Design Of Asset Securitization Of H Micro-lending Company

The birth of micro-lending companies aims to solve the pain points of the financing difficulties of the majority of small and micro enterprises.Since 2008,with the guidance and support of a series of national policies,micro-lending companies have emerged and achieved very significant development.The financial services provided by micro-lending companies to small and micro enterprises not only effectively alleviated the financial shortage of small and micro enterprises,but also effectively supported and developed China's inclusive finance business.However,micro-lending companies are subject to the policy of "no depositing,only lending" and its lack of leverage and a single source of funds have severely restricted its sustainable development.Therefore,how to alleviate the financing difficulties and explore new ways of financing is a matter of great concern to the micro-lending companies.Although there are various ways of financing such as internal financing,bank lending,trust financing,interbank lending and listing,the above approaches are still limited by financing policy and cost.This paper starts from the concept of asset securitization,summarizes the basic principles and processes of asset securitization,reviews the development of asset securitization at home and abroad,and analyzes the external environment and internal needs of the implementation of asset securitization by micro-lending companies in China.Further,this article studies the typical successful cases of asset securitization conducted by two domestic micro-lending companies,and summarizes and draws on relevant experiences.Based on the actual investigation of H micro-lending company,this article focuses on analyzing the necessity and feasibility of H company's implementation of asset securitization,and designing the company's assets securitization plan-"H company No.1 asset support special plan."The research results show that the implementation of asset securitization for H company is not only necessary but also feasible.In particular,on the one hand,from the perspectives of the relationship between insufficient funds and business development,comparison and selection of financing channels,asset securitization and reputation enhancement,it can be confirmed that H company is necessary to implement asset securitization.On the other hand,from the aspect of the external financial environment in which H Company is located,the quality of the basic assets it possesses,and the support of shareholders for the implementation of asset securitization of H Company,it can be confirmed that H Company is able to implement asset securitization.For the design of "H company No.1 Asset Support Special Plan",this paper focuses on the process of asset securitization.Specifically,the key link is to build a basic asset pool,set up an SPV,and carry out credit enhancements and ratings.In addition,the special plan also considers the key elements of the product,such as the product's transaction structure,major risks and risk prevention measures,circular purchasing patterns,and cash flow distribution order.This paper has important implications for the research on asset securitization of micro-lending companies,not only for the growth of H companies and micro-lending industries,but also for the healthy operation of China's multi-level capital market and financial system reform.