【作者】 刘铭；

【导师】 周军；

【作者基本信息】 山东大学 ， 会计（专业学位）， 2021， 硕士

【摘要】 随着医疗体制改革的深入推进,国家陆续推行“两票制”“带量采购”等多项政策进行行业规范,受市场环境及产业政策影响,医药流通行业的竞争更加激烈,中间经销商及代理企业数量的大幅减少,使得独自垫资、资金不足等问题频频出现。上游生产企业因其日益强化的市场地位而压缩医药流通企业赊销款项的支付周期,下游销售终端的应收账款因中间商数量的减少使得现有医药流通企业的资金周转压力加剧,导致行业普遍存在着应收账款积存量大、资金周转不顺畅以及融资渠道受限等系列问题。在国家实施“十四五”规划开局之际,医药流通行业亟需在医药产业重构的深刻变局中,加速战略转型,优化融资模式,破除发展瓶颈,引领我国医药卫生事业改革进入发展新阶段。资产证券化作为一种新型的融资工具,较好的契合了医药流通行业的痛点,通过对大量流动性欠佳的沉淀资产进行结构化设计,进行信用增级后在证券市场出售变现,将存量资产转化为现金存款,打破了传统融资模式的局限,在盘活资产、降低风险、优化结构等方面起到重要作用,能够引导资金流更好的服务实体经济。尤其是医药流通行业具有的高额的应收账款,使得应收账款资产证券化的融资模式更具有重要的推行意义。然而目前,学者对于资产证券化的研究更多的集中于理论层面,实践中对于房地产行业、互联网金融行业、建筑行业等运用较广泛,医药流通企业的应用研究刚刚起步。瑞康医药是“2018医药物流行业十佳年度企业”,近年来发展势头迅猛,已经通过两次应收账款资产证券化的业务累计融资约24亿元,其中“瑞康医药应收账款一期资产支持专项计划”是深交所首单医药流通企业应收账款资产支持证券。本文以瑞康医药此次资产支持专项计划为例,结合相关理论,重点分析医药流通行业选择应收账款资产证券化融资模式的独特之处、发展现状及存在风险,采用对比研究法、财务指标法、Z值研究法和事件研究法等主要的研究方法,构建起盈利性、流动性、安全性、激励性四维财务效应分析模型,对瑞康医药采用应收账款资产证券化的融资成本、经营业绩、财务风险进行客观评价,经过分析得出本文的结论:对于医药流通企业而言,应收账款资产证券化是较优的选择。通过实施应收账款资产证券化,能够降低瑞康医药的融资成本,加速资产流动,降低财务风险,从而能够提升企业市场形象。为了更好地实施应收账款资产证券化,本文从基础资产入池、信用增级安排、风险隔离设计、循环入池结构四个方面有针对性地提出了意见建议。更多还原

【Abstract】 With the deepening of the reform of the medical system,the state has successively implemented a number of policies such as "two ticket system" and"purchasing with quantity" to standardize the industry.Affected by the market environment and industrial policies,the competition in the pharmaceutical circulation industry has become more intense,and the number of intermediate dealers and agents has decreased significantly,which makes problems such as the lack of funds on their own frequently appear.Because of its increasingly strengthened market position,the upstream production enterprises compress the payment cycle of credit sales of pharmaceutical circulation enterprises,and the decrease of the number of middlemen in the downstream sales terminals aggravates the capital turnover pressure of existing pharmaceutical circulation enterprises,which leads to a series of problems such as large accumulation of accounts receivable,unsmooth capital turnover and limited financing channels.At the beginning of the national implementation of the 14th five year plan,the pharmaceutical circulation industry needs to accelerate the strategic transformation,optimize the financing mode,break the development bottleneck,and lead the reform of China’s medical and health undertakings into a new stage of development.Asset securitization,as a new financing tool,better fits the pain point of the pharmaceutical circulation industry.Through the structural design of a large number of low liquidity precipitated assets,after credit enhancement,they are sold and cashed in the securities market,and the existing assets are converted into cash deposits,which breaks the limitations of the traditional financing mode.In the process of revitalizing assets,reducing risks,improving the efficiency of financing,asset securitization has become a new financing tool Optimizing the structure plays an important role in guiding capital flow to better serve the real economy.In particular,the high amount of accounts receivable in the pharmaceutical circulation industry makes the financing mode of asset securitization of accounts receivable more significant.However,at present,scholars’ research on asset securitization is more focused on the theoretical level.In practice,it is widely used in the real estate industry,Internet finance industry and construction industry.The application research of pharmaceutical circulation enterprises has just started.Ruikang pharmaceutical is one of the "top ten enterprises in the pharmaceutical logistics industry in 2018".In recent years,Ruikang pharmaceutical has developed rapidly.It has accumulated financing of about 2.4 billion yuan through two accounts receivable asset securitization businesses.Among them,"Ruikang pharmaceutical accounts receivable phase I asset support special plan" is the first account receivable asset support securities of pharmaceutical circulation enterprises in Shenzhen Stock Exchange.This paper takes Ruikang pharmaceutical’s asset support special plan as an example,combined with relevant theories,focuses on the analysis of the uniqueness,development status and existing risks of the financing mode of accounts receivable asset securitization in the pharmaceutical circulation industry,and uses the main research methods such as comparative research method,financial index method,Z-value research method and event research method to build a model of profitability,liquidity,safety,credit risk and so on Based on the incentive four-dimensional financial effect analysis model,this paper objectively evaluates the financing cost,operating performance and financial risk of Ruikang pharmaceutical’s adoption of accounts receivable asset securitization.After analysis,the conclusion of this paper is that for pharmaceutical circulation enterprises,accounts receivable asset securitization is a better choice.Through the implementation of accounts receivable asset securitization,it can reduce the financing cost of Ruikang medicine,accelerate asset flow,reduce financial risk,and improve the market image of the enterprise.In order to better implement the securitization of accounts receivable assets in the pharmaceutical circulation industry,this paper puts forward some suggestions from four aspects:basic assets into the pool,credit enhancement arrangement,risk isolation design and circulation into the pool structure.更多还原