Research For Internet Consumer Financial Asset Securitization

In the field of Internet consumer finance,compared with banks and consumer finance companies,the main channel of internet consumer financial market,which is mainly composed of e-commerce platform and Internet financial startups,has a single fund channel and a higher capital cost.Facing the pressure of horizontal competition and the expansion of business scale,how to operate stock funds efficiently and obtain competitive funds is the realistic demand for its development.In recent years,China’s asset securitization market has developed rapidly,and Internet consumer financial entities have used this tool to meet the needs of platform development.However,there are so far few products for Internet consumer financial assets securitization,and the main issuance body of the market is concentrated.The issue of industry compliance is prominent,and the policy is uncertain.Therefore,it is of crucial importance to explore a way of asset securitization of Internet consumer finance that meets the needs of the development of the industry and meets the requirements of industry compliance.In 2016,Fenqile successfully issued its first asset securitization products based on receivables arising from its platform.As the underlying assets of asset securitization of Fenqile are consumer installment claims,the focus of this paper is the consumption installments.First of all,this paper reviews the research results in the field of Internet consumer finance and asset securitization.Second,this paper introduces the development of consumer finance and related asset securitization.Then,setting asset securitization of Fenqile as example,this article briefly introduces its background,transaction structure and operation status,and systematically analyses the example from the aspects of the construction and management of basic assets,the arrangement of credit increase,the pricing of underlying assets and the risk disclosure and prevention measure.Finally,the article summarizes the enlightenment of the asset securitization of Fenqile,and prospects the development of Internet consumer financial assets securitization market.The establishment and management of basic assets,the arrangement of increasing credit and the pricing of basic assets are the core elements of Internet consumer financial assets securitization products.Through the in-depth analysis of Fenqile asset securitization,this paper points out that its basic asset quality,circular purchase mechanism and risk control are worth learning,but there is a problem that it is not a"real sale of basic assets," the approval cycle is too long and the policy is uncertain.In view of the above,the paper looks forward to the future development of the industry,and points out that asset securitization is a tool for related platforms to enhance core competitiveness,high-quality Internet consumer financial assets are the foundation,asset securitization products must meet the needs of business expansion,the legitimacy of all aspects of asset securitization is important and technical output will become part of asset securitization.