Research On JingDong BaiTiao Asset Securitization

Asset securitization is a new type of financing channel.It needs lower financing cost.Since it was recovered in China in 2010,it has been widely used in the financing activities of banks and enterprises,attracting the attention of many scholars.In recent years,e-commerce enterprises are facing a common problem that e-commerce market is gradually becoming saturated.While enterprises increase their operating income through issuing consumer financial loans,those loans also caused problems such as weakening of asset liquidity.Facing the difficult circumstances of traditional financing,Jingdong enterprises have innovatively transformed a large amount of overstocked creditor's rights assets into cash assets with strong liquidity through asset securitization,this act solves a series of problems brought about by “Baitiao” business.By analyzing the first phase of Jingdong's targeted plan for creditor's rights and asset support,this paper attempts to understand the impact of this special plan on enterprises,so as to have a clear aim and provide experience and suggestions for other e-commerce companies which will use asset securitization later.This paper uses the following tools:(1)Combining theory with cases,this paper selects the e-commerce enterprise Jingdong Asset Securitization Financing Event as a case entry point,combining theoretical knowledge,to analyze the process and motivation of the project implementation;(2)Financial comparative analysis,which compares the changes of Jingdong's financial indicators in profitability,debt paying ability and operating ability from horizontal and vertical perspectives;(3)Method of literature researching.Through reading relevant materials,summarizing and sorting out,this paper will understand the application of asset securitization in general enterprises.First of all,this paper analyzes the participating organizations and processes of " Jingdong Baitiao" receivables asset securitization project.Secondly,the case of Jingdong is analyzed from the motivation,scheme and effect.This paper analyzes the motivation of Jingdong Mall 's issuance of asset-backed securities from the perspectives of cost and risk,analyzes in detail the significance of some important links in the targeted plan,and it is also based on the financial and non-financial aspects to analyze the effect of enterprise securitization to fully demonstrate the advantages of asset securitization for enterprise financial and strategic development.Finally,combined with the above analysis,this paper points out lessons that other e-commerce enterprises can draw from the case of Jingdong.In view of the imperfection of laws exposed by Jingdong targeted plan,it calls on relevant financial regulatory agencies to manage the securitization market with the principle of putting in place regulations to promote the healthier and more active development of the securitization market.