应收账款融资的制度选择及风险防范——金融危机背景下的反思

应收账款融资在我国有广阔的发展前景，但美国金融危机的爆发却提醒我们金融创新中的信用风险如影随形。在肯定应收账款担保融资与应收账款转让融资两类基本的融资方式后，也要根据各种融资方式风险大小的不同，为其设置相应的风险防范机制。特别是在以交易未来为本质特征的转让融资中，要尽力确保未来利益的顺利变现。美国金融危机虽为应收账款证券化敲响警钟，但我国仍应肯定这种融资方式，惟在制度设计上要注意自由、效率与安全的平衡。

On System Selection and Risk Prevention of Accounts Receivable Financing

There are broad prospects for the development of accounts receivable financing in China.However,the outbreak of financial crisis in the USA reminds us of the risks accompanied with financial innovation.After affirming the pledge and the assignment of accounts receivable,risk prevention systems should be adopted according to the different risks of different means.Especially in assignment of accounts receivable,which is characterized by trading future benefits,it is necessary to assure the future benefits can...