Risk Control Of The Accounts Receivable Backed Securitization

This paper chooses the first domestic securitization products based on the accounts receivable of Internet telecom,that is the Accounts Receivable Backed Securitization of JD,due to the short duration of accounts receivable and fast speed of turnover,this case adopts the circular transaction structure in order to match the period between accounts receivable and securities.This article applies the relevant theories of the asset backed securitization to analyze this case,first introduces the current development of asset backed securitization in our country and JD's overall business performance;then analyzes the distribution,transaction structure and underlying assets;and then analyzes the motivation of the financing,the source of the risk,the way of risk diffusion,the existing risk management measures and the existing problems,the source of the risk mainly includes the risk of the underlying asset and the risk of securitization;the results show that the risk of the Accounts Receivable Backed Securitization of JD is small and risk control measures are feasible;finally,it reveals the obstacles for the development of accounts receivable securitization and puts forward some suggestions on enterprises and regulatory department.Enterprises should establish strict standard about the asset,strengthen the management of accounts receivable and take a variety of credit enhancement measures,etc.Regulators should improve the information disclosure mechanism of asset backed securitization,integrate asset backed securitization market and rich investor groups,etc.