摘要 2020年是全面建成小康社会的收关之年，现在我国正处于发展转型的关键时 期，中小企业作为中坚力量，能有效推动经济发展，在我国结构性改革当中所发挥 的作用是不可忽略的。不过，中小企业的规模不大，也没有建立起完善的制度体系， 资信状况整体来说并不是很好。另外，受我国宏观经济环境的影响，国内中小企业 资金链大多比较脆弱，往往会陷入到融资困境当中，使得中小企业的发展受到了很 大限制。基于此，就国内中小企业而言，怎样获得充足的资金来为企业实现可持续 发展提供资金保障显得十分重要。 本文主要以中小企业当中的建筑企业作为研究对象。伴随着我国社会经济的 迅猛发展，中小建筑企业也随之获得了很大发展。然而，建筑行业有其自身的特殊 性，项目建设周期长、投资成本高等特征都要求其必须要具备充足的资金方能实现 可持续发展，这是建筑企业维持日常生产经营活动的基础。然而，受中小企业经营 模式、整个大环境下行等内外部因素的影响，使得国内中小建筑企业在发展过程当 中普遍面临着资金匮乏的问题。如今，建筑行业竞争愈演愈烈，为占领更多的市场 份额，许多建筑企业都采取了垫资施工这一竞争方式，导致企业的应收账款数量激 增，加剧了企业经营的难度，不利于企业实现健康长远的发展。为此，寻求一种适 宜的、创新性的融资模式来帮助建筑企业有效缓解资金问题是十分有必要的。 供应链金融的出现为身处产业供应链上的企业融资提供了很好的平台，供应 链金融分为应收账款、预付账款、存货三种融资模式，而其中应收账款融资模式是 与中小建筑公司自身快速发展切合度最高的一种融资模式，该模式下，有融资需求 的企业可借助对应收账款的转移来获得企业生产经营所需要的资金。近几年，国家 政府加大了对中小企业发展的扶持力度，并十分注重中小企业融资难问题的解决， 促使金融机构对其应收账款融资业务进行了完善。现阶段，应收账款融资模式发展 已比较成熟，这为不少企业缓解融资困境提供了新的思路。 据此，本文将选择中小建筑企业D公司作为研究对象，结合相关的理论知识 来为其设计适宜的应收账款融资方案。文章先分析了D公司的融资现状和存在的 问题，指出该公司实施供应链应收账款融资模式的可行性。随后，文章对应收账款 质押融资、应收账款保理融资以及应收账款证券化融资这三种供应链应收账款融 资模式进行了介绍，并构建起了应收账款融资模式评价体系，从中选择出最适宜D 公司的应收账款融资模式。接下来，针对D企业最优融资模式进行方案设计与实 施操作；最后，根据D企业实施的应收账款融资方案进行效果评价分析。本文通 过理论和案例分析相结合，解决D企业的融资难和应收账款管理问题，使得D公 摘要 司的应收账款管理问题得到了较好的解决，并为同类型企业拓宽融资渠道，提高资 金利用效率，减低资产风险提供了理论与实践层面的参考。 关键词：中小建筑企业，供应链金融，应收账款融资 摘要 ABSTRACT 2020 is important for China, because China will complete the task of building a moderately prosperous society in all respects . In such a critical period, small and medium-sized enterprises can effectively promote economic development., and play an important role in China's structural reform. However, due to the influence of small scale and imperfect internal system and so on, the credit status of most small and medium-sized enterprises is poor. In addition, China's macroeconomic environment also restricts small and medium-sized companies a lot, such as fragile capital chain and easily falling into financing difficulties, which gradually restricts future development of small and medium- sized enterprises. It is emergency for us to provide small and medium-sized enterprises with more convenience in financing. The construction company studied in this paper, as a part of China's small and medium-sized enterprises, is also facing the situation of financing difficulties. With the rapid growth of small and medium-sized construction enterprises, the survival and development of enterprises need support of capital. Capital is the basis of their production and operation activities, which provides guarantee for the sustainable development of enterprises. However, in recent years, due to the industry environment, business mode , internal and external objective environment, the lack of funds has been the bottleneck of development. However, with more and more fierce competition, advance funds has become the main competition mode for construction enterprises to occupy the market. In such a competitive environment, the amount of accounts receivable of construction enterprises is increasing, which leads to more difficulties in the operation of enterprises and restricts the development of enterprises. This is a strict test for small and medium- sized construction enterprises. It is urgent to reform the financing mode of enterprises and put forward new financing methods, so that the healthy development of small enterprises can be guaranteed. Supply chain finance provides companies with a good platform for enterprise financing in the industrial supply chain. Supply chain finance is divided into three financing modes: accounts receivable mode, prepayment mode and inventory mode. Among them, accounts receivable financing mode is the most suitable financing mode for the rapid development of small and medium-sized construction companies. Nowadays, with the government issuing many laws on financing to help medium-sized and small enterprises, the accounts receivable financing business has been improved a lot. Accounts 摘要 receivable financing has developed into a reliable model for medium-sized and small enterprises. In view of the analysis above, the paper takes D as an example, designing the accounts receivable financing scheme suitable for D. First of all, the paper puts forward the following suggestions that D need accounts receivable financing feasibility after analyzing the existing financing problems of D. Secondly, the accounts receivable financing mode including receivable pledge financing, accounts receivable factoring financing, accounts receivable securitization financing. The paper choose an optimal mode for D through the establishment of accounts receivable financing mode evaluation system. Finally, according to the accounts receivable financing scheme implemented by company D, the effect evaluation and analysis are carried out. The paper solves the financing difficulties and accounts receivable management problems of D enterprise through the combination of theory and case analysis. The paper both solves the accounts receivable management problems, and helps small construction enterprises improve capital utilization efficiency, at the same time, reducing asset risk and expanding financing channels, providing theoretical and practical reference for similar problems. Key words: small and medium-sized construction enterprises，supply chain finance，accounts receivable financing 目录 目 录 第一章 绪论................................................................................................................ 1 第一节 研究背景、目的和意义........................................................................ 1 一、研究背景................................................................................................ 1 二、研究目的................................................................................................ 2 三、研究意义................................................................................................ 2 第二节 国内外研究综述.................................................................................... 3 一、中小建筑企业融资现状........................................................................ 3 二、供应链金融研究.................................................................................... 4 三、应收账款融资研究................................................................................ 4 四、融资效率因素研究................................................................................ 7 五、文献评述................................................................................................ 8 第三节 研究内容与技术路线............................................................................ 8 一、研究内容................................................................................................ 8 二、技术路线................................................................................................ 9 三、研究方法......................................................