The Research Of Acoounts Receivable Financing

Asset securitization emerged in the United States around the 1970s and experienced explosive growth,which has gradually become one of the most important financial innovations.Asset securitization,equity financing and bond financing are the three main financing methods.Asset Securitization utilizes separation and reorganization techniques to redistribute the benefits and risks of underlying assets and repay the principal and interest of the issued securities in a predictable cash flow.Such ways obtain financing facilities with higher credit ratings,which can reduce the financing costs of enterprises and increase the value of enterprises,and bring benefits to many parties.China's asset securitization is also in a gradually prospering section.China's macro economy is in a downward trend,as well as the pressure,which is also in a high level.The growth rate of the total transaction volume of many e-commerce companies and Internet consumer finance companies has slowed down,and the industry is competitive and fierce.The Jingdong Group has realized the growth of the transaction amount and the value of the enterprise by launching the white strip business and financing the resulting accounts receivable.Through the case study method,this paper studies the advantages and motivations of JD.com and its accounts receivable asset securitization,the benefits of asset securitization and the reduction of corporate financing costs,as well as the risks associated with the implementation of the reform plan.To conduct a specific analysis.The research results of this paper show that Jingdong group implements a new financing innovation method,namely the special plan of creditor's rights and assets support,which produces the following results:First,the securitization of receivables in white paper supplements the working capital of jingdong and improves the asset structure of the enterprise;Second,the implementation of receivables securitization of ious assets also enables jd to continuously realize the large-scale growth of free cash flow,which is conducive to the continuous improvement of enterprise value.Third,the bond-asset-backed initiative also reduces the cost of financing for companies,allowing them to raise capital at a lower cost.However,there are still risks in the securitization of receivables,and other enterprises should pay attention to whether they can bear corresponding risks while learning from them.