Case Analysis Of JingDong Baitiao Asset Securitization Based On Blockchain Technology

Under the novel coronavirus pneumonia epidemic situation,domestic enterprises have a strong demand for financing.In recent years,asset securitization which has been developing rapidly has become one of the financing channels favored by enterprises.However,the problems of poor information,high cost and so on brought by traditional asset securitization where there are many multi-party participants and complex transaction structure need to be solved.As China sets up its strategic goal to be a power in science and technology,a lot of new technologies have been developed.Among them,blockchain with its characteristics which include decentralization,security,reliability,traceability and others has attracted extensive attention from scholars.As the developing blockchain can provide technical support to deal with the above problems,asset securitization becomes one of the best application scenarios of blockchain.In 2018,Jingdong Digital Technology Co.,Ltd.innovated the construction mode of blockchain and successfully launched the asset securitization business platform of multi-chain networking,which has a profound impact on the improvement of asset securitization business and the application of blockchain in the financial field.So,it is important to study the specific case of asset securitization by using blockchain in JD.This paper first expounds the background and significance.Secondly,in order to understand the research on asset securitization of accounts receivable and blockchain combined with asset securitization in the world,this paper studies the relevant literature,then combines with the two basic theories of information asymmetry and transaction cost related to enterprise financing,so as to define the research content and direction of this paper which is the study on the information,cost,transaction cost of blockchain used in asset securitization business.Secondly,it introduces the detailed information of the case,such as company and business introduction,product overview,basic assets and operation mode of asset securitization using blockchain,to provide data and information basis for the case analysis later.Thirdly,the specific effects of blockchain and the new problems brought by using blockchain are analyzed by comparing with the traditional asset securitization business model and its related financial indicators and one-year loan interest rate data.Finally,taking into account the national conditions and related theoretical research,this paper puts forward feasible suggestions to make better use of blockchain.And it also puts forward new ideas for the enterprises that use or will use blockchain to optimize the application of blockchain technology,and looks forward to the future.By comparing and analyzing whether blockchain is introduced into asset securitization or not,this paper studies the advantages and disadvantages of using blockchain in specific cases,which can not only enrich the research on blockchain enabling real economy,enlighten the enterprises using blockchain technology in the future,but also grant more financing channels to small and medium-sized enterprises with good basic assets but unable to finance through asset securitization due to credit problems.