Internet Consumer Finance Asset Securitization Study

Since 2013,with the popularization of the Internet,various Internet consumer platforms represented by Alibaba and JingDong have developed rapidly,which has promoted the innovation of the Internet financial market.Many excellent internet finance companies rely on real consumption scenarios to transfer traditional offline consumer finances to online services.For example,JingdongBaiTiao,Anti HuaBei,lending and other products can prevent students,low-income groups,etc.from obtaining from traditional financial institutions.The group of consumer credits has been incorporated into the consumer finance market,which has broadened the customer base of Internet companies,and has formed a large number of small,scattered,and stable cash flow-deposited financial assets on the platform.These weakly existing financial assets have given the Internet Financial companies have brought huge financing needs.Asset securitization is favored by Internet companies because of its own characteristics.Through asset securitization,the transformation of non-standardized assets into standardized assets and listing transactions on stock exchanges can revitalize Internet financial assets and facilitate the development of Internet finance companies.As an innovative financial model,internet consumer financial asset securitization has its own characteristics and innovations.The transaction structure adopts a cyclical purchase method: the basic assets are consumer credit assets with high frequency,small credit,and short duration,and the introduction of a cyclical purchase method in the transaction structure effectively solves the deadlines of asset securitization and the maturity mismatch of original assets.problem;Business model based on the Internet + Big Data: The issuer is an Internet finance company,and a large amount of credit data is accumulated on its platform.The promoters use the big data to conduct risk control on basic assets,effectively reducing the risk of default;The use of storage racks has greatly facilitated the issuance of securities for each issue,streamlined the process,and improved the issuance efficiency.Based on basic theory and real cases,this paper analyzes the securities products of Internet consumer financial assets issued on the stock market in China,and categorizes them into the basic assets of consumer finance.They classify them into Jingdong series,Ant series and other Internet consumer financial asset securitization products series.The series analyzes the overall market performance of various products and focuses on the analysis of the basic conditions of Internet consumer financial asset securitization projects,including transaction structure and process,credit enhancement methods,risk disclosure and preventive measures,and summarizes the Internet consumer finance.Problems in the asset securitization market and related recommendations: to further improve China'sInternet credit system;improve the construction of China's capital market;improve the legal system,improve the implementation details;strengthen the credibility of rating agencies credit rating,strengthen supervision.