由于传统股权融资及债务融资手段筹措资金的难度不断升级,我国企业经常面临融资的难题。企业资产证券化近几年成为企业越来越重要的融资工具，应收账款类资产证券化的规模和数量也是逐年上升。建筑业为国民经济中的支柱行业之一，对国民经济的拉动起着显著作用。工程承包类企业资金需求大，融资规模呈增长态势，如何用较低成本进行融资成为了此类企业最关注的问题，应收账款资产证券化成为一种新的选择。尽管工程承包类企业进行应收账款资产证券化有盘活资产、扩宽融资渠道、降低融资成本等诸多好处，但是我国开始发展资产证券化起步较晚，实践中暴露出不少风险和问题。同时，国家不断加强金融监管，强调要有效控制证券化风险，使得工程应收账款资产证券化风险控制引发关注。中国电力建设集团作为中国建筑行业的领头军，其融资方案和实施情况都对同行业的融资选择具有借鉴意义。

本文从国君-中国电建2019年工程应收账款资产支持专项计划一期的资产证券化产品个案入手研究，来具体分析工程承包类企业应收账款资产证券化的风险防控，通过从自身风险、运作风险、外部风险三个维度13个风险项，对中国电建应收账款资产证券化风险进行了识别，构建风险评价模型，通过模糊综合评价方法对中国电建应收账款资产证券化风险进行评价，得出其各类风险等级，其中资金混同及破产隔离风险、循环购买风险、建工行业周期性风险处于较高等级，为该ABS关键风险，应重点防范。最后提出了工程承包类企业资产证券化风险防范建议：采用内外部信用增级方式、采取多样化原则、健全企业机制严格把控入池资产质量；改进现金流归集机制防范，设置监管账户办理相关登记；应优化制度，加强风险控制；完善信息披露制度和智能化信息平台建设。以期为同类型资产证券化项目进行风险防范提供参考。

As the difficulty of raising funds through traditional equity financing and debt Financing has been escalating, Chinese enterprises often face financing difficulties. In recent years, enterprise asset securitization has become an increasingly important financing tool for enterprises, and the scale and quantity of accounts receivable asset securitization have also been increasing year by year. The construction industry is one of the pillar industries in the national economy, playing a significant role in driving the national economy. Engineering contracting enterprises have a large demand for funds and a growing trend in financing scale. How to use lower costs for financing has become the most concerned issue for such enterprises, and the securitization of accounts receivable assets has become a new choice. Although the securitization of accounts receivable assets by engineering contracting enterprises has many benefits such as revitalizing assets, expanding financing channels, and reducing financing costs, China started to develop asset securitization relatively late, exposing many risks and problems in practice. At the same time, the country continues to strengthen financial supervision, emphasizing the need to effectively control securitization risks, which has attracted attention to the risk control of engineering accounts receivable asset securitization. As a leader in China's construction industry, China Power Construction Group's financing plan and implementation situation have reference significance for financing choices in the same industry.

This thesis starts with a case study of asset securitization products in the first phase of the 2019 project accounts receivable asset support special plan of the Guojun China Power Construction Corporation. It specifically analyzes the risk prevention and control of accounts receivable asset securitization in engineering contracting enterprises. By identifying 13 risk items from three dimensions of self risk, operational risk, and external risk, the risk of accounts receivable asset securitization in China Power Construction Corporation is identified and a risk evaluation model is constructed, By using the fuzzy comprehensive evaluation method to evaluate the risks of China Power Construction Corporation's accounts receivable asset securitization, various risk levels were obtained, including fund mixing and bankruptcy isolation risks, circular purchase risks, and industry cyclical risks, which are at a higher level. These are key risks for this ABS and should be focused on prevention. Finally, suggestions were put forward for risk prevention of asset securitization in engineering contracting enterprises: adopting internal and external credit enhancement methods, adopting diversification principles, and improving enterprise mechanisms to strictly control the quality of assets in the pool; Improve the prevention of cash flow collection mechanism, establish regulatory accounts for relevant registration; We should optimize the system and strengthen risk control; Improve the information disclosure system and build an intelligent information platform. To provide reference for risk prevention in similar asset securitization projects.