Design And Application Of Screening Scheme For ABS Basic Assets Of Microfinance

According to the rapid development trend of asset securitization business in China since 2014 and the proportion of non-bank credit asset securitization products in the developing trend,we can find that private microfinance,commercial factoring,financial leasing and other financial assets have become an important part of the basic assets of asset-backed bonds,there of the data of the basic assets of microfinance is very impressive,far exceeding the circulation of other types of private financial assets.Different from other private financial assets,microfinance has got very strict policy restrictions on its financing.The financing problem of microfinance-needing enterprises is the most important bottleneck restricting their development.The asset securitization business,with its characteristic allowing the basic assets to be stripped out of the financial statements,is very suitable for microfinance-needing enterprises to finance,which has been demonstrated in previous studies.Judging from the current situation of the released products on the market,though the microfinance asset securitization business has obtained a large number of issuance and cumulative circulation,SPV still has not enough control on the screening,rating,cyclic replacement and deadline mismatches and other aspects of the basic assets of microfinance among the issued products.In this article,the screening and rating work on the sub-item of microfinance basic asset were studied.By studying the past literature and the concept of micro-loan as a basic asset in the process of asset securitization as a whole,and combining with the data of domestic micro-loan asset securitization,it finds out the differences between micro-loan as a basic asset and other types of basic assets,and summarizes the differences between micro-loan and other types of basic assets.Based on the characteristics of short term,small amount,frequent occurrence and diversified collateral,this paper sums up the difficulties faced by microfinance as the basic assets for issuing asset securitization and their impacts.The final design scheme uses expert opinion aggregation method to study feasible application schemes for screening basic assets,and through the framework opinions for screening basic assets of microfinance.After summarizing,summarizing the options and opinions of microfinance basic assets screening,and summarizing the evaluation opinions of microfinance basic assets screening,and carrying out the weight budget,a complete application scheme of microfinance basic assets screening is obtained.Finally,after the application test of the screening scheme with a simple model,some suggestions for further refinement and improvement are put forward in order to support the work and application of SPV carriers in the implementation of microfinance asset securitization in China.