Jingdong White Bar Accounts Receivable Assets Support Securities Case Analysis Of Pricing

The development of Internet consumer finance has changed people's lifestyles.Online consumption as a new type of consumption has greatly facilitated people's daily lives.In order to compete for customers,all e-commerce platforms have implemented consumer credit services in certain ways,such as Jingdong white bar of Jingdong Mall,Huali of Alipay,and Vipshop of Vipshop.However,the company's own funds are limited,which restricts the development of consumer credit business.Therefore,the company has implemented the asset-backed securities special plan for financing,effectively solving the problem that e-commerce companies such as Jingdong are difficult to develop in the consumer finance field due to shortage of funds.The article selects the first case of asset securitization implemented by China's e-commerce enterprises,namely,the Jingdong White Bar Accounts Receivables Assets-backed Securities Special Plan.Its successful implementation has acquired the new financing method for e-commerce enterprises to use asset securitization.Funding has important guiding significance.The context of this paper is as follows.Firstly,it introduces the basic assets of the special plan—Jingdong White Bar.Secondly,it briefly introduces the special plan and its transaction structure,and analyzes the aging and scale of Jingdong White Strip accounts receivable.The feasibility of implementing this special plan by Jingdong Century Trading Co.,Ltd.In the core part of the article,it analyzes the impact of JD's implementation of the special plan on financial indicators,and further studies how JD uses funds obtained through the sale of accounts receivable claims.Then it analyzes the reinvested income of the enterprise,the cost of securitization,and the cash outflow and inflow for the enterprise due to participation in the asset securitization process,and then uses the adjusted net present value model to implement the asset-backed securities project.The cost and benefits determine the maximum interest payment rate acceptable to the company,in order to provide a decision-making guideline for the company to re-implement the special plan for accounts receivable asset-backed securities.This paper also uses the data of Jingdong Baitiao Assets Support Securities to verify the model,which shows that it is reasonable for Jingdong World Trade to implement the asset securitization project.