Research On Risk Control Of Asset Securitization Of "Ant Microfinance"

In 2015,"Ant Micro-loan" and CICC issued seven asset securitization products with its high-quality loan as the target asset-"CICC-Ant Micro-loan Asset SupportSecurities",which is also the first case of asset securitization of micro-loan after the reform of the securitization filing system.However,with the business expansion of the platform,the scale of basic assets is getting larger and larger,and the problem of insufficient riskmanagement in the process of asset securitization is also exposed.This paper takes the "ant micro-loan" small loan asset securitization business as the research object,and studies its risk management on the basis of combing the relevant literature and theories on asset securitization and its risk management.The case analysis first introduces the participating organizations of the "ant micro-loan" asset-backed special program,and analyzes the whole business operation process from the construction of the basic asset pool,the setting of the transaction structure and the issuing scale of asset-backed securities.Finally,by analyzing the market performance of the securitized products issued under the special program,we find that the expected return rate of priority and sub-priority asset-backed securities is declining,mainly due to the continuous accumulation of business risks,thus starting the analysis of the risks and their control problems of the asset-backed securitization business.This paper first analyzes the risks faeced in the process of "ant micro-loan" asset securitization from the perspective of different stages before,during and after the issuance of asset-backed securities,then analyzes the current risk management mode of "ant micro-loan" asset securitization,and finally compres and analyzes the problems and causes of risk management in the process of "ant micro-loan" asset securitization from the aspects of basic asset pool risk management,bankruptcy isolation mechanism setting in the process of securitization,liquidity of securitization products and information diselosure,etc.,and puts forward some relevant suggestions aimed at providing reference for similar asset securitization in the future internet consumer finance field.