互联网消费金融资产证券化风险研究 ——以中信建投花呗 ABS 为例

LZUFE-KMS > 金融学院

作者	尹一然
姓名汉语拼音	Yin Yiran
学号	2019000005029
培养单位	兰州财经大学
电话	18800436125
电子邮件	yyr1140522805@163.com
入学年份	2019-9
学位类别	专业硕士
培养级别	硕士研究生
一级学科名称	金融
学科代码	0251
第一导师姓名	狄瑞鸿
第一导师姓名汉语拼音	Di Ruihong
第一导师单位	兰州财经大学
第一导师职称	教授
题名	互联网消费金融资产证券化风险研究 ——以中信建投花呗 ABS 为例
英文题名	Research on the Risk of Asset Securitization of Chinese Internet Consumer Finance: A Case of China Securities Huabei ABS
关键词	互联网消费金融资产证券化风险
外文关键词	Internet consumer finance ; Asset securitization ; Risk
摘要	摘要近十年，我国电商平台、消费金融公司、互联网金融公司数量扩增，相关业务不断增加，这直接推动了互联网消费金融的快速发展。随着金融市场环境的变换，消费者逐渐适应互联网消费信贷的方式，这极大促进了大众消费观念和行为的转变，同时扩大了消费金融市场的规模。然而，互联网消费金融企业存在自有资本有限、融资成本高、融资渠道欠缺等问题，使其发展受到一定的阻碍。资产证券化为解决互联网消费金融企业资金问题，提供了有效的解决办法，并可以从中获得高额回报。但需要注意的是，我国的互联网消费金融资产证券化处于发展的初级阶段，虽然发行规模基数大，但是与之而来的是融资风险逐步上升，因此，全面、充分地管控证券化过程中的风险，任重而道远。本文选取中信建投花呗第三期消费授信融资资产支持专项计划作为案例，首先概括互联网消费金融资产证券化的现状，从规模情况、参与主体数量、基础资产涵盖面等方面展开了分析；其次，介绍项目概况，引入中信建投花呗ABS，对基础资产的筛选、多个主体的参与、交易结构的构建等方面进行阐述，分析中信建投花呗资产证券化的动因，剖析花呗 ABS 存在的主要问题，对中信建投花呗资产证券化现存和潜在的风险展开思考，深入剖析与基础资产、参与机构、资产支持证券有关的风险，探寻控制风险的有效措施以及风险控制的效果；最后，对本文进行归纳，通过对案例的分析，映射互联网消费金融资产证券化过程中面临的各种风险，提出相应的风险管控建议，加快互联网消费金融资产证券化合规、稳定地发展。关键词：互联网消费金融资产证券化风险
英文摘要	Abstract For nearly a decade, the number of E-commerce platforms, consumer finance companies and Internet finance companies has expanded and related businesses have increased, directly contributing to the rapid development of Internet consumer finance. As financial market conditions change, consumers gradually choose the way of consumer credit on the Internet, which greatly promotes the change of the public consumption concepts and behaviors, meanwhile, the scale of consumer financial market is enlarged. However, Internet consumer finance enterprises exist several financing problems, such as insufficient capital strength, high cost, and limited financing channels etc, hindering their growth. Asset backed securitization provides a great solution to the financing problem of Internet consumer financial enterprises, which enables enterprises to obtain high returns. It is essential to note that Chinese Internet consumer financial asset securitization in the initial stage of development, the issuing size is considerable, but the financing risk is gradually prominent, thus there is still a long way to effectively control the risk. With the relevant theoretical basis, this paper selects the third phase of Consumer Credit Financing Asset Support Project of China Securities Huabei as a case. First of all, the status of Internet consumer financial asset securitization is summarized and the size of issuance, number of participants and coverage of basic assets are analyzed. Besides, it introduces the project’s overview and China Securities Huabei asset securitization, and expounds the selection of basic assets, the participation of multiple related institutions and the construction of its trading structure and other aspects, then analyzing the motivation of China Securities Huabei ABS. Moreover, this paper analyzes the main problems of ant credit pay ABS, the existing and potential risks of China Securities Huabei ABS, the risks related to the underlying assets, participating institutions and the securities, then finds out how to take measures to control above risks, and make an analysis of risk control effect. Last but not least, on basis of case analysis, this paper summarizes, maps the risks faced with internet consumer finance asset securitization, puts forward corresponding risk control suggestions, and accelerates the compliance and stable development of internet consumer financial asset securitization. Keywords：Internet consumer finance；Asset securitization；Risk
学位类型	硕士
答辩日期	2022-05-29
学位授予地点	甘肃省兰州市
语种	中文
论文总页数	67
参考文献总数	43
馆藏号	0004365
保密级别	公开
中图分类号	F83/435
文献类型	学位论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/32120
专题	金融学院
推荐引用方式 GB/T 7714	尹一然. 互联网消费金融资产证券化风险研究 ——以中信建投花呗 ABS 为例[D]. 甘肃省兰州市. 兰州财经大学,2022.

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