Research On The Pricing Of Internet Consumer Financial Assets Securitization

In recent years,Internet information technology has been popularized and developed rapidly.The masses’ consumption power has improved and the consumption concept has changed.The major Internet e-commerce platforms have taken the opportunity to rise strongly,relying on advanced Internet technologies and their own powerful capital flow and user volume.The introduction of consumer loan finance business to consumers at all levels has greatly promoted the innovation and development of the Internet finance industry.As a new financial model,Internet finance can effectively meet the financial service needs of customers that cannot be covered by traditional financial departments,and make up for the lack of traditional consumer finance in the segmentation field.Since 2005,in order to promote the positive development of the asset securitization industry,China has promulgated various regulatory policies to promote the continuous development and innovation of the asset securitization market,and has accumulated certain experience in the development of asset securitization.However,in the Internet In terms of pricing of consumer financial assets to support securities,there is relatively little empirical research.It is very necessary to determine a pricing method applicable to China’s Internet consumer financial asset-backed securities.It is also the key to this paper.On the basis of summarizing the research results of asset securitization at home and abroad,this paper uses the combination of theoretical analysis and empirical research to deeply explore and analyze the pricing of China’s Internet consumer financial asset-backed securities.This paper focuses on the cash flow and discount rate of the underlying assets.The Monte Carlo simulation method is used to simulate the interest rate change path.On this basis,the net cash flow value is obtained by means of the prepayment model,and then the four internationals are compared.The commonly used asset securitization pricing method and its applicability,combined with the characteristics of the basic asset pool,finally choose the option adjustment spread method based on Monte Carlo simulation as the research method of this paper,with the actual data of Jingdong Baizhi Asset Support Special Plan.An empirical analysis of its pricing issues.The first chapter is the introduction.It mainly expounds the background,research significance,basic framework,methods,innovations and deficiencies of the thesis.The second chapter is the literature review and theoretical basis.In the literature review section,this paper reviews a large number of documents on asset securitization pricing,and summarizes and reviews related researches of domestic and foreign scholars.In the theoretical basis,the main theory of interest rate term structure and the related theory of Monte Carlo simulation are introduced and analyzed.The third chapter is theoretical analysis.This part mainly introduces the particularity of Internet consumer financial asset securitization compared to other types of asset securitization,and the economic effects that can be generated.The fourth chapter is the construction of pricing optimization model for Internet consumer financial asset-backed securities.This part first introduces the basic principles of pricing and its influencing factors.Then it introduces four internationally used asset securitization pricing methods,and compares their respective advantages and disadvantages and applicability.Finally,according to the basic asset pool The feature constructs a pricing optimization model suitable for Internet consumer financial asset-backed securities,and makes assumptions about the influencing factors of the model.The fifth chapter is the empirical test of the pricing method of Internet consumer financial assets securitization.This part uses the actual data of the sample to empirically test the pricing model constructed in the previous chapter and analyze the pricing results.The sixth chapter is the main conclusions and policy recommendations.Based on the empirical results obtained in the previous section,we made a specific analysis and summary,and put forward relevant suggestions on the pricing of China’s Internet consumer financial asset-backed securities.