1992
年，我国企业发行了
第一只资产证券化产品，
2005
年以来，资产证券化在我国快速发展。它作为
一种金融创新手段，与传统的股权融资及债权融资存在较大的区别，主要体
现在交易结构的设计、资金融通的过程、破产隔离和风险隔离等方面。资产
证券化是通过组建基础资产或资产池，发行证券化产品，获取投资者的资金

它在股权融资和债权融资之外，开辟了第三种融资渠道

资金是企业的血液。资金问题一直是企业生存和发展的永恒主题。无
论是确保企业的日常生产经营活动，还是企业大规模扩张，扩大再生产和投
资并购，资金问题都与企业的经营和发展密切相关。融资方式和融资工具的
选择不仅影响着企业的资金成本，还影响着公司的经营管理效率。因此，融
资方式的选择和融资方案的设计对企业的发展意义重大

本文从挖掘企业存量资产利用效率的角度出发，深入研究企业应收账
款的存在原因和结构。在传统的应收账款管理模式之外，尝试利用资产证券
化这种金融工具来提高应收账款的周转率和流动性，提前收回资金，优化企
业财务结构，促进企业良性发展

本文包括七个部分。第一部分是绪论，详细介绍了文章的研究背景、
研究目的、研究思路和研究意义，论文的总体框架和主要内容，综合叙述了
国内外学者在应收账款及应收账款证券化方面的主要研究观点。第二部分是
我国企业应收账款现状的研究，以上市公司为例，介绍了应收账款整体规模
和发展趋势，并就应收账款形成的原因、现行企业传统的应收账款管理方法
做了重点陈述。第三部分是理论基础研究，由于应收账款资产证券化是资产
证券化的一个分支，因此先从资产证券化理论研究入手，对资产证券化的基
本原理、基本概念、主要做法和成功经验进行了研究。在此基础上，研究了
应收账款资产证券化的交易主体、操作模式。第四部分是案例研究，主要选üü取了五矿发展应收账款资产支持专项计划和中国电子应收账款资产支持专
项计划作为案例。一个案例是以上市公司为发起人，一个案例是央企集团总
部为发起人，两个公司的性质均为中央企业。五矿发展的案例主要借鉴意义
在于贸易型应收账款的证券化，中国电子的案例主要在于应收账款完全出
表。第五部分和第六部分为文章的重点，选取了国家电投集团远达环保工程
有限公司作为目标公司，探讨了基于应收账款资产证券化的融资方案，详细
介绍了目标公司的股东背景和股权结构，应收账款总体情况、发展趋势、应
收账款周转率和周转天数，应收账款客户单位的企业性质，客户的行业分布
和地区分布，应收账款的账龄构成等，对目标公司的应收账款有一个总体的
概览。接下来对目标公司开展应收账款资产证券化的可行性进行了分析，分
析维度主要包括国务院国资委开展“两金”压控的要求，公司股东和管理层
的态度，公司目前发展阶段和转型需要，应收账款本身的质量和结构，公司
控股股东在资本市场上的信誉和信用评级等。在明确了可行性后，详细的设
计了目标公司的应收账款资产证券化融资方案，融资方案的设计较为详细，
并明确了实施步骤和预计时间，具有较强的参考意义。第七部分概括了本文
的结论，并对以后的研究方向提出了建议和思路

本文的创新之处在于，研究兼顾了理论研究和案例研究，对应收账款资
产证券化这种新型融资方式进行了具体运用。目前我国在资产证券化融资方
面的研究还较少，尤其是在以应收账款为基础资产开展证券化融资方面的研
究更少。文章选取的研究标的公司具有中央企业、环保行业、工程企业多重
性质，应收账款资产证券化在该类企业的应用将对国有性质企业，环保企业，
建筑企业具有较强的借鉴意义，有利于破解三类企业的资金困境，在基建投
资领域和环保领域具有很高的应用价值

