Case Study And Analysis Of Asset-backed Securities Of VIPS (China)

At present,the rapid development of China’s economy not only promotes the transformation of domestic economic structure,but also promotes the upgrading of domestic consumption structure.In this context,the domestic consumer credit market continues to grow,and the Internet consumer finance platform also develops rapidly.Among them,some e-commerce platforms also expand their business to the consumer credit field.While expanding the scale of E-commerce Internet financial enterprises,there are still huge financing needs and pressure.The development of consumer credit business also accumulates large-scale and poor liquidity accounts receivable for e-commerce platform.The financing mode of ABS can not only activate the stock assets of commercial enterprises,but also broaden the financing channels of enterprises,effectively reduce the financing costs,thereby improving the financing difficulties of enterprises.Firstly,this paper combs the relevant theories of Internet consumer financial asset securitization,and elaborates its current development status.Then,on this basis,it chooses the most representative commodity society ABS project as the research object,adopts various research methods,and carries out a detailed analysis of the cause of action,scheme design and financing effect of this case in accordance with the time sequence of ABS issuance.From the aspect of scheme design and enterprise’s own level,this paper summarizes the reasons for the successful issuance of ABS,including high quality of basic assets of special plan,reasonable design of dynamic pool,perfect credit enhancement measures,proper management of wind control and good development of enterprise itself.In addition,according to the above analysis,we find that there are still some problems in the ABS project of CPC,such as the failure of real sale of basic assets,incomplete bankruptcy isolation,unreasonable arrangement of information disclosure,closed credit reporting system and poor liquidity of securities.In view of the problems reflected in the above analysis,and combined with the highlights of successful issuance of special plans,this paper puts forward suggestions for securities companies and government regulatory authorities on how to continue developing ABS business of Internet consumer finance from two aspects of ABS product design and system promotion.Specifically as follows: First,product design can be further improved by introducing excess interest margin credit enhancement,reasonably arranging special plan information disclosure,introducing block chain technology and trial SPC model,which can provide reference for similar enterprises to issue ABS in the future;second,we should strengthen the liquidity of ABS secondary market,promote and improve the Internet personal credit information disclosure system and supervision,from the perspective of system promotion.For promoting the development of ABS in domestic Internet consumer finance enterprises,the essay can provide some new ideas in policy system.