Research On Financing Of Asset Securitization Of Volkswagen Financial Services

With the improvement of people's living standard,people's consumption habits have changed from the traditional payment of silver and goods to consumer credit.As a convenient travel tool,automobile is gradually favored by consumers,but the full payment purchase of automobile is obviously not suitable for all consumers,and the automobile financial companies that provide loan support and other services to automobile buyers emerge as the times require.However,most auto financing companies often set up subsidiaries under the group company.Although they have high registered capital,they lack of additional capital in the later period.Therefore,auto financing companies can only obtain external financing through other financing channels.However,the traditional financing channels are difficult to finance and high financing costs,which can not meet the long-term development of auto financing companies.Asset securitization,as an innovative financing tool,can improve the financial structure,solve the problem of lack of liquidity,and lay a foundation for the long-term development of enterprises,because it can enhance the liquidity of assets and transfer the internal risks of enterprises.This paper analyzes the role of asset securitization financing in improving the financing difficulties of auto financing companies,and concludes that asset securitization financing can not only raise funds and increase the liquidity of assets,but also improve the capital structure of the company,and effectively solve the problem of mismatch between the business projects of auto financing companies and the loan term of banks.After that,the paper expounds the financing cases of asset securitization of Volkswagen Finance(China)company,analyzes the motivation of financial asset securitization of Volkswagen,based on the product introduction of Huayu phase VIII automobile mortgage-backed securities,analyzes the construction of basic asset pool,the establishment of SPV,credit enhancement and credit rating,and analyzes from three aspects of financing effect,cost analysis and risk analysis The financing effect of this asset securitization of Volkswagen finance.Finally,in view of the product designof "Huayu phase 8" auto loan mortgage-backed securities,this paper evaluates and suggests the quality control of the assets in the pool,the design of the transaction structure,the credit enhancement and other aspects,and provides reference suggestions from the external environment,so as to promote the asset securitization financing of Volkswagen Finance(China)company better.