文献出处：Paprzycki R. The study on credit risk of internet automobile finance [J]. Hi-Stat Discussion Paper, 2016,20(1):133-145
原文
The study on credit risk of internet automobile finance
Paprzycki R
Abstract
Related studies have shown that in a car's life cycle, 60% of the profits W is provided by the circulation and after-sales service links such as, production can contribute to the profits of only 40%.And, according to new huaxin international information consulting company, auto financing has developed rapidly, while the data show that the vehicle sales profit decline year after year, but contrarian, auto financing its share of the contribution to the industry rise year by year, profits accounted for more than one 5, a solid contribution. Auto financing abroad originated in 1920 years or so, so far, has been the development of mature, become the western auto financing industry one of the key profit growth point.
Keywords: Internet, auto financing, credit risk
1 Introduction
Networking auto financing in rapid development at the same time also faced with some problems, bear the brunt of the credit risk. With no currently form perfect Internet auto financial risk management system, the Internet car more financial risk management theory research is included in the auto industry theory and financial theory, there is no complete theoretical system. Auto financing as an emerging industry, its application and practice than theory study. And scholars for the study of the theory of the auto financing, more focused on the development present situation, macroscopic policy and government regulation, etc.Financial development situation of this article is based on vehicle and Internet financial hotspot, analysis of auto financing credit risk problem, explore the auto financial institutions to break the traditional method of financial credit limited, on the basis of this puts forward relevant policy Suggestions.
In September 2014, j.d. power Asia Pacific company issued the 2014 China auto dealers financial satisfaction research practice SM (DF qiao report, report for China's auto finance industry is studied, had disclosed auto financing permeability send a index, points out that the index since 08 W to rise year by year. At night at the same time, points out that China's auto finance business accounted for about 15%, and control the development course of auto financial industry in the developed countries, t
his index is around 70% is reasonable, this means that our country auto financing business development space is huge. In 2015, according to the China association of automobile manufacturers based on historical data and calculates the relevant statistics, the present development of China's auto financing market scale in 2025, after W after 10 years development, will hit a staggering 530 billion yuan or so.
2 Literature review
For automotive finance related theory research is based on the perspective of risk control, Arthur Williams' enterprise was introduced in detail in the daily economic activities, it faces various risks and all sorts of insurance against risks. The COSO committee through the research report of form, points out the five elements of internal control of enterprise, and refined, based on the five elements, the establishment of a company's risk control classic model, has been the major audit firms as table, after the completion of the relevant still in use.
For auto financing: an empirical study of credit risk, mainly including the case analysis and model analysis, case analysis with Paul vomit Banner, he found, through a case study of gm multiple holding companies for the parent company for promotional means of diversity, including financing, loans and ot
腾讯汽车网her services provided to clients, also through the way of sale of new financial products, and these incentives make each holding company relaxed its own credit risk control, defaults, has a negative effect on the credit markets, so as to make the financial market systemic risk is greatly increased.
Based on this, he analyzed the holding financial companies for the influence of the real economy. And model analysis have David Durand, he constructed the credit scoring model, and puts forward using this model to evaluate the probability of
borrowers default behavior appear. Besides Edward Altman Z score model based on financial statements is presented, j. p. Morgan is established Vary tools in use today, can use this tool W for integrated omni-directional measure and assessment of the risk, on this basis, he launched a Credit Metrics model, by using the model can help the enterprise to compare effective Credit rating. By establishing the model of the way, will not see touched a quantitative analysis and real risks, to prevent risks, reduce losses played an important role.
3 The overview of Internet auto financial
3.1 The concept of Internet auto financing
Auto financing belongs to the traditional financial products, refers to the need to loan, when consumer is buying a car by apply preferential terms of payment, choose suitable payment scheme. Now Internet financial to auto finance, life will W new service pattern to change traditional auto financing, give consumers more convenient and comfortable user experience. Internet financial in other areas have been many successful attempt, will now Internet financial into the auto industry upstream and downstream, and the integration development of the auto industry, become a new economic growth point of high-profile. Whether Internet financial or traditional, are essentially financial, nuclear melon is risk control and management’s to consider from the global risk prevention and control, risk control W data is given priority to, after an accumulation of data, the late must build good credit reporting and data system risk.To sum up, the so-called Internet auto finance is on the basis of the traditional automobile financial company this platform via the Internet to expand the auto financial business, including corporate finance, personal credit, car after car rental and car market financial services and so on. Internet auto financing convenience to people's life, and provides people with more convenient services.
