The Case Study Of Internet Consumer Financial Assets Securitization

In recent years,Internet consumer finance has developed rapidly in China.In order to gain a higher market share,various e-commerce platforms have put forward the form of consumer spending in advance.Although this method has significantly increased the turnover of enterprises,it also increases the financial pressure of enterprises.However,because the credit rating of Internet consumer finance entities is not high enough,they are faced with the problem of lack of financing channels and high financing cost.Asset securitization solves the problem of lack of financing channels and high financing cost of Internet consumer finance,and transforms the assets with poor liquidity into assets with good liquidity,and also provides support for the subsequent business expansion and development of enterprises.As an effective financing method,asset securitization has been certified by many financial entities.Moreover,the authorized creditor’s rights of Internet consumer finance have the characteristics of small amount and short term,and the financing method of asset securitization is consistent with the characteristics of its creditor’s rights.Asset securitization has gradually become an important financing method for Internet consumer finance entities represented by e-commerce platforms.In this paper,taking Vipshop’s special asset support plan as a case,we explore the motivation and effect of Internet consumer finance entities issuing asset securitization,analyze the risks of asset securitization,and put forward corresponding risk management suggestions,as well as the enlightenment to the same type of enterprises.First of all,it will summarize the development and policies of Internet consumer finance,and sort out the relevant literature at home and abroad.In the case study of Vipshop’s asset securitization,the company’s development history and business status will be briefly introduced,and the special plan of Vipshop assets will be briefly analyzed.Then explore the motivation of asset securitization of Vipshop,and analyze the special plan of asset support for Vipshop,including credit enhancement analysis,transaction structure analysis and basic asset analysis.When exploring the effect of asset securitization of Vipshop,it mainly analyzes from the dimensions of financing cost and financial indicators,and analyzes whether asset securitization can effectively reduce the financing cost of enterprises,and has an impact on their profitability,solvency and operational ability.In the process of analysis,Vipshop will also be compared with other similar e-commerce platforms to explore the level of relevant indicators of asset securitization of Vipshop in the industry.In the analysis of the effect,the economic added value of enterprise assets securitization is also explored to evaluate the real wealth created by enterprises for shareholders and the business operation status.In the last part of the case study,the systematic risk and unsystematic risk existing in the special asset plan of Vipshop will be analyzed,and the existing risks will be analyzed by using Z-score model.In view of the risks existing in the asset securitization of Vipshop,this paper puts forward corresponding risk management suggestions,and analyzes the enlightenment provided by the asset securitization of Vipshop for the financing of similar e-commerce enterprises..