On Performance Of Accounts Receivable Securitization

Through online sales services of e-commerce enterprises,people do not need to go out of their homes to consume and buy goods they like.More and more consumers choose online shopping and online consumption,which has brought tremendous development space for the development of e-commerce industry.Since the emergence of the concept of credit consumption,it has been welcomed by consumers.E-commerce enterprises introduce this consumption concept of "consumption first,payment later" into online consumption,providing consumers with pre-consumption services for e-commerce,which is welcomed by consumers.Therefore,accounts receivable of e-commerce enterprises are increasing,because accounts receivable formed by personal credit consumption loans are large,small,scattered and poor liquidity,which makes the management of these receivables more and more difficult for e-commerce enterprises.Through asset securitization,enterprises can convert assets with weak liquidity into cash assets.On the one hand,it provides money for the production and operation of enterprises,on the other hand,it strengthens the management of accounts receivable.Jingdong is the first company in the e-commerce industry to conduct asset securitization with accounts receivable formed by credit consumption.Therefore,this paper selected Jing dong as a case company to conduct research.In order to more accurately understand the current situation of asset securitization of China's e-commerce industry credit consumer product,to analyze the impact of asset securitization on the performance of enterprises,and put forward specific effective measures for reference,this paper analyzes the background,motivation,process and performance of asset securitization in detail,in order to provide reference for other e-commerce companies to use internet consumer assets for asset securitization.This paper takes the case analysis method as the research method and selects the “Jingdong Ious” accounts receivable asset securitization as a case to carry out the research on the receivables asset securitization.First of all,this paper sorts out the research results in the field of asset securitization and the related theories of accounts receivable securitization.Secondly,a case introduction of “Jingdong Ious”accounts receivable asset securitization was introduced.The background of Jingdong Company and its securitization background of accounts receivable assets were introduced.The motivation and process of “Jingdong Ious” accounts receivable securitization were analyzed.Then,the performance research of“Jingdong Ious” accounts receivable asset securitization was carried out.Mainly from the two aspects of financial performance and non-financial performance to conduct a detailed analysis of Jingdong's “Jingdong Ious” accounts receivable asset securitization on the performance of Jingdong.Furthermore,it is the fifth part of this thesis,mainly from the analysis of the fourth part.It is found that“Jingdong Ious” accounts receivable securitization has three problems: accounts receivable were not removed from the balance sheet,high technical cost and lack of external credit enhancement.I proposed to improve the transaction structure,strengthen cooperation between industries and the introduction of intermediaries in response to existing problems.Finally,the conclusion of this paper,through the above analysis,we can summarized that “Jingdong Ious”accounts receivable asset securitization has improved Jingdong's solvency,profitability and development ability,but failed to improve the company's operational capacity.But at the same time,it also found some problems in the securitization of Jingdong's accounts receivable assets.Therefore,some countermeasures are provided for some problems that exist.