Research On Credit Risk Control Of JingDong Baitiao Asset Securitization Based On Blockchain Technology

In recent years,the scale of China's asset securitization market is getting larger and larger,and the types of asset securitization products are getting richer and richer.With the strong support of national policies,the number of companies,rating agencies and third-party service agencies that conduct asset securitization is also increasing.However,as far as the traditional asset securitization model is concerned,there exists the problem of credit risk.To be specific,in asset securitization,the authenticity of the underlying assets is suspected,and the participating institutions have the risk of performance.Meanwhile,the lengthening of the credit chain makes the transaction structure more complex,and the information asymmetry of the transaction participants is more obvious,which will magnify the credit risk several times under external impact.In June 2018,JD.com digital division made a comprehensive innovation of JD.com Baitiao asset securitization by using block chain technology: establishing an alliance chain of participating institutions,and issuing the special plan of JD.com Baitiao asset securitization no.19 based on block chain technology,which well solved the credit risk problem and eliminated the pain point of asset securitization.This paper firstly expounds the background and significance of the research on JD.com Baitiao asset securitization,determines the corresponding research ideas and methods based on the relevant research of domestic and foreign scholars,and summarizes the innovation points and shortcomings of this paper.Secondly,it analyzes the block chain technology and the theoretical basis of the credit risk of asset securitization,and then introduces and analyzes JD.com Baitiao asset securitization as a specific case.The case introduction mainly includes the case background,the basic situation of JD.com Baitiao asset securitization and the motivation of credit risk,and the traditional credit risk control method of JD.com Baitiao asset securitization.The case analysis is mainly to establish the credit game model,compare and analyze the effect of asset securitization before and after the use of block chain,and demonstrate that the asset securitization after the introduction of block chain technology makes the financiers have no incentive to default,and investors do not need to worry about being cheated or being defaulted.Therefore,block chain technology can establish an effective credit mechanism in asset securitization,so as to control credit risk.On the basis of credit game analysis,this paper analyzes the risk control process and application effect of JD.com Baitiao asset securitization from three aspects: alliance chain,basic assets and transaction structure,and concludes that the application of block chain technology by JD.com Baitiao has positive significance for its credit asset securitization.Finally,the paper summarizes the application of block chain technology in asset securitization and puts forward some Suggestions.According to the case study,the application of block chain technology in the process of asset securitization can increase the credit of assets,establish the trust between the subjects,control the credit risk,improve the efficiency and reduce the cost.However,the development of block chain technology still has problems in information management and supervision.Therefore,the development of blockchain technology needs to continuously improve its information management system,continue to facilitate the development of asset securitization,and promote the innovative development of the application mode of blockchain technology.