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论文编号：	10170
作者编号：	2120132694
上传时间：	2018/6/11 10:15:16
中文题目：	新能公司应收账款融资研究
英文题目：	Research on Accounts Receivable Financing of XinNeng Company
指导老师：	王全喜
中文关键字：	中小企业；应收账款融资；融资效率；保理融资
英文关键字：	SMEs; Accounts receivable financing; Efficiency of financing; Factoring
中文摘要：	一方面，目前国内经济增速放缓，各行业的产能相对过剩，企业为了应对激烈的市场竞争，普遍采用了信用销售的方式。赊销额度提高、回收期限延长，导致企业积压的应收账款余额上升，使企业面临严重的流动性压力，同时也使企业承担了较大的财务风险。我国企业应收账款的规模较大且逾期问题较为普遍，这将严重影响企业的资金周转和生产运营。另一方面，我国的金融体系存在一定缺陷，资本市场发展不完善，直接融资发展相对缓慢，企业的融资渠道狭窄，融资来源绝大多数是银行贷款且以固定资产抵押贷款为主。中小企业因其规模小、经营风险高，缺少可供抵押的固定资产，加之信息不透明、财务制度不健全等内部原因，取得银行贷款的难度较高。“融资难”导致中小企业流动资金不足、抗风险能力弱，在较长时期内限制了中小企业的持续发展。中小企业普遍面临较为严峻的融资困难问题，在应收账款规模增大、回收期限延长、逾期问题恶化的背景下，以科学的方法利用应收账款融资对促进中小企业发展有重要意义。作为缓解中小企业融资困难的有效手段，应收账款融资已经成为国际上中小企业的主要融资方式之一。由于市场经济发达、金融体系完善、管理经验丰富，国外学者对动产担保融资理论和应收账款融资理论的研究起步较早。国外学者对应收账款融资的研究取得了丰硕的研究成果，己从各个角度探究了不同的应收账款融资方式，相关理论研究相对成熟，实践中也出现了很多成功运用的案例。我国的应收账款融资业务起步较晚，国内学者在应收账款融资领域的探究相对较迟。由于缺少与应收账款融资相关的案例研究，虽然国内的研究从理论上提供了中小企业运用应收账款融资的方法和策略，但对中小企业来说仍缺乏指导应收账款融资实践的有价值的建议。本文以中小型金属制品企业——新能公司作为研究案例，立足公司的财务状况和融资环境展开研究，结合数学模型对现有应收账款融资方式进行理论分析，研究的结果具有针对性，可以为企业的融资活动提供决策支持；对于该企业提高应收账款管理水平、优化财务结构、解决融资困难有一定的指导意义，对于同样面临融资困难的其它中小企业也有一定的参考价值。 本文结合新能公司的经营情况，对公司的融资环境和融资需求作出分析，通过研究不同融资模式下企业的融资效率，得出与新能公司选择融资方式相关的结论和建议，具体的研究内容如下：第一章是绪言部分，笔者首先介绍了研究的选题背景和意义，在回顾大量相关领域的研究文献之后，对现有应收账款融资领域的研究进行了总结，并据此提出了本文的研究方法和研究思路。第二章是应收账款融资的相关理论概述。对不同的应收账款融资模式以及进行应收账款融资的风险做了详细解读。第三章阐是案例分析部分。该部分分析了新能公司的财务状况，指出了企业在应收账款管理中存在的问题，并论证了企业利用应收账款进行融资的可行性。第四章是针对新能公司选择应收账款融资方式建立的数学模型。笔者对三种融资模式作了详细的对比分析，通过数据的运算和结果的综合对比，为新能公司选择了合理的应收账款融资模式，并展示了实施该方案的预期效果。第五章是对于新能公司实施应收账款融资的实施建议。本部分基于前文融资效率的分析，结合新能公司的融资环境，针对公司在应收账款管理和融资管理方面存在的问题，为新能公司实施应收账款融资提出了较为具体的建议和措施。第六章是本文的主要结论以及对未来研究的展望。应收账款融资作为一种新兴的融资模式，是解决中小企业融资困境的一条有效途径。根据本文的研究，笔者认为新能公司在目前的财务状况下应当进行应收账款保理融资，并应优先选择无追索权的保理方式。首先，新能公司属于高成长型企业，具备良好的盈利能力和发展潜能，但获取现金流量的能力较弱。新能公司的流动资金紧张，而且应收账款占比过重，利用应收账款进行融资是必要的。新能公司的应收账款具有基数大、质量好、账龄短的特点，结合外部融资环境对应收账款融资的支持来看，新能公司实施应收账款融资具有可行性。其次，笔者运用层次分析与模糊评价相结合的方法，基于新能公司的现实状况，构建了新能公司应收账款融资方式选择模型，从评判融资效率的角度出发，比较分析了应收账款质押融资、保理融资和证券化融资这三种主要的应收账款融资方式。从综合评价结果以及预期效果来看，新年公司的最佳应收账款融资方式为不附带追索权的保理融资。最后，新能公司在应收账款管理和融资管理方面存在问题，实施应收账款融资时难免会遇到一些阻碍。为了在最大程度上保证企业应收账款融资的顺利开展，笔者建议：新能公司应从内部完善对应收账款和应收账款融资的管理制度，在具体工作中采用先进的管理方式和科学的管理手段，并且重视相关专业人才的培养与聘用；同时，企业应建立良好的外部合作关系，与金融机构共享信息、协同发展，在互利共赢的基础上推动应收账款融资产品的发展和创新。由于本文的写作过程比较仓促，对相关理论及文献进整合研究的深度不足。笔者对专业知识的掌握程度有限，理论基础与实践经验均有欠缺，所以对于应收账款融资的研究还需从融资理论与实务细节进行深入探讨。本文选用的模糊综合评价法具有一定的主观性，在后续的研究中希望可以凭借更加准确的方法对企业的融资效率进行评估。由于没有得到企业开展应收账款融资后的真实数据，本文只对新能公司应收账款融资的预期效果进行了粗略的分析，提出的建议和措施也不够具体详尽。在后续研究中如果可以获取新能公司进行应收账款融资后的相关财务数据，则可以进一步验证应收账款融资对企业发展的促进作用。
英文摘要：	On the one hand, the domestic economic growth rate is slowing down, and the production capacity of various industries is relatively surplus. In order to cope with the fierce market competition, enterprises generally adopt the way of credit sales.Extended credit limit increase, recycling, lead to the backlog of accounts receivable balances rise, make the enterprise faced serious liquidity pressures, but also make the enterprise bear the greater financial risk.The large scale of accounts receivable and overdue problems are more common in our country, which will seriously affect the capital turnover and production operation of enterprises. On the other hand, there are some defects in our country's financial system, imperfect capital market development, the development of direct financing is relatively slow, enterprise's financing channel is narrow, financing source is the vast majority of bank loans and give priority to with fixed assets mortgage.Small and medium-sized enterprises because of its small size, high management risk and the lack of fixed assets, available for mortgage and information opaque, financial system is not sound internal reasons, such as bank loans more difficult.The "financing difficulty" causes the small and medium-sized enterprises to have