Research On The Pricing Of Internet Consumer Financial Asset Securitization

The last ten years have seen the dramatic development of China consumer finance market,which attributes to regulators regard consumer finance as an important measure to stimulate domestic demand and the economy.While facing the dilemma of "difficult financing",internet financial enterprises also take initiative to the consumer market and expand their credit businesses.Thus,it has become a common practice for these enterprises to reduce financing costs by using asset securitization.Thus,it has become a common practice for these enterprises to reduce financing costs by using asset securitization.The development of Internet consumer financial asset securitization has a broad prospect.The problem of how to accurately price such securitized products has become increasingly prominent,so it is significant to conduct in-depth research.Based on the analysis of the current situation of Internet consumer finance asset securitization market,this thesis selects the benchmark product in the field of Internet Education Loan-"Baidu Rich Money Asset Support Special Plan" as a case.Then,it analyzes the mainstream pricing methods and models,selects CIR model to fit short-term interest rate,and uses the method of Monte Carlo simulation based on OAS.From the perspective of investor pricing,the difference between the theoretical and expected returns of the Baidu Rich Money project is analyzed.Finally,the“Jingdong Financial Asset Support Special Plan”is introduced as a reference,makes the estimated OAS of Baidu Rich Money comparable,and further verifies the effectiveness of the pricing model.The results show that the level of risk compensation required by the Baidu Rich Money project is on the high side,and the calculated theoretical rate of return is higher than the expected,which means that the actual return obtained by investors is higher.The research model constructed by this thesis is an effective method to solve the pricing of such complex securities,and the calculated theoretical rate of return has certain reference significance.The values of this thesis are as follows: On the one hand,from the perspective of market pricing,it constructs a new research idea for the pricing of Internet consumer financial asset securitization,which has certain rationality and operability.On the other hand,combining in-depth analysis with specific cases to summarize the risk points of Internet consumer financial asset securitization products is of great significance for improving relevant laws and regulations,promoting the efficiency of capital markets,and regulating the operation of Internet companies' ABS.