Research On The Risk Of Asset Securitization Of Internet Micro Loan Company

Due to their small scale,small collateral,lack of guarantee,small and micro enterprises have been financing difficulties.It is not only an obstacle to the development of small and micro enterprises,but also bad to the whole market vitality and creativity.It is obviously unrealistic to rely only on Banks to solve this problem.The rise of the Internet financial,emerged a large number of internet small loan companies which help companies to finance,but due to the immature market,guard against risk,small loan companies can only be prescribed by the government loan and cannot absorb deposits and couldn't ask for more than two bank loans,etc.,makes the Internet small loan company capital source channel is restricted,lead to the small loan companies and into difficult position of funds,small loan companies must develop new financing channels,and asset securitization is a suitable way.In western countries with relatively complete personal credit enhancement system,most of the citizens are "credit consumers",so the development mode of credit asset securitization has been very mature.This financing method,which does not take the overall credit of the borrower as the "collateral",can not only enhance the liquidity of assets,but also enable some borrowers with low credit but guaranteed in the future to obtain loans,expand their financing channels,and at the same time isolate risks and ensure the interests of investors.Since 2011,when the government issued a series of policies to relax the business of asset securitization,some financial institutions have started to try asset securitization and achieved good results.Relying on the strong financial and technical support of alibaba group,ali small loan company,as an Internet small loan company,issued the first asset securitization product in 2013 and achieved the expected income.Its innovative mode and risk control measures are worthy of reference for the majority of Internet small loan companies.This paper adopts literature research method,model analysis method and case analysis method,takes ali-small loan asset securitization as the research object,summarizes the reference points for this project,and hopes to provide Suggestions for China's Internet small loan companies that have the conditions for asset securitization.Firstly,this paper sorted out the relevant theories,concepts and significance of asset securitization,reviewed relevant literatures of Internet small loan company financing,and sorted out the background and process of ali small loan asset securitization.Secondly,it analyzes the internal environment of ali small loan company and finds that ali small loan company has good operating conditions.Then it analyzes the basic asset quality,circular transaction structure and risk control measures of this project,and uses the revised KMV model to verify the level of issued securities.It concludes that the internal and external environment,basic asset selection,novel transaction structure and risk control measures of ali small loan are worthy of learning from Internet small loan companies.Finally,it analyzes the differences between other Internet small loan companies and ali small loan companies,ands some conclusions according to the actual situation of other Internet small loan companies.