随着资本市场的不断发展，资产证券化成为近代金融领域的重大创新方式，有着非 常广阔的发展前景。“十三五”期间，在新医改的背景下，医药流通行业整合步伐加快， 行业发展良好。 在此金融背景和医药行业发展背景下，本文首先介绍了研究背景和研究意义，结合 国内外文献资料，阐述了应收账款证券化的相关概念、基本原理、发展历程及对企业发 展的意义，为后续A上市医药公司应收账款资产证券化的分析提供理论铺垫。其次，认 真梳理和介绍了项目的背景，包括A上市医药公司的基本情况、经营状况、应收账款情 况等公司概况以及产品简介、相关方和业务主要参与人情况、交易流程、交易结构、运 行情况、运行结果等专项计划情况。本专项计划优先级各档次均已对付完毕，发行成功， 帮助A上市医药公司盘活应收账款，降低企业运行成本，缓解企业资金问题。本文研究 的案例是国内第一单民营医药流通企业资产证券化项目，对资本市场和医药流通行业有 着非凡的意义。 本文采用文献研究法、调查分析法从发行关键环节和运行效果对A上市医药公司应 收账款证券化成功发行的因素进行具体剖析。经分析，得出本专项计划入池资产池质量 较高、灵活采用了合理的内外部信用增级措施，发行定价市场化程度高，利率低，风险 控制较好等特点和优势，加上多方资质较高的机构配合得当，每个环环相扣的重要步骤 都实施到位，并从资产负债率、偿债能力、盈利能力三个角度验证了通过应收账款资产 证券化，A上市医药公司改善了资产负债情况，增强了偿债能力，从而提高了企业盈利 能力，在复杂多变的市场环境下，提高了竞争力。 本位在最后篇幅总结了此次交易值得借鉴的成功经验，并结合案例分析，提出五点 启示，提高企业应收账款的风险意识和管理水平，使之达到资产池入池标准；灵活搭配、 使用或创造信用增级方式，着实提高增级效果；优化和加强产品结构化分层管理，关注 和培育次级档投资者；发挥路演询价优势，提高债券产品定价的市场性和科学性；加强 证券化管理，发挥证券化融资优势。 当前，医药流通行业的应收账款资产证券化研究较少，希望本案例对医药流通企业 进行应收账款资产证券化融资提供一定的借鉴。 关键词，医药上市公司；应收账款；资产证券化II Abstract With the continuous development of capital market, asset securitization has become a major innovative product in the modern financial field, and has a very broad development prospects. During the 13th Five-Year Plan period, under the background of the new medical reform, the pace of integration of the pharmaceutical circulation industry accelerated and the industry developed well. In this financial background and the development of the pharmaceutical industry background, this case first introduced the research background and significance, combined with domestic and foreign literature, elaborated the relevant concepts, basic principles, development process and the significance of enterprise development of accounts receivable securitization, to provide a theoretical basis for the follow-up analysis of accounts receivable assets securitization of A-listed pharmaceutical companies. Secondly, the background of the project is carefully sorted out and introduced, including the general situation of A-listed pharmaceutical company, operation status, accounts receivable and other companies, as well as the special plans of product introduction, relevant parties and major business participants, transaction process, transaction structure, operation status and operation results. The priority levels of this special plan have been dealt with successfully. It helps A listed pharmaceutical company to activate accounts receivable, reduce operating costs and alleviate capital problems. The case studied in this case is the first asset securitization project of a private pharmaceutical circulation enterprise in China, which is of great significance to the capital market and the pharmaceutical circulation industry. In this case, literature analysis and investigation are used to analyze the factors of successful issuance of accounts receivable securitization in A-listed pharmaceutical companies from the key links of issuance and operation effect. Through analysis, it is concluded that this special plan has the advantages of high quality, flexible adoption of reasonable internal and external credit enhancement measures, high marketization of issuance pricing, low interest rate, comprehensive risk prevention, etc. With the proper cooperation of multi-qualified institutions, every important step is put in place, and from the asset-liability ratio, solvency and profitability. The three aspects of ability verify that through the asset securitization of accounts receivable, A listed pharmaceutical company improves its assets and liabilities and solvency, thus improving the profitability of enterprises andIII enhancing its competitiveness in the complex and changeable market environment. At the end of this case, we summarize the successful experience of this transaction, and put forward five enlightenments based on case analysis: to improve the risk awareness and management level of enterprise accounts receivable, so that it can reach the standard of assets pool entry; to flexibly collocate, use or create credit enhancement methods to improve the effect of upgrading; to optimize and strengthen structured hierarchical management of products, and to pay attention to and cultivate them. Secondary investors; give full play to the advantages of road show inquiry, improve the marketability and scientificity of bond product pricing; strengthen securitization management, and give full play to the advantages of securitization financing. At present, there are few studies on the securitization of accounts receivable assets in the pharmaceutical circulation industry. I hope this case can provide some reference for the financing of accounts receivable assets securitization in pharmaceutical circulation enterprises. Key words，Medical Listed Company; Account Receivable; Assets SecuritizationIV 目 录 摘要.........................................................................................................................................I Abstract ......................................................................................................................................II 图表清单..................................................................................................................................VI 第一章 绪论.............................................................................................................................. 1 1.1 案例研究背景及研究意义 ............................................................................................. 1 1.1.1 案例研究背景.......................................................................................................... 