With the deepening of power market reform and the acceleration of new power system construction, the scale of accounts receivable in power enterprises has shown a sustained growth trend. In this process, the superpositions of credit risks, liquidity risks and policy risks poses severe challenges to the capital chain security of power enterprises. This paper analyzes the risk characteristics and causes of accounts receivable from multiple perspectives, proposes management upgrades through measures such as optimizing credit management, strengthening internal controls, and selecting optimal strategies, and focuses on discussing the application value of new financial instruments such as factoring business, asset securitization (ABS), and blockchain technology in risk management and capital efficiency. The research provides theoretical guidance for power enterprises to achieve sustainable and high-quality development.