Case Analysis Of Ant Credit Pay Consumption Finance Asset Backed Securitization

The development of consumer financial asset backed securitization in China starts late and is relatively backward.Currently,although it has accumulated a certain degree of practical innovation and business experience,there is still a gap compared with foreign researches,especially in the richness of basic assets.it is found that there are few studies on asset backed securitization in the consumer finance industry,and they mainly focus on Ali petty loan and JD ious,which are innovative in analyzing product models,for other consumption.There are few studies on the securitization of consumer finance.In addition,based on various limitations,the market's understanding of asset backed securitization is still not perfect in the practice of China's financial market.Under the condition of traditional financing difficulties,the enthusiasm of enterprises to use asset securitization is high.The use of asset securitization can effectively reduce corporate leverage and debt ratios,thus helping to achieve policy requirements for leverage reduction in a market-oriented method.This paper selects the asset-backed securities with large circulation and representative “Teton Ant Credit Pay 49 th Consumer Loan Asset Support Special Plan” as a case,combing with the theory of asset backed securitization.By using the analytical and comparative analysis method,we have analyzed the basic assets and transaction structure of Ant Credit Pay Asset-backed Securities products and analyzed their characteristics in detail.At the same time,from the comparative analysis of Ant Credit Pay and traditional bank credit cards,three specific details of the issue reasons,product advantages and product risks of Ant Credit Pay ABS products are discussed.Through case analysis,this paper has clarified that Ant Credit Pay Asset-backed Securities has the characteristics of reducing enterprise leverage,improving asset return rate,replenishing asset liquidity,and financing efficiency through storage racks,and recycling purchase structure to solve the problem of maturity mismatch,the advantages of Big data risk control Management,and the relationship with traditional bank credit cards – as a useful complement to credit consumption,covering the relationship between different consumer groups online and offline separately from traditional bank credit cards.At the same time,it was found that the credit information system of Ant Credit Pay Project still needs to be improved,the external rating system is missing,and there is no liquidity in the market.It also provides certain targeted and feasible suggestions for the above problems,hoping to expand consumer finance market,the design of the similar ABS products can have a certain significance to the scale of China's consumption market...