The Pricing Research On Asset Securitization Of Internet Consumer Finance

Internet consumer financial asset securitization has become the focus of the academic circles and the industry.As an important tool to make the deposit flow timely,ABS is seen as a significant means of financing.Through ABS,enterprises can not only reduce the cost of financing,and enhance the liquidity of the assets of the society,but also contribute to the realization of the assets of the company off the table,so as to achieve the purpose of risk isolation and bankruptcy protection.It is the key and core of this paper that how to design the product model and how to use the appropriate method to price the Internet consumer financial asset backed securitization.Take the underlying assets based on accounts receivable of internet consumer finance into securitization,this paper used the methods of case analysis,combination of theoretical and empirical,qualitative and quantitative research,carried a thorough research and analysis of asset securitization on China's Internet consumer finance.Take Jingdong blank note accounts receivable asset-backed special plan as an example,and carry out 1000 simulation of interest rates,on this basis,cash flow is calculated according to the prepayment model,Then the price of securitized products is figured out by using OAS model.It provides a theoretical basis for the pricing of Internet consumer financial asset securitization in China.The main content of this paper includes three aspects:First of all,summarize a basic overview of the Internet consumer financial asset securitization;Secondly,it introduces the asset securitization pricing model commonly used,including static discounted cash flow method and option adjusted spread method,Monte Carlo method,and analyses each method about the advantages and disadvantages;Finally,empirical analysis is used to Jingdong blank note asset backed securitization.Results show that it's applicable to the pricing of the Internet consumer financial asset securitization for the OAS model on the basis of Monte Carlo simulation.With the gradual implementation of interest rate liberalization,it will be a broad trend.In this paper,through the research and analysis of the pricing method of the Internet consumer financial asset securitization products,and provide pricing ideas and models.In addition,the pricing model is improved by combining the option adjusted spread method and Monte Carlo simulation method,whichis the innovation of this paper.It is hoped that this paper will provide some help and reference for the pricing of subsequent ABS on Internet consumer finance.