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论文编号：	10683
作者编号：	2120163108
上传时间：	2018/12/8 15:53:52
中文题目：	京东小额消费贷资产证券化研究
英文题目：	A Research On The Securitization Of JingDong Petty Consumer Loan
指导老师：	李姝
中文关键字：	消费金融；应收账款资产证券化；京东小额消费贷；融资工具
英文关键字：	consumer finance;asset securitization of accounts receivable;JingDong petty consumer loan;finance tool
中文摘要：	伴随着经济的发展，居民收入的提高，当前有越来越多的消费方式被人们所接受，人们的消费观念和消费心理发生了很大变化，当前消费金融市场处于政策红利期，潜在市场空间巨大。从当前市场潜力来看，消费金融市场无疑是一片蓝海，京东作为中国最大的自营电子商务购物平台，在我国电子商务市场一直维持着较高的市场占有率，近三年的公司发展中保持连续的增长态势。作为一名消费者，在使用京东商城进行网上购物时，可以通过选择使用京东小额消费贷（又称为“京东白条”）付款的方式先购买下商品，然后再通过选择不同的分期还款方式来偿还货款。通过这样，平台积累了大量的应收账款，而且这些应收款具有金额小、规模分散、数量大、偿还期较短等特征。应收账款的存在降低了企业资金的流转效率，增加企业营运成本，不利于企业发展，所以资产证券化的出现为企业降低经营成本，提高资金的周转率和使用率提供了新方案。2014年2月1日，京东小额消费贷项目在京东商城正式上线，标志着一种新的购物方式的诞生。用户在支付订单时可享受“先消费，后付款”、“30天免息，随心分期”两种服务，成为当时企业创新的最佳典范。2015年10月，京东集团将自身电商平台产生的大量应收款打包进行资产证券化，回笼了大量资金，为企业未来发展提供了新思路。 本文主要讨论的是京东小额消费贷资产证券化项目，首先对消费金融和资产证券化的相关理论和概念进行了介绍，随后针对京东小额消费贷资产证券化项目进行了深入的剖析，具体展示资产证券化项目成立的必备要件、基础资产的类型、基本交易结构、对入池资产要求、资产支持证券概况、信用增级、资产的循环购买、以及资产证券化过程中的风险与问题分析。本文通过对资产证券化这一新兴的金融工具进行了介绍，指出了其在改善企业资产负债表、创立资金池、拓宽融资渠道以及实现结构化融资等方面的优势，也讨论了基础资产难以真实“入池”、信息披露不完善和投资人发行人动力不足等风险。针对上述提到的问题和意见，在文末提出了几个方面的解决办法。
英文摘要：	In recent years, with the development of economy and the improvement of residents' income, more and more consumption patterns have been accepted by people, and people's consumption concepts and psychology have change a lot. Currently, consumer financial market is in the period of policy dividend, and the potential market space is huge. From the perspective of current market potential, consumer finance market is undoubtedly a blue sea, and JingDong is the largest self-operating e-commerce platform in China. In China, self-operated B2C market has always occupied a higher market share and maintained a trend of continuous growth in market share. When the customer go shopping on JingDong , he can take a notes to buy the goods first , and then repay the bill by different methods. Through this way, the platform has accumulated a large number of accounts receivable, and these receivables have the characteristics of small amount, dispersed scale, large amount and short repayment time. The existence of accounts receivable reduces the circulation efficiency of corporate funds and increases the operating cost of the enterprise, which is not conducive to the development of the enterprise. Therefore, the emergence of asset securitization provides a new method for the enterprise to reduce capital cost and improve the use efficiency of funds.As a leading brand in the consumer finance industry, petty consumer loan was launched in JingDong mall in February 2014, providing users with the services of "consumption first, payment later" and "30 days free of interest and random installment" at shopping, becoming a model of industrial innovation. In October 2015, JingDong securitized a large amount of receivables generated by its e-commerce platform, which collected a large amount of funds and provided a new idea for the future development of the company. This paper is mainly take about the JingDong petty consumer loan assets securitization project .Firstly,discussing the background of the current consumer finance development trend as well as the asset securitization related aspects, the detailed introduction of the specific display of asset securitization project set up necessary element, the type of the underlying asset basic structure as well as the advantages and disadvantages of asset securitization. Secondly, the thesis analyzes the specific cases of JingDong petty consumer loan asset securitization, and analyzes the problems and causes in the process of asset securitization, including the requirements of the pooled assets, transaction structure, credit enhancement, profit model, and the process of asset securitization. Finally, the thesis proposes solutions to the above problems.This thesis based on the theory, case for the development of asset securitization of this new financial instruments are introduced, systematically analyzes the JingDong finance – HuaTai asset management JingDong petty consumer loan accounts receivable debt assets support special plan", points out its in improving corporate balance sheets, creating pools of capital, broaden the financing channels, and realize structured finance and other advantages, also discussed the underlying asset is difficult to the true "pooling" and relevant laws and regulations imperfect and repayments change risk. In view of these experiences , the thesis also puts forward concrete suggestions in the end.
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