标题：Research on the Innovation of Supply Chain Financial Operation mode in the Pharmaceutical Circulation Field---Taking the Accounts Receivable Securitization as an Example
摘要：In recent years, the scale of China’s pharmaceutical circulation market has continued to expand, and the government has issued relevant policies to regulate the market. For example, the implementation of two-vote system has led to the increase of accounts receivable of pharmaceutical circulation enterprises year by year with a decrease of accounts receivable turnover rate and an increasing pressure of capital turnover. The enterprise accounts receivable securitization is an important way for enterprises to broaden financing channels, reduce financing costs, revitalize existing assets and improve the efficiency of asset use, while the securitization of statement type assets is the only standardized financial tool to reduce the leverage ratio of enterprises and realize financial optimization. Asset securitization can relieve the pressure of capital turnover and reduce the cost of financing. The case analysis part of this paper analyzes the factors that promote the financial innovation of enterprise’s supply chain from the macro and micro perspectives. And also from the perspective of the capital demand of upstream and downstream enterprises, this part analyzes the motivation of developing supply chain financial innovation. the innovation of supply chain financial operation mode.
