| In recent years,China's rapid economic development,people's income level continues to improve,the quality of life continues to improve,the demand for cars is increasing.In addition,the rapid development of the economy is also constantly promoting the development of the automobile industry,China's automobile production increased year by year.According to statistics,China produced 29.02 million cars and sold 28.88 million cars in 2017,ranking first in the world for nine consecutive years.At the same time,people's consumption concept is changing day by day.Especially in recent years,the post-80 s and 90 s generation has gradually become the main force of consumption,and more and more consumers tend to choose credit loans to buy cars.Under the joint action of credit consumption mode and huge demand for automobile,automobile consumers have great demand for automobile financial products and services.According to statistics,as of December 31,2017,the credit balance of China's auto finance business has reached 10,003 billion yuan,an increase of 24.80% over the previous year.With the continuous growth of the scale of auto consumer credit business,China's auto finance companies have gradually accumulated a large number of credit assets.Auto financing companies to develop auto consumption credit business need a lot of money,the bank loan is the main source of funding of an auto financing company,due to business needs,auto financing companies often require long-term funds,and bank loan period normally is shorter,visible,bank loan and can't fully meet their financing needs.On the one hand,there are a large number of illiquid credit assets in auto finance companies.On the other hand,auto finance companies have a large demand for financing.Asset securitization provides a good solution to this situation.On the one hand,asset securitization can invigorate the existing assets of auto finance companies,and on the other hand,it can help solve their financing needs.But at present our country automobile financial company when issuing a car loan asset-backed securities faces more problems,therefore,the study of an auto financing company asset securitization in our country is quite necessary,find problems hindering the development of the auto financing company,asset securitization,and puts forward corresponding countermeasures,so as to accelerate the development of an auto financing company asset securitization,and then improve the automobile financial company finances.This paper adopts the case study method to analyze the process of "fengyao 2017 phase ii" asset securitization.Firstly,on the basis of sorting out the research status at home and abroad,defining relevant concepts and summarizing relevant theories,this paper expounds the development of China's auto finance industry,asset securitization,asset securitization of auto loans and asset securitization of Toyota motor finance corporation.Next to "FengYao 2017 phase ii" issue background,introduces the basic situation and distribution agent,and the core link,as well as the benefits related to the external environment is analyzed,and then to summary of case analysis,found that current problems the following two aspects of asset-backed securities,on the one hand is the Toyota automobile financial company own existence question,mainly has lower loan customer entry requirements,mortgage car brand concentration is higher,and there is no external credit enhancement measures;On the other hand,there are external constraints,including poor market liquidity,laws and regulations to be improved and the social credit system to be improved.Finally,in view of the above problems,relevant Suggestions are put forward from the aspects of Toyota motor finance corporation and relevant external environment.The improvement Suggestions of Toyota motor finance corporation are as follows: improve the pre-loan audit and post-loan management,disperse the concentration of mortgage models into the pool,and actively seek external credit enhancement channels;The Suggestions to improve the external environment are as follows: accelerate the construction of market liquidity,establish and improve the legal and regulatory system of asset securitization,and establish a sound social credit system. |
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