Research On The Effects And Risks Of Accounts Receivable Securitization In Automobile E - Commerce Enterprises

1992 is the beginning year for China to apply for asset securitization.20 years later,the balance of China's asset securitization had reached 2.13 trillion yuan,which is 110 times of that in 2013.The development is very fast.Asset securitization application has expanded from the single bank to enterprises.According to the briefing on the filing and operation of AICPA's asset securitization in 2018,from the beginning of the filing system in December 2014 to the end of 2018,a total of 1,792 enterprise asset securitization products have been filed and confirmed,with a total filing size of 256.401 billion yuan.Among them,the filing scale of enterprise receivables was 369.528 billion yuan in 2018,which is increased by 211.70% compared to last year.It can be seen that enterprises are paying more and more attention to the securitization of accounts receivable,which is due to the success of other securitization of accounts receivable and the benefits it brings to the original creditors and investors.However,when it produces positive effects,the risks it produces should be also paid attention to.This paper bases on the domestic and foreign related literatures on asset securitization,and makes further theoretical analysis on asset securitization in combination with its definition,category,process and basic theory,so as to construct a theoretical framework for the case analysis in the following part.Then,according to the current situation of accounts receivable and securitization of accounts receivable,the feasibility and necessity of applying securitization of accounts receivable to automobile e-commerce enterprises are studied.Finally,a case study is carried out to prove the conclusion in the theoretical analysis by analyzing the effect of securitization of accounts receivable.In addition,it analyzes the risks arising from the securitization of accounts receivable,focusing on the risks unique to automobile e-commerce enterprises,and give some advice to prevent them.The main problem studied in this paper is to analyze the effects and risks of receivables securitization on the original creditors and investors by taking the receivables securitization of Shenzhou UCAR INC “Maimaiche” business as an example.by comparing the similarities and differences between the two receivables securitization,the relevant analysis of JD receivables securitization,which is also an e-commerce company,is introduced to analyze the effects of receivables asset securitization on enterprises as well as the risks that should be paid attention to and put forward corresponding suggestions.This paper is expected to draw the following conclusions:(1)Capitalization of accounts receivable can effectively broaden the financing channels of enterprises,improve asset utilization efficiency,reduce financing costs and improve enterprise value.(2)Securitization of accounts receivable brings certain benefits to the original owners and investors.(3)Although securitization of accounts receivable can bring many benefits,due to its complexity,there will also be a series of risks.All participants in accounts receivable need to effectively identify risks and take relevant preventive measures.The expected contribution of this paper is to increase the research on the securitization of accounts receivable in automobile e-commerce enterprises,analyze the feasibility and necessity of applying the securitization of accounts receivable to automobile e-commerce enterprises,construct a framework for the analysis of effects and risks,and put forward relevant suggestions,which is a summary and extension of the existing literature.This paper provides a reference for the possible effects and risks faced by emerging enterprises such as automobile e-commerce enterprises in carrying out securitization of accounts receivable.