A Case Study On E-commerce Consumer Financial Asset Securitization Model With JingDongBaiTiao As An Example

The biggest advantage of Internet consumer finance based on e-commerce compared to traditional consumer finance lies in its ability to serve "long-tailed users",at a very low marginal cost due to the“low-margin" features of Internet technology.There are also some weak links that restrict its development.,the most prominent one is the Electronic Commerce Company compared to other consumer financial entities such as traditional commercial banks and licensed consumer finance companies are in a weak position on the fund side.In this situation,using financial assets generated by Internet e-commerce in consumer finance business as basic assets,the use of Asset-Backed Securitization(ABS)to expand financing channels has provided a new way of thinking for solving the disadvantages of e-commerce funds.However,there are significant differences in the characteristics of credit assets and general credit assets generated by Internet e-commerce companies engaging in consumer finance,which are mainly reflected in the fact that e-commerce consumer financial assets have small individual amounts,but the total amount is huge,and the duration is short.Therefore,exploring an effective innovation model combining e-commerce consumer finance with ABS has considerable practical significance for the development of the Internet consumer finance industry.Firstly,this paper expounded the theoretical basis and related research results of internet consumer finance and asset securitization.Secondly,the article briefly introduces and analyzes the current situation of the development of e-commerce consumer financial asset securitization.Then,this paper uses the JD White Bar Special Plan as a case,studies the causes of asset securitization financing,risk management,the operation of dynamic asset pools,and the transaction and liquidation of asset backed securities.Finally,the article puts forward policies recommendations based on summarizing case studies.From the basic theory and representative cases,this paper systematically analyzes the special plans for the Jingdong ABS,it pointed out that the use of e-commerce consumer financial assets as basic assets and the use of cyclic purchasing to build dynamic asset pools and other models have important implications for the development of the Internet consumer finance industry.But there also some deficiency such as lack of liquidity complement mechanism and the difficulty of real assets entering the pool at the legal level.In light of the inspiration and inadequacies of the case,the article puts forward proposals such as further improving credit information channel construction and promoting the improvement of the asset securitization market from the e-commerce company and the government level.