会计学院知识库

摘  要

  随着我国医改的不断深化，医药流通行业的集中度在不断增强，医药流通企业间的竞争也在不断加剧，这使得该类企业中原本就存在的应收账款回款期长、资金周转困难等问题愈发严重。而应收账款证券化作为一种新型的融资方式，可以将企业的应收账款变成银行存款，或成为解决医药流通企业“痼疾”的“良药”，医药流通企业采用应收账款证券化进行融资对于解决现实问题具有重要意义。

  文章运用案例研究法，以国内第一家A股上市的医药流通类企业南京医药股份有限公司为研究案例，探究其进行应收账款证券化融资的效果。首先，对相关文献及理论进行了梳理，为案例研究做好准备。其次，介绍了公司的基本情况，结合公司内部和外部环境，分析了公司进行应收账款证券化的动因，并介绍了发行产品的基本情况和交易结构。再次，通过相关数据对其融资效果进行分析，主要围绕融资成本、融资风险、市场绩效、财务绩效四方面展开，发现应收账款证券化融资可以降低融资成本，降低财务风险，提升股票价格，增强企业盈利能力，提高企业营运能力。但在改善企业偿债能力方面表现不佳，同时在基础资产、交易结构等方面存在潜在风险。然后，经过深入分析后发现是因为存在发行规模较小等问题，并提出了应该采取储架发行模式等优化措施。最后，在上述分析和评价的基础上，得出相应结论并对今后的相关研究做出展望。

  研究表明：南京医药应收账款证券化对企业融资成本、融资风险、市场绩效、财务绩效均存在有利影响，其方案设计及执行过程中的操作细节对同行业企业具有借鉴价值。同时，其设计及实施过程中也存在发行规模较小等问题，需要进一步采取优化措施。

关键词：应收账款证券化 融资效果 融资风险 南京医药

Abstract

  With the deepening reform of China's medical and health system, the concentration of the pharmaceutical distribution industry is increasing, and the competition among pharmaceutical distribution enterprises is intensifying, which makes the problems of long payback period of accounts receivable and difficulty of capital turnover that already exist in such enterprises more and more serious. The securitization of accounts receivable, as a new financing method, can turn the enterprise's accounts receivable into bank deposits, which may become a "cure" for the "chronic problems" of pharmaceutical distribution enterprises. It is of great significance for pharmaceutical circulation enterprises to use accounts receivable securitization for financing to solve the real problems.

  The article uses a case study method to investigate the effect of securitization of accounts receivable on the financing of Nanjing Pharmaceutical Co., Ltd., the first domestic A-share listed pharmaceutical distribution company. First, the relevant literature and theories are reviewed to prepare for the case study. Secondly, it introduces the basic situation of the company, analyzes the motivation of securitization of accounts receivable in the light of the internal and external environment of the company, and introduces the basic situation and the transaction structure of issuing products. Again, the article analyzes its financing effects through relevant data, mainly focusing on four aspects: financing cost, financing risk, market performance and financial performance, and finds that accounts receivable securitization financing can reduce financing cost, reduce financial risk, improve stock price, enhance corporate profitability and improve corporate operating capacity. However, it performs poorly in improving the solvency of enterprises, while there are potential risks in the underlying assets and transaction structure. Then, after an in-depth analysis, it is found that it is due to the existence of problems such as small issue size, and optimization measures such as the storage shelf issue mode should be adopted are proposed. Finally, based on the above analysis and evaluation, corresponding conclusions are drawn and prospects for future related research are provided.

  The study shows that the securitization of accounts receivable of Nanjing Pharmaceutical Co., Ltd. has a favorable impact on the financing cost, financing risk, market performance and financial performance of the enterprise, and the operational details in the design and implementation of the scheme are of reference value to enterprises in the same industry. At the same time, there are problems in its design and implementation process such as small issue size, which need further optimization measures.

Keywords: Accounts receivable securitization; Financing effect;  Financing risk; Nanjing Pharmaceutical Co., Ltd.

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