Analysis On The Case Of Jingdong Baitiao Asset Securitization

In the 14 years since China issued the first ABS securitization product in 2005,the asset securitization business in China has entered a rapid development period from the pilot stage,which can be seen from the growth rate of this business.As of the first half of 2017,both the total amount of asset securitization products and the market stock of asset securitization products in China have increased by a large margin compared with the same period,with an increase of more than 65%.Today,with the hot development of asset securitization,Internet enterprises have begun to implement asset securitization projects one after another.The characteristics of the basic assets of JD.com baitiao are the most suitable for asset securitization business.Internet consumer securitization of financial assets to carry out the business,its role is the ability to fully activate the precipitation in the Internet consumer financial assets,expanding the Internet consumer finance company's funding sources,with the Internet platform as a intermediary,to provide quality consumer credit assets on the asset side,on capital docking liquidity larger capital,to better promote the financial innovation of science and technology and the further development of the Internet consumer finance.This paper selects the first domestic securitization product based on Internet e-commerce receivables--"JD.com Baitiao receivables creditor's rights and assets support special plan" for research,hoping to take this as a breakthrough point and play a certain guiding role in the process of asset securitization financing of the entire Internet financial industry.Through the in-depth analysis of this case,the motivation,product content,main risks,corresponding prevention and control measures and the impact after the implementation of this project are analyzed,so as to obtain certain experience and inspiration for Internet enterprises planning to implement asset securitization project in the future.This paper adopts the method of combining theoretical analysis and case analysis to explore the related problems of JD.com Baitiao asset securitization.Firstly,on the basis of relevant literature research at home and abroad,this paper analyzes the motivation,operation mechanism,risk determinants and related risk control measures of listed companies to implement asset securitization and their impact on companiesAfter the completion of the above theoretical foreshadows,this paper takes "JD.com Baitiao" receivables asset securitization project as an example to conduct a specific analysis.Firstly,it introduces the development status of asset securitization in China and the general situation of jingdong group as the original owner of the special plan.Then,the paper introduces the scale,main participants,bond structure,transaction structure and process as well as internal credit increasing measures of jingdong baitiao in detail.After that,it focuses on the analysis of the motivation,risk sources and influence of jingdong group's choice of asset securitization financing,existing risk management measures and the influence after asset securitization.The analysis shows that the special plan has little risk,the risk control measures are practical and feasible,and asset securitization has achieved good results.Finally,the paper deduces and summarizes the reasons for JD.com Baitiao's successful implementation of asset securitization,and puts forward Suggestions for enterprises and regulatory authorities to better develop asset securitization in the future.Finally,it is the summary and inspiration of this case.Through the analysis of the case,this paper concludes the following reasons for the successful implementation of asset securitization by JD.com Baitiao: the enterprise has a good financial situation and credit rating;Enterprise managers choose the right time to carry out asset securitization;The excellent securitized products reduced the repayment pressure of enterprises and the enterprises conducted better risk control during the period of securitization.In addition,the following enlightenment is obtained: good financial condition is the premise of asset securitization;The development of capital market can help the securitization of enterprise assets;Proper credit raising measures are important factors for the smooth implementation of asset securitization.Perfect corporate governance is the key to improve the performance of enterprise asset securitization and perfect relevant policies and regulations is a strong guarantee for the implementation of asset securitization.Driven by various internal and external favorable factors,China's asset securitization will enter the next developmentclimax and become an important force to promote China's economic development.China needs to strengthen the further research and management of asset securitization,so that while effectively controlling its risks,we can better make such financial instruments serve the financial market.Based on Chinese e-commerce enterprises,this paper studies the financing problems in the process of JD.com Baitiao asset securitization,which has the following practical significance:(1)take jingdong baitiao as an example to develop a reasonable financing plan of asset securitization for e-commerce enterprises,improve the financing efficiency and increase the liquidity of enterprise assets to provide decision-making basis;(2)through in-depth analysis of the case,explore the impact and risk of jd group's receivables financing innovation,so as to provide reference for jd group's subsequent financing plan;(3)it is helpful for investors to comprehensively and correctly interpret the content of enterprise asset securitization program and make reasonable investment decisions based on the fundamental situation of the company,so as to realize excess returns.