| In recent years,Internet finance has developed rapidly,and the scale of Internet microfinance also continues to increase.How to improve the liquidity of these assets and open up new financing channels has become a new challenge.Securitization is one of the ways to solve this problem.The securitization of Internet microfinance assets packaged the future repayment cash flow of microfinance into saleable securities.In this way,the microfinance assets were revitalized and the financing leverage of the Internet finance industry was reduced.At the same time,there are certain risks in securitization of Internet microfinance assets.Since the underlying assets of asset-backed securities come from the Internet channel,it may cause information asymmetry,and some platforms have basic asset quality problems.In addition,China’s capital market and financial supervision are not mature,the currently trading mechanism of asset-backed securities are not perfect,and the information disclosure mechanism is not sound.These problems have caused great difficulties for investors.Firstly,this paper analyzes the risks of Internet microfinance asset-backed securities,and discusses the risks of asset securitization in the form of theoretical analysis and risk status.Secondly,this paper introduces Jingxiaodai asset-backed securities as a case,and analyzes the case from the aspects of basic assets related risks,original stakeholders’ related risks and product design risks.The research shows that the quality of the basic assets of Jingxiaodai Asset Securitization is relatively high,the original equity holders are in good operating condition,and there are also problems of cash flow forecasting risk and low secondary market liquidity.In order to quantify the risk of Jingxiaodai asset-backed securities,this paper establishes the ARMA-GARCH model,fits the yield of Jingxiaodai asset-backed securities,and uses Va R method to measure its risk.The empirical results show that the ARMA-GARCH model has a high degree of fitness for Jingxiaodai asset-backed securities,and the calculated Va R value has a good predictive effect on the risk of this kind of products.Finally,this paper summarizes the references and shortcomings of Jingxiaodai asset-backed securities in risk prevention and control system,and puts forward relevant suggestions for China’s Internet microfinance asset securitization market.The Internet microfinance companies should establish a comprehensive microfinance risk management system to manage the whole life cycle of microfinance;the regulatory authorities should improve relevant laws and regulations in the Internet finance field,so that the participants of the Internet microfinance asset securitization can have a legal basis,and introduce a formal and perfect quotation mechanism and matching mechanism to improve the liquidity of the asset securitization secondary market. |
