| In the past 20 years,China’s automobile consumption market has developed vigorously,with which auto financing companies have emerged.With the rapid expansion of the scale of auto financing companies,the problem of capital shortage of auto financing companies is highlighted.In order to alleviate the problems of high capital cost and capital shortage faced by auto financing companies,the securitization of auto financing companies came into being.Auto financing companies can get the funds needed for the development of auto financing companies again by reorganizing and packaging the mortgage loans and the affiliated equity assets held by auto financing companies into securities for external transfer,and at the same time reduce auto financing companies The cost of capital.The asset securitization of auto financing companies has a very strong role in promoting the development of auto financing companies.However,in the process of securitization of automobile mortgage assets,the potential business risks should not be ignored..Due to the universality of the characteristics of automobile credit asset securitization business in the whole asset securitization business,this paper takes VW Huayu five phase automobile mortgage asset securitization product as an example,analyzes its technical details in the process of securitization,such as product hierarchical transaction structure,asset pool combination characteristics,credit enhancement measures,etc.,and uses the analysis method and empirical analysis method to calculate the The credit risk pricing mechanism of products,the common problems and causes of such businesses are analyzed.It is hoped that these conclusions can provide reference for the future auto credit asset securitization and even the whole asset securitization market participants,and provide some solutions and policy suggestions for policy makers to solve the related problems encountered in the process of standardizing the development of asset securitization business... |
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