供应链金融下电商平台保理资产证券化运作模式研究——以“京诚144”为例

Study on the Operation Mode of Factoring Asset Securitization for E-Commerce Platforms under Supply Chain Finance—A Case Study of “Jingcheng 144”

摘要: 本文聚焦供应链金融下电商平台保理资产证券化领域，针对中小企业“融资难、融资贵”及供应链资金沉淀问题，先梳理相关概念、运作机制与研究现状，再以京东“京诚144专项计划”为案例，剖析其交易结构、基础资产池及“内部增信 + 京东外部信用兜底”的增信体系，总结该资产支持计划在普惠中小供应商、保障资金安全、优化供应链效率上的优势，同时指出供应商覆盖有限、核心企业依赖度高、定价单一等问题。最后提出完善监管、引入区块链、构建多核心资产池、风险导向定价等建议，为电商及相关行业保理资产证券化发展提供参考。

Abstract: This paper focuses on the field of factoring asset securitization for e-commerce platforms under supply chain finance. Aiming at the problems of “difficulty in financing and high financing costs” for small and medium-sized enterprises and capital precipitation in the supply chain, it first sorts out relevant concepts, operation mechanisms and research status. Then, taking JD’s “Jingcheng 144 Special Plan” as a case, it analyzes the plan’s transaction structure, underlying asset pool and the credit enhancement system of “internal credit enhancement + JD’s external credit guarantee”. It summarizes the plan’s advantages in benefiting SMEs suppliers, ensuring capital security and optimizing supply chain efficiency, while pointing out problems such as limited coverage of suppliers, high dependence on core enterprises and a single pricing method. Finally, it puts forward suggestions including improving supervision, introducing blockchain technology, constructing multi-core asset pools and adopting risk-oriented pricing, so as to provide references for the development of factoring asset securitization in the e-commerce industry and related industries.