青海大学硕士学位论文
摘要
蚂蚁花呗资产证券化案例研究
摘要
随着互联网技术的迅速发展，推动了消费行业前进的步伐，从传统的现金支
付到如今的线上线下的扫码支付，促进了消费贷款业务的崛起。虽然消费贷款的
数量呈指数增长，然而企业自身的资金流却限制了企业的发展，受担保和费用的
限制，其他的融资渠道并不理想，所以无法满足企业的融资要求。正是因为资产
证券化（ABS）的出现解决了企业融资难的问题，盘活了企业原本流动性较差的
资产，给企业注入新鲜的血液。但是，我国的消费金融 ABS 发展还不够成熟，
所以在消费金融 ABS产品、监管和法律法规上还有待完善。
本文运用资产重组原理、风险隔离原理、信用增级原理等理论，结合蚂蚁花
呗案例，对蚂蚁花呗 ABS 进行了深入的分析，提出完善蚂蚁花呗 ABS 的建议。
主要研究三个方面：首先，从分散的基础资产和灵活的现金流分配机制的角度，
对蚂蚁花呗 ABS 进行优势分析。其次，对发行的效果进行分析，包括融资成本
分析、财务结构分析、现金流量分析，得出企业发行 ABS 可以为其节约融资成
本、优化企业资产和负债结构、充沛了企业的现金流量等等。最后，从五个角度
提出问题，也是 ABS 所面临的局限性分析，包括信用评估体系的不完善导致的
授信额度有偏差，投资主体门槛较高导致 ABS 的证券流动性不高，消费贷款的
过度扩张会使消费者盲目消费陷入消费的恶性循环，企业循环ABS也会导致高杠
杆的风险，因为消费贷款 ABS 的快速发展，所以监管和法律还不完善，有待提
升。
本文希望通过分析蚂蚁花呗 ABS 的优势和局限性，提出有效建议，来帮助
蚂蚁花呗ABS解决融资所面临的的困难，帮助企业规避融资风险，促使蚂蚁花呗
更好地服务于消费者。
关键词：消费贷款，资产证券化，应收账款

青海大学硕士学位论文
Abstract
Abstract
With the rapid development of Internet technology, the consumer industry is
advancing, from traditional cash payment to today's online and offline scan code
payment, which has promoted the rise of consumer loan business. Although the number
of consumer loans has grown exponentially, the company's own capital flow has
restricted the development of the company. Limited by guarantees and fees, other
financing channels are not ideal, so it cannot meet the financing requirements of the
company. It is precisely the emergence of asset securitization (ABS) that the problem
of corporate financing difficulties has been solved, the company's originally poorly
liquid assets have been revitalized. However, the development of my country's
consumer finance ABS is not mature, so the consumer finance ABS products,
supervision and laws and regulations still need to be improved.
This article uses the theory of asset reorganization, risk isolation principle, credit
enhancement principle, combined with the case of Mayi Huabei, conducts an in-depth
analysis of the Mayi Huabei ABS. Mainly study three aspects: First, from the
perspective of decentralized basic assets and flexible cash flow distribution mechanism,
analyze the advantages of Mayi Huabei ABS. Secondly, analyze the effects of issuance,
including financing cost analysis, financial structure analysis. It is concluded that the
issuance of ABS can save financing costs, optimize the structure of corporate assets and
liabilities, and enrich the cash flow of the company. Finally, raising issues from five
perspectives is also an analysis of the limitations faced by ABS, including the deviation
of credit lines caused by the imperfection of the credit evaluation system, the high
threshold of investment entities, and the low liquidity of ABS’s securities. Excessive
expansion of consumer loans will cause consumers to blindly consume themselves into
a vicious cycle of consumption. Supervision and laws are still incomplete and need to
be improved.
This article hopes to analyze the advantages and limitations of Mayi Huabai ABS
and put forward effective suggestions to help Mayi Huabai ABS solve the difficulties
faced by financing, help companies avoid financing risks, and promote Mayi Huabai
ABS to better serve consumers.
Key words: consumer loans, asset securitization,accounts receivable
。。。以下略