| With the deep reform of China’s market economy system,asset securitization as a new financing method has been widely accepted in China.Accounts receivable as an important current asset,if not realized in time,will occupy a large amount of cash flow.Seriously affecting the operation and development of the enterprise.A large amount of accounts receivable also means that there is a huge market space.If we use accounts receivable reasonably for securitization financing,it will optimize the structure of the capital market and improve it.It has a positive impact on asset liquidity and reducing financing costs.But at present,the development of asset securitization in our country is relatively late,slow and complicated compared with that in Western countries.There is no perfect financing mode yet.and there is little research on risk control in the process of asset securitization of accounts receivable.Therefore,the paper has certain theoretical and practical significance.Based on the theory of preferential order of financing and the theory of maximizing enterprise value,firstly this paper discusses the basic situation of JD enterprises and JD Bai Tiao business,and then details the accounts receivable assets from the three levels of participants,transaction structure and financing process.The risks in the process of securitization are analyzed.Finally,feasible risk control suggestions are put forward according to the specific risks of three levels.The paper hopes to provide experience and reference for Chinese enterprises to control risks in the process of asset securitization using accounts receivable. |
