Research On Risk Evaluation Of Ant Jiebei Asset Securitization

From 2014 to 2018,consumption has become the first driving force for China's economic growth for five consecutive years.In the complex international political and economic situation in which economic nationalism and protectionism prevail,residential consumption has become an important support for China's economic stability.The further release and stimulation of consumption potential requires consumer financial services to play a booster role.With the advantages of cost and technology,Internet consumer finance has risen steadily.However,compared with traditional financial institutions,Internet consumer financial service providers have high financing costs,long cycles,and single channels.It is imperative to solve asset pressure through asset securitization.Ant Jiebei is a leader in the field of Internet consumer financial services and has a leading position in asset securitization.Risk assessment research on Ant Jiebei asset securitization can reveal the risk factors and existing problems of asset securitization projects for enterprises and industries.This research can help to improve the risk management of asset securitization projects and provide guidance for investors in asset securitization products.This article sorts out and summarizes the research results on Internet consumer finance,asset securitization,and risk evaluation,and conducts an in-depth analysis of Ant Jiebei and its asset securitization projects from the perspective of development history,business model,and operation.Using the "Tebon Jiebei 53 rd Consumer Loan Asset Support Special Plan" as a case study,the transaction structureissues of the basic assets,recurring purchases,credit enhancement arrangements,and risk isolation of Ant Jiebei Asset Securitization Project were sorted out.In order to discover the problems existing in Ant Jiebei asset securitization projects.On this basis,this article uses the flowchart method to decompose the operation process of Internet consumer financial asset securitization,from the five links of asset reorganization,risk isolation,credit enhancement,securities issuance and subsequent management,etc.The key risk factors were identified,and a diagram of the risk factors of Ant Jiebei securitization was drawn.Based on the results of Ant Jiebei asset securitization case studies,this paper comprehensively uses the literature analysis method and expert interview method to construct a comprehensive evaluation index system for Internet consumer financial asset securitization risk.The comprehensive risk evaluation indicator system includes four main evaluation indicators,including credit risk,technical risk,operational risk and environmental risk.This article uses the analytic hierarchy process to determine the weight of the comprehensive evaluation index for Internet consumer financial asset securitization risk,and uses the fuzzy comprehensive evaluation method to calculate the comprehensive risk evaluation value of Ant Jiebei and its comparison objects.The comprehensive evaluation results of the asset securitization risk of borrowed assets were compared and analyzed,and the research results showed that the risk level of Ant Jiebei asset securitization projects was“average”,and the overall risk evaluation results were better than competitors.Based on the results of case studies and risk assessments,this article puts forward rational recommendations for the risk prevention and control of ant asset-backed securitization projects in terms of policy risks,risk isolation,basic assets,and product liquidity.