Study On Risks And Countermeasures Of Receivables Securitization Of JD Group

Asset securitization in our country started late compared with developed countries overseas,with the steady development of Chinese economy,assets securitization in our country also gradually mature,its products are not only various kinds,and design structure is more complex,people's cognition of asset securitization products also increase greatly.As the popularity and development of the Internet has become one of the major trends in China,the consumer financial market has gradually become internet-based.While generating a lot of convenience,it is still difficult to solve the financing problems.Undoubtedly,the development of asset securitization has opened up a new channel for it to solve the financing difficulties.Nowadays,the use of receivables asset securitization for financing has become the way for many enterprises to solve the financing difficulties.Accounts receivable securitization belongs to the category of credit asset securitization.Its essence is to use the qualified accounts receivable in the hands of enterprises to package and sell the securitization business for financing,so as to improve the liquidity of enterprise assets,reduce financing costs and optimize the structure of enterprise assets and liabilities.In October 2015,JD group successfully issued the accounts receivable asset support special plan,which was mainly set up for the accounts receivable formed by the white receipt business of JD within the group.It is the first Internet financial asset securitization product in China.Due to the addition of receivables securitization products,the liquidity of enterprise assets has been greatly improved,which has promoted the rapid development of JD's ious business.However,due to the development of receivables securitization,it also brings a lot of risks to enterprises,investors and even the whole capital market.We need to analyze the possible risks and find relevant risk prevention and control methods.This paper adopts case analysis and quantitative analysis and other research methods.Firstly,it comprehensively expounds the relevant background of enterprises,the participants of receivables securitization,the operation mode and the relevant risk description.Then,the paper analyzes the causes of receivables securitization and the risks in three aspects: the participants,the transaction structure and the financing process.Finally,according to the above three aspects of risk analysis risk prevention countermeasures.Nowadays,the financing method of receivables securitization is developing rapidly in China.If the risks can be effectively prevented and controlled,the economic development will be accelerated and the liquidity of the domestic capital market can be significantly improved.JD group's special plan of receivables securitization is the first receivables asset securitization product in the domestic Internet consumer finance industry.This paper takes this as an example to analyze the risks of receivables securitization,which is of great benefit to the issuance of similar products and the development of asset securitization business in China.