Research On The Value Evaluation Of Consumer Financial Asset-backed Securities Based On OAS

Consumer finance refers to the small,short-term loans that the financial institutions provide to the individual and the family,and the typical consumer finance product of the market has a shopping payment and consumer loan to the consumer finance agency.With the rapid development of Internet in recent years,consumer finance also presents go hand in hand,and in promoting China’ s economic development and transformation and provide convenience for the consumer at the same time,consumer finance companies under their own accumulation massive liquidity weaker financial assets,the company itself and the liquidity demand is higher,the financing difficult to become the common problem they face.Known as the great financial revolution of the 20th century,ABS is the underlying asset may generate future cash flow as reimbursement support,through the structural design,credit enhancement and so on a series of means to make underlying assets can be issued in the capital market trading of securities financing form.The combination of the two is the emergence of the financial asset-backed securities make consumption financial institutions financing channels to be extended,to solve the lack of financing channels,enterprise asset ratio higher,also provides fresh blood to the development of consumer financial companies.Many scholars at home and abroad has carried out the study of consumer finance and asset-backed securities,the research scope mostly focus on the development of consumer financial pricing and the operation of asset-backed securities,risk management,legal,regulatory,etc.For consumer asset-backed securities of financial assets and the value of its underlying assets evaluation study is less,common value evaluation model is applicable to research,so the author chose on the basis of consumer financial asset-backed securities asset value evaluation were studied.In this paper,the basic concepts and concepts of consumer finance,asset-backed securities and their value assessment,and the evaluation methods for the value assessment of the asset support securities are also introduced and the pros and cons,and then the option adjustment method is chosen.In the empirical part,choose the "benefits of 2016-1" consumer finance asset-backed securities has carried on the empirical research,and according to the evaluation results show that the option to adjust spreads method based on consumer asset-backed securities of financial assets value assessment of suitability.