Research On Risk Evaluation Of Securitization Of Consumer Financial Assets

At present,our country is in the economic transformation period of expanding domestic demand and consumption upgrading.Consumer finance is a new industry that provides financial services for individual consumers.It lays the foundation for stimulating domestic demand,promoting steady economic growth and realizing Inclusive Finance.Asset securitization can provide a stable financing for consumer finance,and bring impetus to the sustainable development of the consumer finance industry.However,consumer finance has been gradually rising in recent years,asset securitization as a complex means of financing,the combination of them has many risks which have not been fully concerned.At present,the asset securitization risk evaluation system of our country has been gradually established,but it has less research on the risk assessment system of consumer finance,the research of scholars is mainly using the general asset securitization risk assessment method to evaluate the risk of consumer financial asset securitization(Asset-backed Securities,referred ABS).This method does not fully consider the characteristics of consumption finance itself,and it is easy to lead to the loss of risk assessment results of consumer finance.Therefore,it is imperative to establish an asset securitization risk assessment system for the characteristics of consumer finance.Based on the four sources of risk,such as consumer finance ABS's basic assets,trading structure,participants and external environment,this paper explores how to build a risk assessment system of consumer financial asset securitization.Based on normative research and case analysis,the paper first introduces the background,significance,methods and main points of innovation.Secondly,the paper reviews the related concepts and theories and literatures of evaluation of consumer financial asset securitization risk,which lays the foundation for the case analysis of the latter.Third,this paper expounds the present situation of the risk evaluation of the securitization of consumer finance assets,points out the problems of the risk evaluation of the securitization of the consumer finance assets,and clarifies the necessity of establishing the risk evaluation system of the asset securitization with the characteristics of consumer finance.Fourth,the index of asset securitization risk evaluation system with the characteristics of consumer finance is constructed,and the weight and score are allocated by the analytic hierarchy process and the extreme standardization method.Finally,we apply the asset securitization risk assessment system with the characteristics of consumer finance to the Jingdong Baitiao ABS project,and finally get the results of risk assessment.The major contribution of this paper are following three aspects:1.Through investigation,we find that there are some shortcomings in the research of risk assessment of consumer financial asset securitization.The most prominent shortcomings are the characteristics of index,the inaccuracy of index selection and the lack of objectivity of evaluation methods.2.The risk evaluation system of asset securitization is constructed in accordance with the characteristics of consumer finance.Based on the transaction process of consumer finance ABS,the most representative 24 indexes are selected from four risk sources,such as basic assets,transaction structure,participants and external environment.Based on the analytic hierarchy process(AHP),this paper combines qualitative and quantitative indicators,scientifically assigns weights,perfects the existing risk assessment grade standards,and highlights the characteristics of consumer finance ABS.3.The overall risk of the Jingdong Baitiao ABS project was evaluated.The risk assessment system of consumptive financial asset securitization is applied to the Jingdong Baitiao ABS project.Finally,we conclude that the overall risk of Jingdong Baitiao ABS is low,which shows that the risk assessment system of consumer financial asset securitization is feasible and scientific.