基于区块链的交易模式设计和对策研究——以互联网消费金融资产证券化为视角

Trading Mode Design and Counter-measure Research based on Block Chain——From the Perspective of Securitization of Internet Consumer Financial Assets

近年来互联网消费金融资产证券化发展迅速,对传统资本配置方式产生了颠覆性影响,但传统资产证券化交易模式存在信息不对称、交易流程复杂等问题,导致交易规模小,不能满足互联网消费金融市场需求。文章基于区块链技术,在分析互联网消费金融资产证券化现状及存在问题的基础上,运用博弈论模型阐述区块链技术可以在互联网消费金融资产证券化交易模式中构建互信机制,建立了区块链下的互联网消费金融资产证券化交易模式,提出通过加强顶层设计、借鉴"监管沙盒"模式、增加区块链技术运用、重新认识传统中介机构与区块链关系等措施,以此来促进区块链在消费金融资产证券化交易模式中的健康发展。

In recent years, asset-backed securitization of Internet consumer finance has gained rapid development in China. The combination of the two has further improved capital allocation efficiency, and innovated the financing mode. However, the traditional ABS model has many problems, such as information asymmetry and the quality of underlying asset that cannot be guaranteed. The problems lead to the small transaction sizes, and cannot meet the market demand. Based on the connotation and characteristics of block chain, this paper expounds the current situation and existing problems of securitization of Internet consumer financial assets. On this basis, we use the game theory model to analyze the model of block chain technology on the credit mechanism of the ABS trading model of Internet consumer finance. Then based on block chain, we established the ABS trading mode of Internet consumer finance, as well as offer some suggestions to promote the development of the internet consumer finance ABS market by using block chain technology.