Research On Risk Management Of Accounts Receivable Securitization

Since the emergence of the United States in the 1970 s,asset securitization,as one of the most important financial innovations,has experienced explosive growth,and with equity financing,debt financing has become the three main financing methods.In recent years,China's asset securitization has also gradually emerged to rapid development,and even now the scene of prosperity.According to the 2019 Asset Securitization Development Report issued by the Central Clearing Corporation,China's asset securitization market continued to grow rapidly in 2019,with a total of nearly 2343.9 billion yuan of asset securitization products issued in the year,up 17% Yo Y,while the stock of asset securitization products in the market at the end of the year was 416.119 billion yuan,up 36% Yo Y.As of 2019,China's asset securitization product scale has achieved six consecutive years of rapid growth,in addition,China's asset securitization market system construction,product innovation,risk prevention and other fields are also facing many opportunities and challenges,securitization market from the rapid outbreak stage to the deep stage of development.In this paper,the case of "Jingdong White Bar Asset Support Securities Special Plan" is selected for analysis on the subject of asset securitization risk management.First of all,from the theory,the use of literature research to comb the relevant theory of asset securitization and risk management,build a basic theoretical framework,and based on the relevant theory to focus on the analysis of the accounts receivable during the securitization period,enterprises will face the risks and the relevant measures to deal with the risks.Then,through the case analysis method,for the case selected in this paper,the specific analysis of the background of the case,securitization process,summarized the existing risk management measures.Finally,through the comprehensive analysis of the risk management of the securitization of the Baiji in Jingdong,it is concluded that one is to strictly control the pool asset standard,reduce the risk of securitization of accounts receivable from the source,second,multi-pronged,take a variety of credit enhancement,reduce the risk of corporate securitization,and third,improve information disclosure and check the risk of each link.It is hoped that through this case study,we can give some contribution and enlightenment to the research and practice of the related research and practice of securitization risk management of accounts receivable in China.