Research On The Risk Of Credit Automobile Financial Asset Securitization In China

In recent years,automobile manufacturing has developed rapidly in China.The number of car ownership is growing rapidly.In developed countries,more than 60%of automobile consumption depends on loans,while China's figure is only 10%-20%.This implies a huge prospect for Chinese car market owners.With the increasing proportion of Chinese residents through credit and credit holding vehicles,the financing pressure of automobile manufacturing and auto finance companies is increasing gradually,the proportion of long-term receivables is increasing gradually,and the enterprises are facing the problems of short term capital turnover.Credit asset securitization products can help similar to the auto finance company of enterprise to solve the financing problem,enhance the financial market activity,promote financial innovation.Asset securitization originated from the second market of housing mortgage in 1968.Auto-ABS through a scientific and rational allocation of individual car mortgage loans to form a scientific and reasonable integration,form a pool of funds,and then set up SPV for "real sales" to achieve the transfer of assets,to achieve bankruptcy isolation,and finally through credit enhancement and other means to sell securitization products to obtain investment returns.But this kind of product that has only developed for more than ten years in China is not perfect,and there are still many risks.Domestic Auto-ABS issued only eight in 2014,only twelve in 2015.Therefore,the domestic Auto-ABS is in its infancy.In the process of the specific design and operation of asset securitization,the different securitization products are faced with different investment environment,especially for the car,which is closely related to life,whether it is the car brand,life,quality,or the borrower's age,occupation,geographical distribution,credit performance and so on.It will directly affect the design and operation of the securitization products.How to make the asset securitization become a normal financing tool of the auto finance company is the motivation of this paper.This paper makes an analysis of the typical case of the 2015 second phase of personal car mortgage asset backed securities,aiming to find out the characteristics of the product's trading structure,credit increase,and cash flow distribution mechanism,and analyze the number and amount characteristics of the total asset securitization,and the term characteristics of the entry pool assets.Based on the distribution information of the basic assets,the distribution of unpaid principal,the distribution of loan quality,the distribution of loan interest rate,the distribution of the loan contract rate,the loan guarantee and the term of the loan contract are analyzed.The age distribution of loans,loans,the distribution of loan down payment ratio,the distribution of loan remaining maturity and possible risks.At the same time,it analyzes the borrowers' age distribution information,regional distribution information,occupational distribution information,income distribution information,credit distribution information and so on,and predicts the possible default risk,early compensation risk,interest rate risk,periodic risk and so on.Taking this as the base point,from the point of view of the product itself,the average allocation of loan term,the increase of mortgage coverage and the single fixed interest rate can change the structure of the coupon rate,reduce the formality rate of the assets in the pool,change the way of the borrower's share,increase the rate of down payment,the borrower's age bias to the equilibrium structure or choice.Older people,lower the city concentration of borrowers,reduce the concentration of the borrowers'occupational distribution,and improve the coverage of credit scores.Considering the government and the macro market,the state should further standardize the auto financial market of our country from the policy,and further excavate the car consumption potential by establishing and perfecting the personal credit system,perfecting the relevant laws and regulations of the industry and introducing the preferential policies for the automobile financial companies,and complying with the consumer's day.The increasing demand for auto financial services also contributes to the growth of the total economic volume and the improvement of economic quality,providing valuable experience for the later Auto-ABS.