An Analysis Of The Income And Risk Of The Securitization Of The Receivables Assets In Jingdong Baitiao

Asset securitization is one of the financial innovations that emerged gradually in the1960 s.It is a new financing tool based on the expected cash flow of basic assets and issuing securities in the capital market.With the rapid development of e-commerce in China and the rapid popularization of online payment,several major e-commerce platforms have launched personal credit payment products for personal use in recent years,such as Ant Credit Pay and Jingdong Baitiao.In order to solve the problem of capital backflow pressure of e-commerce enterprises' financial platform,these e-commerce enterprises have launched and expanded the securitization products of accounts receivable assets issued with consumer credit as the asset pool.In this context,dissecting specific receivables asset securitization products and further clarifying the benefits and risks of all parties involved in securitization will not only help the standardized development of such securitization products,but also help e-commerce enterprises to deal with the matching problem of benefits and risks in further securitization business,so as to promote the healthy development of receivables asset securitization of ecommerce platform in China.Taking the 24 th Jingdong Baitiao debt receivable asset securitization plan as an example,this paper focuses on the benefits and risks of each participant in the process of asset securitization.First of all,this paper makes a complete review of the case of Jingdong Baitiao asset securitization,introduces the background of Jingdong Baitiao and its issuance of products of asset securitization of accounts receivable,and describes the main body,process and issuance of the special plan of asset securitization of accounts receivable of Jingdong Baitiao.Secondly,using the combination of quantitative and qualitative methods,this paper analyzes the income of all parties involved in the securitization of accounts receivable layer by layer,and uses the static cash flow income method to establish the income model to calculate the income of all parties.Then,from the perspective of risk object,this paper analyzes the risk in the process of securitization of receivables assets in terms of basic assets,participants and transaction structure.Finally,the comprehensive income and risk analysis come to a certain conclusion,and put forward relevant risk prevention and control suggestions for the existing risks.This paper finds the following conclusions: through the adjustment of income risk,Jingdong Baitiao accounts receivable asset securitization has achieved a win-win situation.Jingdong,the original equity owner,Huatai asset management,the plan manager,and most of the investors have gained some profits.Only the holders of intermediate grade bonds did not get excess return,but they also did not suffer losses.In addition,there are some risks in the securitization of receivables.There are credit risk and quality Migration Risk in the basic assets;there are bankruptcy risk of original equity holders,due diligence risk of service management institutions and prepayment risk in the relevant participants;there are transaction structure risk caused by JD's own bonds and associated risk caused by insufficient SPV independence in the transaction structure.In the absence of necessary countermeasures,these risks will undoubtedly have a negative impact.Therefore,the enterprise must strictly control the quality of the underlying assets in the pool,establish the risk prevention and control mechanism of prepayment,and reasonably design the structure of asset securitization,so as to prevent the relevant risks to the greatest extent.