| At present,the securitization of personal consumption loans in China is facing a vigorous development period.Due to the characteristics of small amount,short term,strong dispersion and high loan homogeneity,personal consumption loans have gradually become the high-quality basic assets for the securitization business of consumer finance companies.However,China's consumer finance companies have just been established,the risk management is relatively weak,personal consumer loans are also quite different from traditional housing mortgage loans and non-performing loans,so their asset securitization operation process and pricing methods are also quite different.This paper takes ABS of personal consumption loan issued by consumer finance companies as an example,empirically analyzes the basic assets,transaction structure and risk control measures of its products,focuses on the pricing of products,and optimizes the pricing method of ABS of personal consumption loan.After introducing the connotation and general operation process of consumer loan securitization,according to the analysis framework of basic assets-transaction structure-credit enhancement measures,this paper first introduces the product characteristics of jieying 2019-? personal consumer loan ABS,and then estimates the cash flow of basic asset pool,priority A and priority B securities.Then,the term structure of interest rate is simulated to calculate the price of personal consumption loan ABS.The result shows that the issuing price of the ABS is underestimated.Finally,according to the pricing results,this paper analyzes and evaluates the risk factors that may affect the pricing results of the personal consumption loan ABS in the actual operation process,which shows that the pricing results of this paper have certain reference value,and then summarizes the pain points and difficulties of the development of China's consumer loan industry,and puts forward suggestions and prospects. |
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