insufficient liquidity and weak risk tolerance, which has limited the sustainable development of small and medium-sized enterprises for a long period of time. Small and medium-sized enterprises are faced with more severe financing difficulties.In the context of the increase of receivables, the extension of the recovery period and the deterioration of overdue problems, it is of great significance to promote the development of SMEs by using the financing of accounts receivable in a scientific way.As an effective means to alleviate the financing difficulties of SMEs, accounts receivable financing has become one of the main financing methods of SMEs in the world.Due to the developed market economy, perfect financial system and rich management experience, foreign scholars started early in the research on the theory of chattel guarantee financing and the theory of receivables financing.Foreign scholars study of accounts receivable financing has achieved fruitful research results, have from different angles to explore the different ways of accounts receivable financing, the relevant theoretical research is relatively mature, also appeared a lot of successful cases in the practice.In China，accounts receivable financing business started relatively late, and domestic scholars have been relatively late in the field of accounts receivable financing.Because of a lack of case studies related to accounts receivable financing, while domestic research theoretically provides the methods and strategies of SMEs use accounts receivable financing, but still lack of guidance and valuable Suggestions. XinNeng is a small and medium sized metal products enterprise, this paper chooses it as the research object.Based on the company's financial position and the financing environment study, combined with the mathematical model of existing accounts receivable financing theory analysis, the results of the study targeted, can provide decision support for enterprise's financing activities.It has certain guiding significance for the enterprise to improve the management level of accounts receivable, optimize the financial structure and solve the financing difficulty.The conclusion of this study is of theoretical guidance and can be used as a reference for SMEs with similar operating conditions. This paper analyzes the financing environment and financing needs of XinNeng company based on the operation of the company.By studying the financing efficiency of enterprises in different financing modes, the conclusions and Suggestions related to the selection of financing methods are obtained.The first chapter is exordium part, the author introduces the research background and significance of topics, after the review of related research in the field of literature, the existing research in the field of accounts receivable financing are summarized, and accordingly put forward in this paper, research methods and research ideas.Chapter two is an overview of the relevant theories of receivables financing.The different accounts receivable financing mode and the risk of receivables financing are explained in detail.Chapter three explains the analysis case.This part analyzes the financial situation of the XinNeng company, points out the problems existing in the management of accounts receivable, and demonstrates the feasibility of using receivables for financing.The fourth chapter is a mathematical model for the selection of receivables financing.The author of three kinds of financing mode has made the detailed comparison and analysis, through the data operation and results of comprehensive contrast, for the new company chose the reasonable accounts receivable financing, and shows the implementation of the scheme.The fifth chapter is the implementation of the receivables financing.This part based on the above analysis of the