Research On Internet Consumer Finance Asset Securitization Pricing

Internet consumer finance uses the network technology to provide financial services to consumers.Compared with traditional financial methods,it realizes the informatization and electronicization of each link,and the efficiency is greatly improved.Internet consumer finance companies are involved in businesses targeting different consumer groups and markets,mainly including comprehensive e-commerce consumer finance represented by JD.com and Baitiao and Alibaba,and 3C product consumer finance and second-hand car consumption installment markets,etc..The continuous expansion and diversification of the market also pose greater challenges to the financing requirements of Internet consumer finance companies.Asset securitization has the characteristics of low financing costs and the ability to revitalize existing assets,and it has become one of the financing methods adopted by most Internet consumer finance companies.On the whole,when implementing securitization of Internet consumer financial assets,pricing will directly affect the success or failure of asset securitization projects,and the pricing process is not a single factor or two that can be determined,it is a complex and continuous process.This article first introduces the three concepts and main characteristics of Internet consumer financial asset securitization related to the topic,and on this basis,introduces the development status of Internet consumer financial asset securitization in China.By analyzing the influencing factors related to the pricing of Internet consumer financial asset securitization products,and the more mature pricing models in the relevant research results at home and abroad,from the development stage of China’s consumer credit and the transaction structure characteristics of Internet consumer finance,we selected suitable The pricing method of the characteristics of China’s financial market.This article analyzes the four factors that affect pricing,but the actual is not limited to these four.This article only focuses on the following four types: interest rate,default rate,early payment rate,and transaction structure.Finally,TEBON HUABEI was selected as the case for empirical analysis.The concrete steps of the empirical process start with two methods.The first method is the static interest spread pricing method of option compensation.This method is currently the commonly used pricing method for Internet consumer financial asset securitization products in China.The second method is the method of option-adjusted spread pricing based on Monte Carlo simulation.This method can accurately understand the changes in interest rates and more accurately reflect the discounted cash flow calculated by market interest rate fluctuations,so it can be predicted In the future,the option-adjusted interest rate pricing method based on Monte Carlo simulation will become the general trend.Finally,the case selects a pricing method that is closer to the actual situation,and puts forward relevant suggestions for the influencing factors and pricing methods.The application of asset securitization in the Internet consumer finance industry,a hot industry,can apply the more comprehensive pricing models available at home and abroad,and select the most suitable pricing method based on the characteristics of Internet consumer finance.At the same time,the combination of Monte Carlo simulation and the option adjustment spread method to more accurately characterize the short-term interest rate of securitized products is the innovation of this article.Based on the existing asset securitization pricing methods,comprehensively considering the influencing factors that enterprises will appear in the asset securitization product pricing process,from the comparison of the current commonly used pricing methods and the pricing methods applicable in the future to realize interest rate marketization,With a view to providing a feasible pricing method for the pricing of Internet consumer financial asset securitization products.