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涉密论文按学校规定处理。

摘要
根据不完全统计，当前汽车金融公司的主要融资来源还是银行借款，但银行
借款的融资期限相对较短，由于经营需要，银行贷款并不足以满足汽车金融公司
的资金需求。在巨大的资金缺口的推动下，汽车金融公司也在努力寻找新的融资
渠道，发行资产证券化产品便是新的融资渠道之一。但是目前来看，我国汽车金
融公司在发行资产证券化产品时还面临着较多问题。
本文以“德宝天元 2018一期”作为研究对象，采用文献研究法和案例分析
法研究了“德宝天元”资产证券化产品在资产证券化过程中产品存在的风险以及
潜在风险。首先是在设计发行风险管理的分析中，通过对产品的入池贷款申请条
件、借款者年龄以及贷款利率进行介绍，深入分析了入池贷款存在的相关问题。
其次分析了资金池存在的潜在违约风险、集中度风险以及早偿风险，结合产品具
体数据加以分析，进而提出可能的改进方向。再次是分析了交易结构和信用评级
与信用增级中存在的资产池出让风险、分层结构风险、贷款服务机构选择风险、
操作风险以及信用评级与增级风险。最后，根据宝马汽车金融公司对于该产品存
在相关风险，探讨了风险控制对策，认为可以通过加强信用风险隔离、优化交易
结构、提高资产池质量、寻求外部信用增级途径、加强贷后管理和设定浮动利率
的方式有效提升公司的风险防控能力。
本文旨在改善宝马汽车金融公司在汽车贷款资产证券化产品的风险控制中
存在的问题，并依据现有的风险状况以及潜在风险提出相关可行的风险控制建
议，同时也为整个汽车金融行业的风险管理提供一些改进思路。
关键词:汽车金融公司；资产证券化；风险；风险管理
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Abstract
According to incomplete statistics, the main financing source of auto financing
companies is bank loans, but the financing period of bank loans is relatively short.
Due to operational needs, bank loans are not enough to meet the capital needs of auto
financing companies. Driven by the huge capital gap, auto financing companies are
also trying to find new financing channels, and issuing asset securitization products is
one of the new financing channels. But at present, China's auto financing companies
are still facing many problems when issuing asset securitization products.
Taking "Debao Tianyuan 2018 phase I" as the research object, this paper uses the
methods of literature research and case analysis to study the risks and potential risks
of "Debao Tianyuan" asset securitization products in the process of asset
securitization. First of all, in the analysis of risk management of design and issuance,
through the introduction of the application conditions of pool loan, the age of the
borrower and the loan interest rate of the product, the related problems of pool loan
are deeply analyzed. Secondly, this paper analyzes the potential default risk,
concentration risk and early repayment risk of the fund pool, combined with the
product specific data, and then puts forward the possible improvement direction.
Thirdly, it analyzes the risks of asset pool transfer, hierarchical structure, loan service
institution selection, operation, and credit rating and credit enhancement in transaction
structure and credit rating and credit enhancement. Finally, according to the relevant
risks of BMW auto finance company for the product, the risk control countermeasures
are discussed. It is considered that the company's risk prevention and control ability
can be effectively improved by strengthening the credit risk isolation, optimizing the
transaction structure, improving the quality of asset pool, seeking external credit
enhancement ways, strengthening post loan management and setting floating interest
rate.
The purpose of this paper is to improve the existing problems in the risk control
of auto loan asset securitization products of BMW auto finance company, and put
forward relevant feasible risk control suggestions according to the existing risk
situation and potential risks, and also provide some improvement ideas for the risk
management of the whole auto finance industry.
Key words: Auto finance company; Asset securitization; Risk; risk management
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