会计学院知识库

     随着互联网时代的不断快速发展，互联网电商企业为了适应迅速推进的 B2C
商业模式，成立了小额贷款公司并希望能够为小微企业的融资及发展提供服务，
由于中国的中小企业数量巨大，而传统的银行融资要求较高，小微企业的融资受
到限制，互联网金融的出现为其提供了新的融资渠道。随着互联网金融的市场规
模日益壮大，企业在实际经营过程中应收账款的大量堆积，影响到企业回笼资金
的有效性，造成企业可能会面临资金链断裂的压力。互联网金融企业开始尝试发
展资产证券化的业务，实现资金流的快速回笼，互联网金融企业资产证券化产品
的增多和规模的增大使得企业得到价值提升的同时也面临着一些潜在的风险问题,比如说资产证券化的业务模式对资产的流动性的影响，证券化产品的信息披露是否真实客观，投资者对风险的识别是否有效等，这些问题都值得企业在进行资产证券化时全面考虑。
      本文选取蚂蚁金融服务集团（简称：蚂蚁金服）为案例企业，首先对应收账
款资产证券化的概念、运作流程及原理、应收账款资产证券化风险类型及特点进
行理论剖析。其次在理论的指导下采用案例分析法对企业基本概况，案例相关政
策背景和行业背景等进行了分析，基于融资角度对应收账款资产证券化的基本情
况，交易结构等项目概况深入了解，探究蚂蚁金服应收账款资产证券化的实施效
果。最后从参与方主体角度，资产证券化的交易结构角度以及应收账款证券化流
程的角度分析其存在的风险，然后针对参与主体、基础资产等的风险分别提出防
范的建议。
      通过对蚂蚁金服应收账款资产证券化及其风险的研究，可以看出未来对于互
联网金融企业资产证券化过程中的风险控制措施要求将会越来越高，无论是从基
础资产池的前端风险，还是交易机制和运作过程中的中后端风险上，其风险控制
模式的改进和完善都显得尤为必要，此外，金融市场法律法规和制度的完善也是
未来互联网金融企业应收账款资产证券化良好发展的必要条件之一。

     With the rapidly development of the internet age, a lot of Internet financial firmshave built small-sum credit companies, given loan services to them, which can betteraccommodate the B2C business model. Because the increasing of small sized firms,the standards of traditional banks financing is high, therefore these companies are facing the limited of financial. But the emergence of internet financial companies provides new financing channels for them. With the increasingly size of the Internet monetary market, a lot of debts receivable in the actual business process of enterprises have been piled up, which have influenced on the validity of the withdrawal of funds, causing enterprises may face the pressure of the bankrupt of capital strand. Internet financial companies have begun to attempt to securitize receivables to achieve a rapid return of funds. However with the growing number of asset securitization products and the scale of Internet financial companies, which makes enterprises value promoted, but they are also faced with some potential risk problems, for example, the impact of the asset securitisation business model on asset liquidity, whether the disclosure financial information of securitization products is true and objective or not, and whether investor risks indentification is effective or not. That all need be worthy of comprehensive consideration when companies carry out the asset securitization business.
      In this paper, I chose Ant Financial Group as the case. Firstly, expounds thenotion, work course and theory of securitization receivables assets, besidessummarizes the forms and features of the risks of securitization of receivables assets. Secondly, according to the theory, combined with specific cases, it decodes the basic business management, the background relevant policy and the same industry trends abou Ant financial group. On account of the equity trading of asset securitization
receivables, in-depth understanding the basic situation of the project, and explore the implementation results of Ant Financial Group about this ABS pattern. Finally, viewed from the involved parties, the deal structure and process point of this ABS, pointed out the risks existing in the process of the accounts receivable securitization,and the suggestions on the risks prevention are put forward.
      Through the study of the accounts receivable securitization of Ant financial, we can seen that the risk control requirements of ABS are very important in the future, the supervision securitization of the assets of Internet financial enterprises will also more higher, whether the front-end risks of the underlying asset pool, or trading mechanism and operational back-end risk, the risk control model all need to improve and perfect. In addition, completion of financial laws and regulations system, which isa prerequisite for the further development of Internet financial enterprise receivablessecuritization.