金融学院知识库

  随着经济的飞速发展，为满足市场消费需求，互联网小额贷款的规模正以惊人的速度进行扩张，但资产流动性欠缺、融资渠道匮乏等问题也随之暴露出来。而互联网小额贷款资产证券化的出现则为解决这些问题开拓了一条全新的道路。互联网小额贷款资产证券化通过将流动性差的小额贷款转换成可交易的证券，提高了小额贷款的流动性，加速资金流转，降低了互联网消费金融行业的融资杠杆。与此同时，随着产品数量的增加，这种融资模式存在的风险也凸显了出来，如何有效的进行风险控制一直是互联网小额贷款资产证券化的一大难题，再加上我国资本市场和监管机制尚未完善，这都导致投资者很难对目前上市的互联网消费金融资产证券化产品的风险有一个准确的判断。

  本文首先对互联网消费金融资产证券化的风险进行了全面分析，以理论分析为依托，结合实际情况对其风险进行了详细探讨。然后引入蚂蚁微贷资产证券化产品德邦花呗作为案例，从基础资产、重要参与人、外部因素三个方面对其风险进行了分析。接着，基于上文对蚂蚁微贷消费贷款资产支持证券的风险控制进行分析，同时详细分析各类风险措施控制的有效性。最后，本文对德邦花呗资产支持证券的风险防控的可取与不足之处进行归纳总结，然后发散至整个互联网金 融行业，对其资产证券化的发展提出相关建议。

  互联网小额贷款公司应当利用互联网平台的信息优势，借助大数据分析形成一套自己的数据库，建立健全贷款风险管理机制；企业应强化信息披露，建立健全完备有效的信息管理机制，提高企业管理的透明度；监管部门要尽快完善互联网小额贷款相关方面的法律法规，引导互联网小额贷款走向规范化的道路。对于相关政策法规的出台，参与机构也应尽快熟悉，及时做出应对方案。

      The speed of China's economic development has attracted worldwide attention, the scale of Internet micro-finance is expanding at an astonishing speed to satisfy the market's needs. However, The high financing cost and the shortcomings of the shortage of financing methods are also exposed. Securitization of online micro-finance assets has opened new avenues to solve these problems. Internet micro-loan asset securitization increases the liquidity of micro-loans, accelerates the flow of funds and reduces the leverage of the internet consumer finance industry by converting micro-loans which lack of liquidity into tradable securities. At the same time, as the number of products increases, the potential risks of this financing model have also been highlighted.How to prevent and control these potential risks have been a major problem in the securitization of small loans on the Internet. Investors is hard to have an accurate judgment of Internet ventures on the consumption of listed financial asset liquid products.

     Firstly, I analyze the risks of financial assets and discusses the risks in detail based on the theoretical analysis and actual situation. Secondly, I introduce a example named the Tebon Anti credit pay ABS,and analyzed the risk manifestation of the product. Thirdly, I analyzed the risk control and effectiveness of the Tebon Anti credit pay ABS. Finally, I made some suggestions for the development of Internet financial market.

      Internet microfinance companies should take advantage of the  Internet information platforms, leverage big data analysis to form their own databases, and build sound lending risk management mechanisms. Businesses must strengthen information disclosure, complete and effective information management mechanisms. Government must guide Internet microloans on the road of standardization. the participating institutions should also familiarize themselves with them as soon as possible and make solutions in time.