Study On The Financing Effect Of Accounts Receivable Backed Securitization Of JD Consumer Credit Line

Due to the continuous deepening reform of China's market economic system,many listed companies regard asset securitization as an indispensable part of financing methods.As a core component of asset securitization,asset securitization of accounts receivable has also received extensive attention from the industry.It is bound to have a good development prospect in China and is of great significance to the optimization of capital structure and supplemental funds for Chinese enterprises.Even though the domestic demand for asset-backed securitization is huge,the development of asset securitization in China has not yet formed a mature model because it started relatively late,the development speed is not fast enough,and the implementation process is cumbersome.This paper selects Jingdong's white bars as the research object not only because it is the first asset securitization product used in the Internet consumer finance field,but also because it can provide a viable strategy for other Internet finance companies and even e-commerce companies after years of merging with the market economy when they implement asset securitization.This paper integrates the case study method and the descriptive statistical analysis method and applies it to the analysis of Jingdong's white bars.This article analyzes the related research results on asset securitization,and analyzes in detail the cases of asset securitization applied to accounts receivable,asset securities process and implementation results.By introducing the basic situation of JD.com and JD.S.I.B.,the authors analyzed the motivation of JD.com to take the lead in implementing asset securitization,and sort out and summarize the implementation process of asset securitization from participating parties,transaction structure,and credit enhancement.The evaluation system proposed in this paper is mainly composed of three aspects: evaluation content,evaluation method and evaluation index,and these three aspects have good applicability.This article uses the event research method,the financial index method and the Z value model to conduct business performance evaluation and financial risk evaluation of Jingdong Asset Securitization.After theoretical research and statistical analysis,this paper draws the following conclusion: Asset securitization is an innovative financing method under the current economic development conditions.The publication of this asset securitization announcement brings positive wealth effect to Jingdong's shareholders and investors.It also enhances Jingdong's profitability and reduces the level of financial risks;the implementation of asset securitization must be conducted with effective risk identification and management;asset securitization financing requires the formulation of specific implementation processes and scientific design;it must strengthen the learning about relevant laws and regulations of asset securitization.This paper gives some rationalization suggestions for the development of asset securitization for other Internet finance companies and e-commerce companies.Enterprises should establish a scientific and reasonable comprehensive asset securitization supervision system,and a multi-level financing system as much as possible.At the same time,they need to have a multi-pronged to reduce the risks from asset securitization,bring into play the long-term sustained effect of asset securitization and rationally plan the use of financing.