互联网金融资产证券化的发展情况分析——基于京东白条和阿里花呗

Analysis of the Development of Internet Financial Asset Securitization——Based on Jingdong Baitiao and Alipay Huabei

2015年金融证券化出现第一单产品,如今每个人都可以接触到一种或多种金融证券化或者资产证券化产品,比较出名的有京东白条、阿里旗下的花呗和借呗等。白条、花呗并不是金融证券产品,但是这两者在互联网金融化过程中起着重要作用。证券是一种凭证,投资者凭此凭证,就有权分享基础资产产生的年化预期收益。白条、花呗也就是“基础资产”,只不过这两者对应的是用户端的资产。互联网金融资产证券化就是把一种能持续产生现金流的基础资产进行包装,使之成为一个资产池,并以此未来预期的年化收益作为基础发行证券。

In 2015,the first product of financial securitization appeared,but now,everyone has access to one or more financial securitization or asset securitization products,the well-known ones being Jingdong Baitiao,Ant Group’s Huabei and Jiebei,etc.Baitiao and Huabei are not financial securitization products,but these two play an essential role in Internet financialization.Security is a certificate that entitles an investor to share in the annualized expected return of the underlying assets.So,Baitiao and Huabei are also underlying assets,but they correspond to the assets on the user side.The securitization of Internet finance assets is to package an underlying asset that can generate cash flow continuously into an asset pool and issue securities based on the expected annualized returns in the future.