The article mainly analyzes the financial effect that the securitization of accounts receivable brings to the enterprise.Combined with the analysis of the problem of accounting treatment of asset securitization,this paper analyzes the financial effect of the securitization of accounts receivable from the aspects of cost,profit,risk and financial indexes.In the case analysis,I chose China Merchants Chuangrong-Jinke shares accounts receivable asset-backed as the analysis object.In terms of costs,the capital cost general formula and expiration rate method are two ways to calculate the capital cost of asset securitization of Jinke shares.In terms of profit,incident research method is used to calculate the excess profit rate and accumulated excess profit rate to analyze the plan.In terms of risk,the Z-Score model was used to analyze risk.In the aspect of financial indexes,the liquidity,profit ability and operational ability were analyzed comparatively.The main conclusions drawn from the above analysis are as follows: Factors such as the quality of the underlying asset and the credit enhancement methods will affect whether the securitized assets can be off balance sheet finance,thereby affecting the financial effects of the asset-backed securitization on the enterprise;The analysis yields the calculation formula for the financing costs of receivables securitization.Compared with other financing methods,when the demand for financing is small,the securitization of accounts receivable does not have an advantage.When the demand for financing is large,the financing costs of receivables securitization are relatively small.When the demand for financing is large,the financing costs of receivables securitization are small;the securitization of accounts receivable can bring a positive income effect to the company in the short term,and enhance the corporate value;the securitization of receivables can ease the pressure of solvency and solve the long-term corporate debt mismatch problem,and reduce the level of financial risks facing the company.更多还原