financing efficiency, combined with the XinNeng company's financing environment, in view of the company in the accounts receivable management and finance management problems, for the company implementation of accounts receivable financing more concrete Suggestions and measures are put forward.The sixth chapter is the main conclusion of this paper and the prospect of future research. As an emerging financing mode, receivables financing is an effective way to solve the financing dilemma of SMEs.According to the research of this paper, the author thinks that the XinNeng company should carry out receivables factoring financing in the current financial situation, and should give priority to the non-recourse factoring.Firstly, XinNeng company is a high-growth enterprise with good profitability and development potential, but the ability to obtain cash flow is weak.The company's liquidity is tight, and accounts receivable accounts for the overweight, the use of accounts receivable financing is necessary. Base of XinNeng company's accounts receivable has the characteristics of large, good quality, short ages, combined with the external financing environment of accounts receivable financing support, the company is feasible for implementation of accounts receivable financing.Secondly, the author combined use of analytic hierarchy process and fuzzy evaluation method, based on the reality of the company, build a accounts receivable financing mode selection model.By combining the analytic hierarchy process and fuzzy evaluation method, the paper establishes a new efficiency evaluation model of accounts receivable, and compares three main methods of accounts receivable financing: pledge financing, factoring financing and securitization financing.From the comprehensive evaluation result and the expected effect, the best receivable financing method of XinNeng company is the factoring financing without recourse.Finally, In order to guarantee the smooth progress in accounts receivable financing, in view of the company in the accounts receivable management and finance management problems, the author puts forward some suggestions . The company shall perfect the management system of accounts receivable and accounts receivable financing from within, adopt advanced management methods and scientific management methods in specific work, and attach importance to the training and employment of relevant professional personnel. At the same time, enterprises should establish good relations of external cooperation, share information and develop in cooperation with financial institutions and other enterprises in supply chain, and promote the development and innovation of accounts receivable financing products on the basis of mutual benefit. As the writing process of this paper is rather hasty, the research on relevant theories and literature is not enough.The mastery of professional knowledge level is limited, theoretical foundation and practical experience are lacking, so for the account receivable financing research still need details from the financing theory and practice for further discussion.The fuzzy comprehensive evaluation method selected in this paper has certain subjectivity. In the follow-up study, it is hoped that more accurate methods can be used to evaluate the financing efficiency of enterprises.Because didn't get the real data after the enterprise accounts receivable financing, this article only on the accounts receivable financing expected effect are analyzed in rough, put forward the Suggestions and measures are not enough detailed.In the follow-up study, if the company can obtain relevant financial data after the receivables financing, it can verify the promotion effect of receivables financing on enterprise development even more .
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