Research On Jingdong Baitiao Receivables Asset Securitization

With the development of mobile Internet technology and the improvement of people's consumption power and changes in consumer attitudes,it has brought certain development space for the Internet consumer finance industry.As a consumer finance business for individual consumers,Jingdong Baitiao provides credit purchase services with"first consum ption,post payment".At the same time,these large,small,scattered and less liquid accounts receivable were deposited inside the company,which brought financial pressure.Therefore,the asset securitization business provides a feasible solution for revitalizing this part of the less liquid financial assets.This paper selects the typical case of Jingdong Baitiao accounts receivable asset securitization,and uses the case study method to briefly discuss the basics of Jingdong Baitiao business based on the theory of risk isolation,future cash flow principle,asset portfolio principle and credit enhancement principle.The situation and the operation process of JD.com's accounts receivable securntization,analyzes in detail the motivation and economic effects of JD.com's asset securitization,and analyzes the"Jingdong Baitiao"accounts receivable from three aspects:promoters,investors and capital markets.The proceeds from securitization of assets;from the aspects of credit risk,transaction structure,asset quality transfer and prepayment,analyze the risks brought by Jingdong Baitiao Asset Securitization.Based on the case analysis of Jingdong Group's accounts receivable financing model,this paper believes that Jingdong Group will launch the shopping method of Jingdong Baitiao,and at the same time drive the sales growth of Jingdong Mall,it will also package the accounts receivable due to Jingdong Baitiao.The securntization financing method supplements the liquidity of the enterprise and improves the asset structure,thus ensuring the rapid growth of the free cash flow of Jingdong Group and facilitating the further development of the enterprise.This paper believes that the successful issuance of JD's accounts receivable asset securitization is mainly due to its high.quality basic assets,a sound supply chain system,the advantages of building a risk control system with a big data model,and the transaction structure of recurring purchases;There are also deficiencies in the models,such as insufficient liquidity of asset-backed securities and rigid redemption issues.Enterprises that implement the securitization of accounts receivable in the future have certain enlightenment significance.