Research On The Application Of Securitization Of Internet Consumer Financial Assets

With the urgent need of China's economic transformation to stimulate consumption and expand domestic demand,consumption has been placed in an increasingly important position,coupled with the rapid spread of the Internet in China,the increasing Internetization of consumer activities and the upgrading of consumerism,China's Internet consumer finance market came into being and achieved rapid development.Although the Internet consumer finance industry has broad prospects for development,there are also some problems that restrict its development.The large amount of small,decentralized and stable cash flow financial assets formed by the Internet consumer finance industry occupy a large amount of self-owned funds of Internet finance enterprises.Moreover,due to market restrictions and regulatory constraints,Internet consumer finance faces the problems of high financing costs and narrow financing channels,which greatly limit the further expansion of its business.Therefore,it is necessary to explore and study the effective financing approach of Internet consumer finance.In 2015,as the first Internet consumer financial asset securitization product in China,the Jingdong Baitiao Asset Securitization Project provided an example for the Internet consumer finance industry to finance through asset securitization.This paper takes the Jingdong Baitiao Asset Securitization Project as the object of case analysis.Through the analysis of the various links of Jingdong Baitiao Asset Securitization,it is found that the Internet consumer finance industry has some advantages in financing through asset securitization and has the following problems:(1)The segmentation of product market is serious;(2)the credit rating mechanism is imperfect;(3)the laws and regulations related to Internet consumer financial asset securitization are imperfect;(4)the information of the underlying asset is incomplete.In order to promote the development of Internet consumer financial asset securitization,this paper proposes the following suggestions:(1)improve the liquidity of the Internet consumer financial asset securitization market;(2)unify the asset securitization product market;(3)improve China's Credit information system and credit rating system construction;(4)improve relevant laws and regulations and regulatory standards;(5)fully grasp the basic asset information.