Research On Risk Management Of Internet Consuming Finance Receivables Securitization

The rapid development of the Internet has driven a large number of emerging industries,and has also promoted a large number of mature industries to re-enter the introduction period,including the retail industry.The original retail industry relied on the huge external demand and its big data advantage to obtain a large number of customer resources by means of the Internet e-commerce platform,and expanded sharply.The domestic e-commerce platforms such as Jingdong and Taobao accounted for significant growth in book receivables.With the help of accounts receivable financing has become the norm,including the pledge of accounts receivable,factoring of accounts receivable,securitization of accounts receivable assets and so on.However,the use of accounts receivable rights for financing may face related risks,especially the way in which accounts receivable assets are securitized,which may involve multi-party relationships,and the relationship relationship chain becomes longer.If problems arise,it may lead to economic losses for multiple parties This paper uses the Jingdong Finance-Huatai Asset Management No.18 Jingdong Baitiao Receivable Bond Assets Support Special Plan to study the risks that Internet e-commerce represented by Jingdong may encounter in the process of securitization of accounts receivable assets.Firstly,it introduces the development of research related to asset securitization and the basic situation of Jingdong Baitiao,including the overview of Jingdong World Trade,the connotation of Jingdong Baitiao accounts receivable,and the issuance status of Jingdong Baitiao Asset Securitization.After revealing and analyzing the risks associated with the securitization of Jingdong Baitiao's accounts receivable assets,it should focus on the credit risk of the underlying assets.Secondly,when measuring the risk of securitization of Jingdong Baitiao accounts receivable assets,we use the scenario analysis and stress test methods used by traditional commercial banks to measure the credit risk of non-financial enterprise asset securitization financing.It is an innovation point.After analyzing the measurement results,it is concluded that when studying the risk of securitization of Jingdong accounts receivable assets,the most important risk factor is the credit risk of the underlying assets,that is the receivables,and the increase of the default rate will affect the special plan.Finally,the paper proposes reasonable risk management and control measures for enterprises and official authorities based on the research results.For enterprises,it is necessary to establish and improve the pre-existing customer credit information system,to establish a continuous tracking system,to establish a sound after-the-fact collection system,and to combine with the internal control and risk management systems.For the official authorities,we should actively establish and improve the social credit system.It can be used not only for China's economic investigation,but also for enterprises to provide relevant services;to establish and improve the relevant laws and regulations system for asset securitization,to achieve legal compliance,to have laws to follow;to enhance the activity of the asset securitization market,and to introduce new market makers and investors;vigorously cultivate financial comprehensive talents to adapt to the rapid development of the securitization market.