消费金融资产证券化的发展与迷思

The Development of Asset Securitization by Consumer Finance Companies

近年,消费金融资产证券化取得了长足发展,消费金融资产证券化产品延续了在交易所品牌化、系列化的储架发展道路,打造出了一套标准化、高发行效率的发行结构,降低了投资者的决策成本,逐渐拥有了稳定的市场投资群体。本文通过深入消费金融资产证券化产品的结构,从产品设计层面提出目前市场和监管较为关注的几个问题并予以分析,解读消费金融企业发行证券化产品的内在动因和产品设计逻辑。

Consumer finance companies have made rapid strides in developing asset securitization in recent years. Exchange-traded securitized products have proliferated, benefiting from enhanced branding as well as product standardization and highly efficient issuance structures. These products have reduced decision- making costs for investors and allowed the gradual formation of a stable market investment group. This article examines the structure of these securitized asset products and assesses the motivation for their issuance