3.2 The development of Internet auto financing
Auto financing sprout in 1995, but the Internet auto financing bud far later than this.In 2013, known as t
he first year of the Internet financial; In 2014, the CIFC union chairman from the first year of the mobile Internet financial; Development to today, may be called the Internet of the first year of auto financing in 2015.Government
work report in 2015 for the first time put forward the concept of "Internet + " with scientific and technological progress and social development, the "Internet +" joined the rich knowledge, data and calculation, changed people's spending habits, making the mobile Internet ecosystem into the car. More people through the Internet to buy a car, car maintenance, etc.While to break free from the shackles of the traditional marketing mode, car dealers will also direct marketing for car users, in order to provide customers with better consumer experience."Internet + " the new demand for auto finance, will force growing car business model of reform and innovation. In the established business models on the market at present, automobile consumption provided by the commercial bank jinn mortgage is a common pattern. Bank’s advantage is sufficient funds and low interest rates, and under the strict bank risk control, loan mouth sill is its disadvantage. But there is also a bank trying to cooperate with companies with a large number of vehicle demand, break through the bottleneck of consuming of personal car loan.
With the development of the auto financing, consumers have gradually cultivate the habit of the auto lo
an consumption. In spite of this, we look at an indicator: automotive finance permeability (through loans to purchase cars for overall car sales accounted for) is still well below the world average, dolomite recently released white paper of 2015 auto finance company, the data is only 20%, Internet auto financial development potential; But as more and more investors to join in succession, the industry is becoming more and more fierce competition, others are using various methods and model innovation, a strong foothold into and prepare.
In the past few years, the car consumer to a large rise in the use of the Internet, for car manufacturers, distributors effectively created would be to create and use of new media, vertical sites is a new media, the highest permeability to buyers also have the greatest influence.
4 The development trend of Internet auto financing
4.1 Auto financing lease spring up
From the point of business forms, auto financing business can be divided into motor credit and financing lease. Finance lease is a kind of can realize the separation
of ownership and use right on the installment plan, in this way, yak after the end of the leasing process,
transferring the ownership of the products to the lessee. And specific to auto financing lease, the purpose is to banking, insurance, auto maker’s heart righteousness and benefits of customers, to the participants. Specific process is as follows: there are purchasing intention of consumers W through financial platform to ask for financial leasing, and then appointed by the platform vehicle, customer service for cars, enjoy the right to use the car, only need to pay the rent on time, after the expiration of the customers also can obtain the ownership of the car. After auto financing lease as the financing credit cars, is developing rapidly.
4.2 Internet auto financing to provide personalized financial experience
The development of the Internet financial, will the Internet of thinking into the automobile financial service. Internet financial can to a great extent, solve the problem of the financial industry, the current car information asymmetry. Use of big data, will be able to provide personalized financial services for car owners. Internet financial will give buyers more humanized and better user experience of product design, and in view of the segment mass marketing model. When Internet automobile financial service owners after reach a certain level, can use big data information for deep mining and analysis on the owner's demand, improving the client user experience, thus forming a healthy Internet auto financial ecological system.
4.3 Third party branch skillfully combined with auto financing
At present, the choice of the third-party platform has a lot of, car companies can pay tool to expand the Internet other value-added services in the field of automotive financial services, the late can docking with Banks, insurance companies, which can provide diversified financial services for consumers.
Internet auto financing, have not form a pattern of steady power, in various fields is also is just a try. The domestic economy is in a "new normal", determines the current resource integration trial. Automobile industry chain system is also very big; there is no which enterprises can outshine others.