论实体企业应收账款资产证券化的风险与定价

The Risk and Pricing of Trade Receivables Securitization

应收账款资产证券化作为实体企业一种新兴的结构融资方式,微观上拓宽了企业的融资渠道,有助于改善企业的财务状况,宏观上则可以进一步完善和丰富我国的资本市场。本文在剖析实体企业应收账款资产证券化特点的基础上,重点研究了应收账款资产证券化的主要风险,并对其进行量化分析,以探索在当前次贷危机影响下应收账款资产证券化风险定价的新思路。

As a kind of structured financing mode, trade accounts receivables securitization can extend the fnndraising ways for enterprises and improve financial situation. Meanwhile, it can regulate capital market. Based on the characteristics and operation mechanics of trade accounts receivable backed securitization, the paper analyzes the important risks that may occur during the progress of receivables securitization. Furthermore, a pricing model can be constructed in order to discover the most suitable pricing of receivables securitization.