Abstract: here are broad prospects for the development of accounts receivable financing in China. However， the outbreak of financial crisis in the USA reminds us of the risks accompanied with financial innovation. After affirming the pledge and the assignment of accounts receivable， risk prevention systems should be adopted according to the different risks of different means. Especially in assignment of accounts receivable， which is characterized by trading future benefits， it is necessary to assure the future benefits can be converted into realistic benefits. Although financial crisis sounds the alarm for asset securitization， we should admit this method of financing. Attention should be paid to balance freedom， efficiency and security in system designing.