Research On Motivation And Effect Of “JD Baitiao” Accounts Receivable Asset Securitization

Asset securitization originally came from the United States and is one of the most important financial innovations in the twentieth Century.It is an innovation of the credit system as financial instrument in the mature capital market.The development of asset securitization in China has gone from twists and turns to prosperity.According to the work report of the State Council in August 2014,it’s encouraged to promote asset backed securitization and revitalized the stock of enterprises.At the end of 2014,the CSRC issued the Measures for the record and management of the special plan for asset support,which promoted the development of the asset securitization of enterprises rapidly.The online retail industry developed rapidly in recent years and the scale of the industry is growing in the same time.Online retailing has become a new driving force for the development of China’s economic.At the same time,the development of online retail industry has also encountered bottlenecks with huge industry pressure.On the one hand,the competition between Online retailers is intensifying,and the profit space of the industry is narrowing;on the other hand,the companies are facing the fact that huge amount of money occupied and the problem of high cost.How to improve the liquidity of the enterprise assets and reduce the cost of financing has become a problem facing the rapid growth of network retail enterprises.Solution of financing problems is to use the accounts receivable of the enterprise to carry out the asset securitization business combining with the financing advantages and development status of asset securitization.This paper selects “JD Baitiao” receivable asset securitization as the typical case using standard research method and case study method and based on the theory of pecking order theory,enterprise value maximization.This paper discusses the basic situation of “JD baitiao”business briefly and “JD baitiao” receivable securitization operation process,analyse the causes and risks of “JD baitiao” to carry out asset securitization in detail,from the enterprise performance,enterprise value and other aspects of the implementation of asset securitization of the impact to the enterprise evaluation.On the basis of the above analysis,we can conclude that the effect of JD group’s receivable securitisation is basically positive.On the whole,JD group is successful through securitisation.The conclusion of this paper can provide referenceand experience for other online retail enterprises to develop accounts receivable asset securitization,and promote China’s online retailing industry’s development.