iii 摘要 伴随移动互联网、大数据、云计算等技术的不断升级发展，互联网金融作为互 联网+金融的创新性产物，它在降低金融交易成本的同时，提升了金融服务的覆盖 范围及效率，满足了广大用户对金融服务的需求。但由于其准入标准低、市场需求 旺盛，致使其在2013年进入人们视野后迅速崛起，然而，受限于我国监管体系不 健全、征信体系待完善以及网络环境不确定等诸多因素，其业务发展也面临诸多挑 战。A公司作为一家出行公司，它紧跟时代发展潮流，依托其所服务的海量用户以 及历史沉淀积累的出行数据，于2017年开始大力发展互联网金融业务(包括消费金 融、理财、保险、支付等)。其中，截止2019年8月底，消费金融业务实现累计放 款306亿。然而，伴随业务的不断发展，其风险也随之而来，如何在当前复杂多变 的环境下，搭建行之有效的风险管理体系，控制并降低该业务发展过程中的风险， 成为本次研究的重要出发点之一。 本论文以该公司消费金融业务为研究对象，通过对该业务发展现状以及风险 状况的分析，发现：该业务所面临的主要风险包括双重监管、互联网技术、信息安 全、平台声誉以及用户信用违约等风险。其中，监管合规是其决定性风险，且不可 规避，需时刻关注监管动态，并据此作为业务发展的指导性方向；互联网技术、信 息安全以及声誉风险是其特有风险，且其影响较为深远，不可预估，需将其纳入全 面风险管理体系中，进行必要的风险防控，尽可能预防；而信用风险则是其主要风 险，尤其是自营模式的信用风险，数据结果显示：在整体业务不良率为4.04%的情 况下，自营模式的资产质量其不良率达10.19%，且从vintage账龄分析来看，其90 天以上逾期率平均水平为6.46%，也超出行业的平均水平。 在上述情况下，对其风险及其风险背后所反映的风险管理现状进行剖析，探究 其存在的问题，即非专业化的管理团队、缺乏全面的风险管理体系、亟待完善的风 险管理流程以及缺乏科学有效的风险识别及其评估方法。与此同时，在参考借鉴相 关理论及相对成熟的风险管理经验的基础上，对该公司提出优化策略及建议，主要 包括：组建专业化风险管理团队、构建全面的风险管理体系、完善现有风险管理流 程以及应用科学有效的风险识别、评估的方法。以期望在提升自有风控能力的基础 上，也能为其他合作资方提供风控助力，最终实现业务的良性可持续发展。 关键词：互联网消费金融；风险管理；信用风险 北京交通大学硕士专业学位论文 ABSTRACT iv ABSTRACT With the continuous upgrading and development of mobile Internet, big data, cloud computing and other technologies, Internet finance, as an innovative product of Internet + finance, not only reduces the cost of financial transactions, but also improves the coverage and efficiency of financial services and meets the needs of users for financial services. However, due to its low access standards and strong market demand, it rose rapidly after entering people's sight in 2013. However, due to the imperfect regulatory system, incomplete credit investigation system, uncertain network environment and other factors, its business development is also facing many challenges. As A travel company, company A keeps pace with the development trend of The Times and starts to vigorously develop Internet financial services (including consumer finance, financial management, insurance and payment, etc.) in 2017 based on the massive users it serves and travel data accumulated by historical precipitation. Among them, by the end of August 2019, the cumulative loans of consumer finance business reached 30.6 billion yuan. However, with the continuous development of the business, the risks also come with it. How to build an effective risk management system and control and reduce the risks in the business development process has become one of the important starting points of this study. This paper takes the company's consumer finance business as the research object. Through the analysis of the development status and risk status of this business, it finds that the main risks facing this business include the risks of dual supervision, Internet technology, information security, platform reputation and user credit default. Among them, regulatory compliance is its decisive risk, and can not be avoided, need to constantly pay attention to regulatory dynamics, and accordingly as the guiding direction of business development; Internet technology, information security and reputation risk are its unique risks, and their impact is far-reaching and unpredictable. They need to be incorporated into the overall risk management system to take necessary risk prevention and control and prevention as far as possible. However, credit risk is the main risk, especially the credit risk of the proprietary model. Data results show that the asset quality of the proprietary model has a non-performing rate of 10.19% when the overall business non-performing rate is 4.04%. Moreover, from vintage aging analysis, the average delinquency rate over 90 days is 6.46%, which is also higher than the average level of the industry. Under the above circumstances, this paper analyzes the risks and the current situation of 北京交通大学硕士专业学位论文 ABSTRACT v risk management reflected behind the risks, and probes into the existing problems, that is, the non-professional management team, the lack of comprehensive risk management system, the urgent need to improve the risk management process, and the lack of scientific and effective risk identification and evaluation methods. At the same time, the related theory reference and relatively mature risk management experience, on the basis of optimization strategies and Suggestions to the company, mainly includes: establish specialized risk management team, build a comprehensive risk management system, perfecting the existing risk management processes, and application of scientific and effective method of risk identification, assessment. It is expected that on the basis of improving its own risk control ability, it can also provide help to other partners in risk control, and finally achieve the sound and sustainable development of the business. KEYWORDS：Internet consumer finance; Risk management; The credit risk 北京交通大学硕士专业学位论文 目录 vi 目录 摘要 ................................................................................................................................. iii ABSTRACT..................................................................................................................... iv 1 引言 ............................................................................................................................ 1 1.1 研究背景及意义 ............................................................................................. 1 1.1.1 研究背景 .............................................................................................. 1 1.1.2 研究意义 .............................................................................................. 1 1.2 国内外研究现状 ............................................................................................. 2 1.2.1 国外研究现状 ...................................................................................... 2 1.2.2 国内研究现状 ...................................................................................... 3 1.2.3 文献评述 .............................................................................................. 5 1.3 研究思路及方法 ............................................................................................. 5 1.3.1 研究思路 .............................................................................................. 5 1.3.2 研究内容 .............................................................................................. 6 1.3.3 研究方法 .............................................................................................. 7 1.4 研究特色及不足 ............................................................................................. 7 1.4.1 研究特色 .............................................................................................. 7 1.4.2 存在不足 .............................................................................................. 8 2 概念界定及相关理论基础 ........................................................................................ 9 2.1 互联网消费金融 ............................................................................................. 9 2.1.1