A Case Study On The Securitization Of Internet Consumer Financial Assets

Since 2013,China's Internet financial industry began to flourish,Many excellent Internet companies have been deep plowing the Internet consumer finance career relying on the real consumption scenarios,forming a large number of small,decentralized financial assets with stable cash flows.However,these financial assets also took up a lot of Internet financial companies'private capital,which greatly limited the further expansion of its business.There are significant differences between financial assets generated under Internet finance and the financial assets generated under traditional finance.The differences are embodied in the fact that the financial assets of the Internet have the characteristics of small single amount,extremely large quantity,uncertainties in the period of existence and high probability of loss.Those characteristics have brought greater difficulty for Internet financial asset securitization.Therefore,exploring a set of effective Internet financial asset securitization program has great practical significance on the development of the industry.In 2015,Jingdong Group implemented their first Internet financial asset securitization projects,breaking the traditional difficulties faced by Internet financial asset securitization,such as poor liquidity etc.Those projects had revolutionary significances on the Internet finance industry.This paper explored the example of "JingdongBaiTiao ABS special plan" to provide useful references for the future development of the industry.The paper took the example of the"JingDongBaiTiao ABS special plan" to explore.Firstly,this paper briefly describes the current Internet financial and asset securitization research results.Secondly,the development of Internet finance and the distribution of Internet financial assets were introduced.Then,based on the case of"JingDongBaiTiao ABS special plan ",the paper studies the basic asset characteristics,the transaction structure design,the operation process.Finally,the article summarizes the innovation and shortcomings of "JingDongBaiTiao special plan".Based on the basic theory and the real case,this paper systematically analyzes "JingDongBaiTiao ABS special plan ",and points out that the dynamic asset pool model and the automatic separation technology of assets have great guiding significance to the development of the industry,but there are also some deficiencies such as difficulty of putting basic assets "into the pool" on the law Level,lack of liquidity complement mechanism and so on.For the revelation and inadequacy,the article put forward their own views on the future direction of the industry,such as the expansion of high-quality consumer finance original assets,development of customized risk control means and so on.