会计学院知识库

    建筑类企业造血功能不足，关键因素之一在于部分企业回款速度较慢，从而导致企业存货和应收款项的占用一直呈上升趋势。“降两金”通知指出企业需将资产管理看作重要任务，虽然中国资产证券化的发展已较为成熟，但仍需深入探讨导致企业资产流动性差等问题的重要原因。

    中国铁建作为我国资产证券化的典型企业之一，2016年在上交所成功发行应收账款证券化产品（ABS），至2019年资产证券化规模已累计排名央企第一。本文在探讨中国铁建企业概况、资产管理特征及其应收账款资产证券化具体实施过程的基础上。首先，分析企业开展资产证券化活动的外部动因源于国家“降两金”政策的号召，内部动因包括拓宽企业融资渠道、降低企业融资成本、提高企业整体收益。其次，采用事件研究法和模糊综合评价法深入探讨企业进行应收账款证券化短期融资效果和长期融资效果。最后，根据建筑类企业的具体情况，有针对性的提出企业资产证券化实施举措。

    研究表明，中国铁建进行应收账款证券化融资，若资产质量较好，不仅市场会对企业产生正向反馈，而且企业自身综合能力也会得到加强，同时财务报表也会得到改善。因此，本文认为中国铁建选择应收账款证券化这一融资模式，是其当下发展的绝佳选择，对于公司自身而言，该行为是企业进行筹资的新型选择，且能为同行业提供一定的参考。但企业在进行实际操作时，应根据自身情况出发，避免出现过度融资行为而导致泡沫经济。同时，在进行企业证券化融资效果分析时，不应只关注财务报表数据，还应综合企业自身未来发展考虑。

    One of the key factors for the lack of hematopoietic function of construction enterprises is that some of them are slow in collecting payment, which brings about an upward trend in the occupation of enterprise inventory and receivables. The "Reduction of Enterprises' Accounts Receivable and Inventory" notice pointed out that enterprises need to regard asset management as a significant task. Although the development of asset securitization in China has been relatively mature, it is still necessary to give a great attention on the important causes of problems such as poor liquidity of enterprises' assets.

      As one of the typical enterprises of asset securitization in China, China Railway Construction Corporation successfully issued accounts receivable securitization products (ABS) on the Shanghai Stock Exchange in 2016. By 2019, the scale of asset securitization has ranked first among state-owned enterprises. This paper is based on the discussion of the general situation of China Railway Construction Corporation, the characteristics of asset management and the specific implementation process of accounts receivable asset securitization. Firstly, analyzing the external motivation of enterprises to carry out asset securitization activities from the call of the state to reduce corporate accounts receivable and inventory. Secondly, using the fact study method and the fuzzy comprehensive evaluation method to deeply discuss the short-term and the long-term financing effect of the enterprise's accounts receivable securitization. Finally, according to the specific situation of construction enterprises, specific implementation measures of enterprise asset securitization are put forward in targeted.

    The study shows that China Railway Construction Corporation's accounts receivable securitization financing, if the asset quality is better, not only the market will have positive feedback on the enterprise, but also the enterprise's own comprehensive capabilities will be strengthened, and financial statements will also be improved. Therefore, this paper believes that China Railway Construction Corporation 's choice of the financing model of accounts receivable securitization is an excellent choice for its current development. For the enterprise itself, this behavior is a new choice for raising funds, and can provide certain reference for the industry as well. However, in actual practice, enterprises should proceed in the light of their own conditions to avoid excessive financing behaviors and lead to a bubble economy. At the same time, when analyzing the effect of enterprise securitization financing, the financial statement data should not only be focused on, but also consider the future development of the enterprise itself.