关键词：远达公司资产证券化应收账款融资AbstractAbstract
In the late 1960s, asset securitization was born in the United States.In 1992,
Chinese enterprises issued the first asset securitization product.Since 2005, asset
securitization has got rapid development in China. As a financial innovation , there
is a big difference in the traditional equity financing and debt financing, mainly
reflected in the design of transaction structure, the process of financing,
bankruptcy isolation and risk isolation. Asset securitization, through the
construction of basic asset or basic asset pool, issue securitization products, obtain
fund from investors. Besides equity financing and debt financing.It is the third
financing channel .
Money is the blood of all the enterprises. The fund question has been the
eternal theme of enterprise operation and development, whether enterprise daily
business activities or large-scale expansion, expand reproduction and investment
mergers and acquisitions. The fund question are closely related to the business and
development of enterprises. The choice of financing methods and financing
instruments is not only affecting the capital cost of enterprises, but also affecting
the efficiency of the management . Therefore, the choice of financing methods and
the design of financing schemes have great significance to the development of
enterprises.
From the perspective of improving the utilization efficiency of enterprise
stock assets , this paper study the forming reasons and structure of accounts
receivable deeply, and tries to use the financial tool of asset securitization to
improve the turnover and liquidity of accounts receivable.In order to recover the
fund as early as possible. Asset securitization can optimize the financial structure
of enterprises and promote better development of enterprises.
There are seven parts about this paper. The first part is the introduction,
including the research background, the research purpose, the research ideas and
significance, the overall framework and the main content of the paper.The firstResearch on Financing Scheme of Securitization of Accounts Receivable
----Based On The Analysis Of Yuanda Co.,Ltdpart also summarizes the main research perspectives of accounts receivable and
accounts receivable securitization at home and abroad.The second part is the
research of the status of accounts receivable in China.It takes listed companies as
an example, introduces the overall size and development trend of accounts
receivable.This part focuses on the reasons of the accounts receivable and the
traditional management methods of accounts receivable .The third part is the study
of theoretical basis.Because of the accounts receivable asset securitization is a
branch of asset securitization, so this part starts to study the theory of asset
securitization,including its basic principle and basic concept.Its main practice and
successful experience are also been studied. On this basis, this paper study the
transaction subject and operation mode of the securitization of accounts
receivable.The fourth part is case study.This paper mainly selectes the
asset-backed securities of accounts receivable about Minmentals Development
Co.,Ltd. and China Electronics Corporation as an example. One case is listed
company as the initiator.The other one is the headquarters of central enterprises
group as the initiator.Two companies are central enterprises. The case of
Minmetals Development mainly focus on the securitization of business accounts
receivable. The case of China Electronics Corporation focus on taking accounts
receivable out of the statement of balance sheet.The fifth part and the six part are
the key point of this paper. Selected State Power Investment Group Yuanda
Environmental Protection Engineering Co.,Ltd as the target company, discussed
the shareholders background and equity structure of the target company in
detail.And we also discuss the overall situation and development trend of accounts
receivable.Accounts receivable turnover and turnover days, the enterprise nature of
accounts receivable, the distribution of customer industry and region are also
mentioned.This part give a general overview about accounts receivable which
belongs to State Power Investment Group Yuanda Environmental Protection
Engineering Co.,Ltd.Then the paper analyzes the feasibility of asset securitization
of accounts receivable in Yuanda Co.,Ltd. Including the requirements of two gold
and the attitude of shareholders and management, the quality and structure of
accounts receivable, the credit and credit rating of shareholders in capital market.
After clarifying the feasibility, this paper design the financial plan based on
accounts receivable asset securitization. The design of financing plan is veryAbstractdetailed.Including the implementation steps and time table.This plan has strong
reference significance.The seven part summarizes the conclusion of this paper, and
give some suggestions and ideas for the future research direction.
The innovation of this paper is that the research takes account of theoretical
research and case study.And design the financial plan based on the new financing
mode of the account receivable asset securitization.At present, the research on
asset securitization financing is less.Especially in the research of securitization
financing based on accounts receivable is much less.The research object of this
paper has multiple nature of central enterprise, environmental protection industry,
engineering enterprise.The reference of accounts receivable assets in this kind of
enterprises will have strong reference signifi
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