Research On Legal Risk Control Of Asset-Backed Securitization Of Internet Consumer Finance

Before Jingdong-IOUs-ABS,Internet consumer finance ABS has been in a blank space.As the strong support of the data-base and IT systemmake a great contribution to the electronic business platform,small and decentralized consumer loan debt get available to be combined with the asset-baked securitization.With convenient,transparent and cost-effective way,the internet consumer finance ABS not only meet the financing needs of the financier,but also provide more diversified financial products for the investors,such is indeed a typical development of the Inclusive Finance.The theme of this thsis is: from the legal point of view,how to take a risk-control through the process of the Internet consumer finance ABS.The analysis of the internet consumer finance ABS is based on taking Jingdong-IOUs-ABS as an example,analysing and referring to its risk control measures analysis,because of its groundbreaking progress..Accordingly,the research ideas are as follows: firstly,the Internet consumer financial asset-backed securitization are simply summarized.In the second part,the main risk,sucu as the risk of bankrupt,operational risk,credit risk,market risk,policy risk,information-disclosurerisk are analysised and countermeasured.Finally,after the former discussion and summary,the last part try to build a legal risk-contral framework for Internet consumer finance ABS.Risk-control is the core of the development of a financial product.Internet consumer finance ABS risk-control,from a legal point of view,can be summarized in two aspects: first,the asset risk control;second,risk control of the transaction structure.Asset risk-control,in particular,is the risk-control of asset credit quality control-whether the assets are real,whether the assets are legitimate,whether the transfer of assets is effective.The risk control of transaction structure,is specifically focus on the various sectors of the transaction-whether each transaction compliance,especially the special purpose vehicle(SPV),is effective.The final implementation of such risk control is back to the legal documents.The structure of the thesis is as follows: six chapters in total.The first chapter is the introduction.The sixth chapter is the conclusion.Other four chapters discuss specific risks and propose countermeasures---the first three chapters are about the three main risks(bankruptcy remote,credit risk,operation),the fourth chapter has a brief analysis of other risks.The last chapter is the legal framework design of the risk-control according to the operation procedures of ABS,and divide the framework into a former control part,a issuing securities part,and a subsequent management part,providing key points and countermeasures for each step.