The Operation And Risk Analysis Of Receivable Asset Securitization Of Business Factoring

In recent years,with the gradual improvement of factoring regulatory policies,the development of the factoring industry has been greatly enhanced.The key indicators such as business volume and financing balance in the industry have doubled in the several years,providing important support for the development of SMEs in China.However,the commercial factoring industry is facing many problems that cannot be ignored,the ineffective financing channels have seriously hampered the development of commercial factoring companies.In 2016,JD Finance has successfully issued the factoring asset-based securities,offering a new channel for commercial factoring companies.The underlying assets of the securities are directly connected to the creditor's rights of Jing Bao Bei,a finance business provided by Shanghai Banghui Commercial Factoring Co.,Ltd.as a subsidiary of JD Finance.It will be helpful to promote the development of the commercial factoring industry.From the perspective of the Internet commercial factoring business,this paper analyzes the risk of the securitization of commercial factoring assets in China by means of case study,qualitative and quantitative research methods.Firstly,this article introduced the domestic and foreign scholars' research on factoring business,and then introduced the “JD Financial Factoring ABS” as the case background,introduced relevant product information,and the paper derive the potential risks of issuing asset-backed securities by analyzed the operating way in the factoring company.In order to achieve the purpose of risk identification and risk management,the paper also evaluates the risks of the underlying asset pool from the aspects of prepayment,credit and interest rate.Finally,it puts forward corresponding risk prevention ideas and solutions that need attention in the development of China's commercial factoring industry.