| Consumptionisan important force to promote economic growth.Along with thetransformation of China's economic structure,consumption is placed in an increasingly important position.With the development of Internet technology,"Internet + consumer finance" has become a new industry.Although the Internet consumer finance industry has broad prospects for development,there are also some constraints of its development problems.How to make full use of their own resources to maximize the low-cost funds has becamea problem.Combined with the characteristics of Internet consumer finance companies and the status quo of China's development,asset securitization is an effective channel for Internet consumer finance companies to obtain financing and reduce financing costs.This paper analyzes the mode of JD's IOUs securitization projectand find it's strengths and weakness.The article focuses on the basic assets pool of JD's IOUs securitization project,it adopts the structure of recycling purchase.In the side of risk prevention and control,it use of priority / secondary debt structure,and JD hold the secondary parts.All this measures set the credit trigger mechanism for internal credit.And it make full use of JD's own advantages,include large data technology which reduce the risk of default assets of basic assets and protect the smooth operation of securitization projects.However,theJD's IOUs securitization project is for qualified investors within 200 people,sothisreducethebonds lacking of liquidity.This is also the problem of consumer financial securitization needs to be resolved in the future.JD'S IOUs Asset Securitization Project has also brought some innovative enlightenment to the asset securitization of China's Internet consumer finance industry.They can make full use off large data technology in the side of risk control and internal credit.Taking the form of recycling in the transaction structure and priority / sub-file bond structure can reduce the financing costs. |
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