Application Of Blockchain Technology In Credit Risk Control Of Accounts Receivable Securitization

In recent years,the global economic environment is in a depressed state,many enterprises are facing the problem of cash flow is not good,but financing is difficult,funds are tight,they will separate accounts receivable,using securitization financing,to deal with the shortage of funds.However,in the process of accounts receivable securitization,there are great credit risks in basic assets and Information asymmetry,and the traditional risk management of accounts receivable securitization can not reduce the credit risks.In this thesis,the traditional game model of accounts receivable securitization is compared with the game model of blockchain technology,and the application of blockchain technology in Securitization can control its credit risk.This thesis analyzes and summarizes in detail how the blockchain technology is applied to credit risk management,and then explains its own point of view for reference to other enterprises.With the introduction of blockchain technology,merchants register with their real names and each person has their own chain,which can effectively guard against the default risk of receivables,while decentralization can reduce the mistrust created by Information asymmetry,while reducing moral hazard,blockchain technology can also provide bankruptcy isolation mechanisms by automatically identifying the reliability of the assets through the turnover of each asset to prevent the credit risk brought by repeated pledges in case of triggering events,The investor's risk may only occur in the securitised product,but not in the underlying assets of the securitised product.In the third chapter,taking jd.com as an example,the cash flow stress test is used to evaluate the cash flow prediction risk caused by directly securitization of accounts receivable,this thesis evaluates and analyzes the risks of jd.com directly securitization of accounts receivable.Because jd.com basically did not take risk control measures to the risk of the securitization of accounts receivable,so that after the securitization of accounts receivable not only did not solve the problem of the shortage of capital chain in JD.com,but triggered greater risk.First,the poor quality of accounts receivable and unstable cash flow is extremely easy to lead to the risk of the original investors,and second,the quality of bonds issued due to the poor quality of accounts receivable is not high,the secondary circulation leads to greater system risk,lack of effective bankruptcy isolation mechanism,once the trigger risk,the interests of the original owners will be greatly lost.Finally,the bad faith of securities participants will lead to the issuance of low-quality bonds,overestimating the ability of enterprises to bear risks,and underestimating the risks faced by original equity holders,therefore,the failure to form a good risk control mechanism is also a major hidden danger.JD.com,a leader in the internet industry,has taken the lead in introducing blockchain technology to reduce the risks posed by the securitisation of accounts receivable and to strengthen the management of accounts receivable.The Fourth Chapter analyzes how the blockchain technology is applied in the management of accounts receivable securitization through the example of introducing the blockchain technology into Jd.com Baitiao,and from the flow of adopting the blockchain technology in JD.com,ensure the authenticity and effectiveness of accounts receivable as the base pool in advance to reduce the low-quality risk of the base pool.In the event to ensure that the securitization process open and transparent,the data provided by the participants can not be arbitrarily changed,reduce the risk of fraud.Afterwards,we should strengthen the establishment of risk isolation mechanism,ensure the real ownership of assets,and prevent the repeated pledge of artificial fraud.The introduction of blockchain technology in Jd.com has effectively controlled the risk of the securitization of accounts receivable,improved the authenticity of the underlying assets,stabilized the cash flow,prevented the participants from making false statements,and improved the quality of the bonds with accounts receivable as the underlying assets,the formation of a virtuous circle of capital flows for other use of securitization management of accounts receivable enterprises have brought the role of reference.