政策评论：浅析《小额贷款公司监督管理暂行办法》及其对ABS的影响

Regulatory Framework - The "Interim Measures for the Supervision and Administration of Microloan Companies" aims to regulate microloan companies, enhance supervision, and mitigate risks[2] - The measures consist of 7 chapters and 60 articles, covering business operations, corporate governance, risk management, consumer rights protection, and supervision[3] Business Scope and Restrictions - Microloan companies are limited to small, decentralized business models, with loan balances to a single borrower capped at 10% of the previous year's net assets[5] - The maximum loan amount for individual consumption is set at 200,000 yuan, while for production and operation, it is capped at 10 million yuan[5] Risk Management and Consumer Protection - The measures require microloan companies to implement strict risk management practices, including specialized fund management and clear definitions of non-performing loans[9] - Consumer rights protection is emphasized, mandating transparency in information disclosure and marketing practices[10] Industry Restructuring - The measures facilitate the exit of non-compliant microloan companies, with a focus on addressing "missing" or "shell" companies[11] - A two-year transition period is established for companies to adjust to the new regulations, minimizing immediate market disruption[13] Impact on Asset-Backed Securities (ABS) - The measures specify conditions for issuing ABS, including governance and risk control requirements, and impose a "1+4" leverage ratio limit[12] - Short-term consumer protection measures may affect the recovery rates of overdue ABS assets, but long-term benefits for industry quality are anticipated[16]