Research On Risk Of Securitization Of Internet Consumer Financial Assets

At present,China is in an important stage of financial reform.Asset securitization,as an effective means of financing,has been verified by most enterprises and has great potential for development.From 2014 to 2018,China’s Asset Securitization Product issuance scale has achieved a huge leap,from 101.8 billion yuan to 2.01 trillion yuan.Both issuing scale and issuing organization are in the stage of rapid growth.The creditor’s rights of Internet consumer financial enterprises are small and dispersed.It is undoubtedly an effective choice to use asset securitization to finance.With the growing maturity of Internet technology,the "Internet +" business model has become the direction of transformation of many traditional enterprises.Internet consumer finance companies,breaking through the traditional credit model,have explored the long tail market,gained the recognition of consumers,and fostered the habit of installment payment of consumers.Therefore,with the growing maturity and development of Internet consumer finance companies,a large number of creditor’s rights have been accumulated,but it will also cause difficulties for enterprises to withdraw funds,forming a huge pressure on the capital chain.Asset securitization of bonds has become an effective means of withdrawing funds.At present,most of the discussions on Internet consumer financial asset securities are focused on the Internet giant enterprises such as Ali Tokyo,and there are few studies on asset securitization of small and medium-sized Internet consumer financial enterprises.However,due to stricter supervision,small market share,low status and insufficient trust of investors,the issuance of asset securitization products by small and medium-sized mutual fund enterprises is frequently hindered.In this context,in 2017,the first asset securitization product will be issued upstream only,which has attracted much attention.Based on this,this paper explores the successful issuance of asset securitization products from the two perspectives of asset securitization market and issuer,and finds that due to small size and short history,product-only will face risks from four aspects: industry,original stakeholders,basic assets and trading structure.However,product-only will innovate business model and strengthen brand building.In addition to setting up and cooperating with large platforms to mitigate most of the risks,this paper also puts forward some suggestions for improving the inadequate measures of materialism.These measures have important reference significance for SMEs to successfully issue ABS to activate funds.