A Case Study On The Securitization Of Ant Check Later

The Internet consumer finance market is developing rapidly.According to the data of the Prospective Industry Research Institute,from 2012 to 2018,the scale of China's Internet consumer finance lending has increased from 1.86 billion yuan to 9.78 trillion yuan.The scale growth is unstoppable and plays an extremely important role in China's economy.Internet consumer finance entities use their own advantages to provide credit services,while the scale of credit assets continues to expand,accumulating a large number of financial assets with poor liquidity,resulting in insufficient capital of the main body,lack of development capital,and increased risk of operation and bad debts.These problem limits the healthy development of the subject in the future.Although asset securitization products are conducive to solving the above problems,China's asset securitization market is slow to start,product types are relatively less,the overall development scale is small,and maturity is low.As a result,the development of Internet consumer financial asset securitization is not perfect.There are also problems such as insufficient liquidity in the secondary market,weak risk control ability,lack of supervision of participants and laws and regulations are not sound.Experts and scholars at home and abroad have matured research on Internet finance,consumer finance and Internet consumer finance.However,the related research on securitization of Internet consumer financial assets is still relatively limited.Therefore,the article selects the case of Ant Check Later asset securitization as an entry point for in-depth research.This paper firstly summarizes the relevant theories of asset securitization,and analyzes the development status of Internet consumer finance and its asset securitization.Then in the case part,the case of asset securitization is introduced in detail through the issuance situation,transaction process,participants and the distribution of income of this special plan.Then,the original equity of asset securitization is analyzed.The basic assets of the pool,the choice of the credit enhancement method and the risks of the special plan;through analysis,it is found that the case has the following main problems: higher leverage ratio of the original equity loan when the asset securitization is carried out,the standard of the basic assets is loose,the quality of the pooled assets in the cycle purchase phase is not strictly controlled,simplification of credit enhancement.Last,the following suggestions for improvement are proposed for the problems found: firstly reduce the leverage ratio of the original equity,and combine the scenario and cash loan business;secondly improve the pooling standard of basic assets,introducing third-party credit rating agencies;thirdly strictly control the quality of the cycle into the pool asset quality,improve the manager's due diligence;fourth comprehensive use of internal and external credit enhancement measures;fifth focus on risk isolation The effect is to establish a multi-level risk control system.Based on case analysis,this paper puts forward relevant suggestions for asset securitization of China's Internet consumer finance,and forecasts the future development of Internet consumer financial asset securitization from the perspectives of big data and blockchain.