1 1.1.2 案例研究意义.......................................................................................................... 1 1.2 相关理论基础................................................................................................................. 2 1.2.1 应收账款资产证券化相关概念.............................................................................. 2 1.2.2 应收账款资产证券化原理...................................................................................... 2 1.3 文献综述......................................................................................................................... 4 1.3.1 进行应收账款证券化的原因.................................................................................. 4 1.3.2 进行应收账款证券化的意义.................................................................................. 5 1.4 研究方法......................................................................................................................... 7 1.5 本文创新点..................................................................................................................... 8 第二章 案例介绍...................................................................................................................... 9 2.1 公司概况......................................................................................................................... 9 2.1.1 公司发展历程.......................................................................................................... 9 2.1.2 组织架构................................................................................................................ 10 2.2 公司经营情况............................................................................................................... 10 2.2.1 经营发展增速........................................................................................................ 10 2.2.2 融资需求旺盛.........................................................................................................11 2.3 应收账款情况............................................................................................................... 12 2.3.1 应收账款增长速度较快........................................................................................ 12 2.3.2 应收账款周转速度逐年下降................................................................................ 13 2.3.3 应收账款分散度较高............................................................................................ 13 2.3.4 应收账款账坏账率低............................................................................................ 14 2.4 专项计划概况............................................................................................................... 14IV 2.4.1 产品简介................................................................................................................ 14 2.4.2 相关方及业务主要参与人情况............................................................................ 15 2.4.3 交易流程................................................................................................................ 18 2.4.4 交易结构................................................................................................................ 20 2.4.5 运行情况和结果.................................................................................................... 21 2.5 本章小结....................................................................................................................... 25 第三章 案例分析.................................................................................................................... 26 3.1 发行关键环节分析 ....................................................................................................... 26 3.1.1 基础资产分析........................................................................................................ 26 3.1.2 风险控制措施分析................................................................................................ 30 3.1.3 内外部混合信用增级分析.................................................................................... 32 3.1.4 信用评级分析........................................................................................................ 39 3.1.5 定价发行分析........................................................................................................ 42 3.2 运行效果分析............................................................................................................... 45 3.2.1 增强偿债能力........................................................................................................ 45 3.2.2 改善资产负债情况................................................................................................ 46 3.2.3 提高盈利能力........................................................................................................ 47 3.3 本章小节....................................................................................................................... 48 第四章 案例启示.................................................................................................................... 49 4.1.提高企业应收账款风险意识和管理水平，使之达到资产池入池标准 .................... 49 4.2 灵活搭配、使用或创造信用增级方式，着力提高增级效果 .................................... 50 4.3 优化产品结构化分层管理，关注和培育次级档投资者 ............................................ 50 4.4 发挥路演询价优势，提高产品定价市场性和科学性 ................................................ 51 4.5 加强证券化管理，发挥证券化融资优势 .................................................................... 51 结 论...................................................................................................................................... 52