会计学院知识库

　近年来，健康问题成为国家关注的重点民生问题之一。在此背景下，健康产业布局的日趋完善，不仅增加了医药行业的投资潜力，也进一步促进了我国医药市场规模的稳步扩大。但受到宏观经济条件及医药行业政策调整因素影响，意味着医药流通也被迫经历新的变革期。特别是对处于中间环节的经销商企业来说，不仅须向上游供应商支付高额预付账款，还要独自承担下游客户的应收账款，长期面临着融资难题和巨大的资金压力。在此种形势下，资产支持票据凭借能盘活大额应收资产、提升资金周转等明显优势，有助于形成多方共赢的多元化健康生态，因此被逐渐引入医药流通企业。
    本文借助案例研究法，选取医药流通行业民营类龙头企业——九州通医药集团作为案例公司，以其2021年度第一期资产支持票据（简称为“21九州通ABN001”）为研究案例，对其开展风险管理研究。首先，研读并梳理相关文献综述和基础理论，为后续研究奠定基础。其次，介绍公司应收账款和现金流等基本情况，并对资产支持票据的实施动因、运作情况、实施效果等进行分析和评价，发现实施资产支持票据对融资成本的降低优势明显。之后，进一步探讨本期资产支持票据的风险管理情况，按照风险管理流程先识别风险，后借助模型进行风险评估，并在风险防控方面提出风险防范与控制建议。最后，在上述分析和评价基础上，得到相应结论并针对研究不足提出展望。
    经研究得出的结论有：九州通2021年第一期应收账款资产支持票据风险来源广泛且复杂。对于九州通而言，实施本期资产支持票据证券化很难显著提升其风险管理效果，风险管理水平存在优化空间。针对已知风险来源，从提升运营能力、分散基础资产、完善交易结构、落实信用监测等方面多措并举，有助于提升九州通风险管理的可行性和有效性。
 

In recent years, health has become one of the key livelihood issues of national concern. In this context, the increasingly perfect health industry layout not only increases the investment potential of the pharmaceutical industry, but also further promotes the steady expansion of China's pharmaceutical market scale. But by the macroeconomic conditions and the pharmaceutical industry policy adjustment factors, means that the circulation of medicine is also forced to experience a new period of change. Especially for the distributor enterprises in the intermediate links, not only to the upstream suppliers to pay a high amount of prepaid accounts, but also alone to bear the downstream customer accounts receivable, long-term financing problems and huge capital pressure. Under such circumstances, support notes have been gradually introduced into pharmaceutical distribution enterprises because they can revitalise large receivable assets, improve capital turnover and other obvious advantages, and help to form a diversified and healthy ecology with win-win situation for all parties.
    With the help of the case study method, this paper selects the leading private enterprise in the pharmaceutical distribution industry--Jointown Pharmaceutical Group as a case study company, and takes the first issue of asset-backed notes for the year 2021 (referred to as “21Jointown ABN001”) as a case study to carry out risk management research on it. Risk management research is carried out on it. Firstly, relevant literature review and basic theories are read and sorted out to lay the foundation for the subsequent research. Secondly, it introduces the basic situation of the company's accounts receivable and cash flow, and analyses and evaluates the motivation, operation and effect of the asset-backed notes, and finds that the implementation of the asset-backed notes has obvious advantages in the reduction of financing costs. After that, the risk management of the asset-backed notes is further explored, risks are first identified in accordance with the risk management process and then assessed with the aid of models, and some proposals are made in respect of risk prevention and control. Finally, based on the above analyses and evaluations, the corresponding conclusions are obtained and the outlook is proposed for the shortcomings of the study.
    The conclusions drawn from the study are as follows: The sources of risk of the first tranche of Jointown 2021 Accounts Receivable Asset-Backed Notes are extensive and complex. For Jointown, the implementation of the securitisation of the current issue of asset-backed notes can hardly significantly improve its risk management effect, and there is room for optimising the level of risk management. With regard to the known sources of risk, the implementation of various measures in terms of improving operational capability, diversifying underlying assets, improving transaction structure and implementing credit monitoring will help to enhance the feasibility and effectiveness of the risk management of Jointown.