Risk Analysis Of Personal Consumption Financial Asset Securitization Cases

In recent years,the scale of personal consumption loan and the consumer finance market has expanded rapidly.As an effective means of promoting capital circulation,asset securitization has gradually been widely used by the market.Since the issuance of the first consumer financial asset-backed securities in 2014,by the end of 2021,the issuance scale of personal consumer financial asset-backed securities has reached1,744.52 billion yuan.After the 18 th National Congress of the Communist Party of China,the general secretary asked to focus on risk prevention in the financial fields.Thus,it is of great immediate significance to make a thorough inquiry to the risk problems in the issuance of consumer financial asset-backed plans by Internet financial institutions and commercial banks,and to provide reference for the subsequent issuance of consumer financial asset-backed securities.Thesis conduct case studies by combines the Internet personal consumer financial asset securitization cases of “Huabei 2017-49 ABS”,and the commercial bank personal consumer credit asset securitization cases of “Ping An Bank No.1 ABS”.Firstly,thesis introduces the related concepts and theoretical basis used in thesis.Secondly,the basic information of the two cases in thesis is introduced.Finally,thesis analyzes the risk of the personal consumption financial asset support plan model issued by Internet enterprises and commercial banks in terms of the risk category,structure analysis and risk identification of asset-backed securities,explores the effectiveness of existing risk response measures in the case,and puts forward relevant suggestions on the possibility of future risk prevention and control.Through the risk analysis of the personal consumption financial asset-backed plans issued by Internet financial institutions and commercial banks,thesis concludes that the securities issued by Internet financial institutions have the characteristics of small amounts and multiple transactions,with relatively high pricing,relatively low credit ratings,and low transaction rates.The structural risk is relatively high,and the underlying asset pool mostly adopts the cyclical purchase model,which is relatively low in geographical concentration risk and early repayment risk,but may face the risk of the decline in the quality of the underlying assets;The characteristics of small number,high rating and low pricing,its transaction structure risk is lower,and the underlying asset pool mostly adopts static asset pool,the risk loss caused by the early repayment event is higher,and the relative geographical concentration risk is also higher.In addition,most of the securities issued by the two only use the method of internal credit enhancement,and rarely use external credit enhancement.At the same time,the ability to control interest rate risk and liquidity risk should be strengthened.Exploring the risk response problems in existing asset securitization can help my country fully utilize the advantages of asset securitization,solve the financing dilemma of consumer financial institutions,rise the consumer finance industry directly to a high position,and prevent the occurrence of systemic financial risks.