Case Analysis Of Ant Microfinance Asset Securitization

Since the promulgation of the "Guiding Opinions on Microfinance Company Pilots",the pilot work of national microfinance companies has passed more than 10 years.With the development of the Intermet platform,microfinance companies are facing poor liquidity of loan assets.And the risk of a single source.In this context,ants Shangcheng Xiaoxun finally decided to solve this problem by means of asset securitization.Through the case analysis of the ant Shangcheng small loan asset securitization,it will have a positive reference for its own and the future asset securitization of the microfinance industry.This paper is divided into five parts:The first part is the introduction,including the research background and significance,research methods and contents,the research status at home and abroad and the innovation of the thesis;the second part is the related theory of asset securitization of microfinance companies.It mainly expounds the meaning and classification of microfinance companies and asset securitization,the operation mode and basic principles of asset securitization.The third part is an overview of the case,introducing the case background of ant microfinance,the profile of original rights holders,and the SPY profile.Ant micro-lending assets securitization process.The fourth part is the case analysis.Firstly,it analyzes its motivation from the perspective of ant Shangcheng small loan,and concludes that its biggest motivation is the support of policy and the demand for its own capital profit.Secondly,the basic assets are analyzed,including the selection of basic asset types,and the basic assets are selected according to the scale and duration of the assets;the risk analysis of different types of basic assets,the non-performing rate of personal loans is lower than the corporate loans;the basic assets of different regions The risk analysis shows that the non-performing rate of corporate loans 1s high in some areas,and the non-performing rate of personal loans is low.The risk analysis of basic assets in different industries shows that the credit non-performing rate is higher than the order loan;The risk analysis of the assets shows that the borrower's non-performing rate is between 25 and 35 years old.Once again,the risk isolation mechanism of asset securitization was analyzed,and it was concluded that Chongqing Ant Commercial Small Loan Co.,Ltd.completed the actual sale,but SPV did not set up an independent agency for asset securitization.Then it is the analysis of the upgrade risk control mode,and it is concluded that the internal credit enhancement of ants Shangcheng Small Loan is comprehensive,but lacks external credit enhancement.Then,from the perspective of risk control,this paper analyzes the asset securitization,and concludes that the original equity person's risk control system is relatively complete but there is information asymmetry risk,and the SPV risk classification is unreasonable.Finally,an analysis of the benefits and pricing was made.The fifth part is the case revelation and suggestions,including the enlightenment on the choice of basic assets,risk factors and their control.Advice was given to ants,Shangcheng Small Loan,SPV and the government.