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论文编号：	10979
作者编号：	2220160657
上传时间：	2019/6/14 19:10:39
中文题目：	互联网消费金融资产证券化动因及效应分析
英文题目：	Analysis of the Causes and Effects of Internet Consumer Financial Assets Securitization
指导老师：	李亚
中文关键字：	互联网消费金融；资产证券化；动因；效应
英文关键字：	Internet consumer finance；Asset securitization；Motivation；effect
中文摘要：	本文基于我国互联网消费金融蓬勃发展、资产证券化工具在我国发展进入新阶段,及国家政策层面支持并合理监管互联网消费金融资产证券化的背景，研究互联网消费金融企业的资产证券化，探讨互联网消费金融资产证券化的动因以及效应。 本文首先对互联网消费金融资产证券化的进行了整体概述，较为系统地介绍了什么是互联网消费金融、互联网消费金融的优势以及互联网消费金融的发展现状。随后分析了互联网消费金融资产证券化的动因。对动因的分析分为内部动因和外部动因，具体包括降低成本、获取收益、管理风险等几大因素。并进一步分析了互联网消费金融资产证券化的效应，分为三个主体论述，分别是基础资产原始权益人、投资者以及金融市场。 对于初始权益人来说，资产证券化基本上是有益无害的，负面效应非常小，仅仅在于再投资风险与过度持有次级债券影响出表的效应；对于投资人来说，购买消费金融资产证券化的最大诉求就是获利，最大的风险就是损失，其负面效应也体现在风险方面，包括互联网消费金融平台的逾期率与坏账率等；对于金融市场来说，利好是有助于货币政策的传递，有助于市场合理定价，但缺点在于可能引发系统性的金融风险。 随后本文将理论与案例相结合，以“中金唯品花第一期资产支持证券”为例，对互联网消费金融的动因及效应进行了研究，对理论进行了进一步深化。 最后本文总结出了互联网消费金融资产证券化动因与效应的几个结论与启示，包括企业加强风险控制、政府加强监管等。
英文摘要：	This thesis is based on Internet consumer finance of our country grows vigorously, asset securitization in our country into a new development stage and the national policy level support and the background of the financial asset securitization, reasonable regulation of Internet consumption research of Internet consumer finance enterprise asset securitization, explore the Internet consumption motivation and effect of financial asset securitization. This Thesis first gives an overall overview of the securitization of Internet consumer finance assets, and systematically introduces what Internet consumer finance is, the advantages of Internet consumer finance and the development status of Internet consumer finance. Then it analyzes the general motivation of the securitization of Internet consumer financial assets. The analysis of motivation can be divided into internal motivation and external motivation, including cost reduction, revenue acquisition, risk management and other factors. Furthermore, it further analyzes the general effect of the securitization of Internet consumer financial assets, which is divided into three main parts: the original equity holders of basic assets, investors and the financial market. For the initial equity holders, asset securitization is basically beneficial and harmless, and the negative effect is very small, which only lies in the reinvestment risk and the overholding of subordinated bonds. For investors, the biggest demand for buying consumer finance ABS is profit, and the biggest risk is loss. Its negative effects are also reflected in risks, including overdue rate and bad debt rate of Internet consumer finance platform. For the financial market, the good news is conducive to the transmission of monetary policy and the market reasonable pricing, but the disadvantage is that it may cause systemic financial risks. Later, this Thesis combined the theory with the case study, taking "the first phase of cicc vip.com asset-backed securities" as an example, studied the motivation and effect of Internet consumer finance, and further deepened the theory. Finally, this Thesis summarizes the motivation and effect of Internet consumer finance asset securitization and several conclusions and enlightenment, including enterprises to strengthen risk control, government to strengthen supervision.
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