什么是互联网票据理财产品

互联网平台票据理财产品实质上属于借款类产品,是指融资企业(借入人)以其合法持有的、未到期的银行承兑汇票,通过质押的方式将收益权转让给理财产品投资人(借出人),与此同时获得双方协定的借款金额。产品到期日,理财产品投资人根据《质押借款协议》获得票据实现质权,并通过《委托协议》委托互联网平台行使各项票据权利,由票据承兑行兑付票款。票面兑付额与此前购买票据贷产品的金额之差即为理财收益。
 

互联网票据理财产品与银行同期理财产品相比,因具备低风险、高收益的投资特征,而受到广大投资者的追捧,但在P2P行业监管政策尚未真正落地的现状下,互联网票据理财市场也是乱象纷呈,风险事件频发,投资者要想做好这一方面的投资理财,不仅需要关注产品本身,更重要的是学会风险辨识,但真正做到这点却并不容易。

一、相对成熟的互联网票据理财运作模式,其潜在风险同样不容小觑

互联网票据理财产品由于能满足不同投资人群的投资理财需求,从而受到广大P2P投资者的喜爱,一些比较不错的票据类理财平台标的,一经发布,往往便被秒抢。但值得注意的是,其潜在的风险同样不容小觑。

从互联网票据理财平台的产品运营上看,主要分为银行承兑汇票的风险与商业承兑汇票的风险。

对于银行承兑汇票而言,由于金融机构给出的银行承兑汇票贴现利率约为 6%,所以银行承兑的票据贴现利率也基本维持这种水平(6%~7%),一旦银行承兑汇票的收益率超过8%,说明理财平台给出的利率已经超过了其直贴利率的一倍以上。短期内,平台为了吸引人气,会自掏腰包进行补贴,但这种补贴很难持续,一旦平台现金流不足,便很容易引发道德风险。

对于商业承兑汇票而言,由于企业信用并不具有太大的公信力,所以在商业承兑汇票上的造假手段往往层出不穷,瑕疵票据、虚假票据、伪造票据等使人防不胜防,因此投资者需特别注意它的信用风险。

从互联网票据理财平台的业务形态上看,主要分为票据质押型业务风险与票据贴现型业务风险。

票据质押型业务风险,主要体现在票据质押前的确定、票据质押期间的管理与票据质押到期后的交付三大方面。

票据贴现型业务风险,主要体现在申请贴现人的资质、票据的交易背景、纸质票据的审查、贴现票据的放款记账、贴现票据的到期兑付、贴现之后的票据管理六个方面。

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" />

二、互联网票据理财平台的风险辨识,看似简单,其实并不容易

投资者要想辨识互联网票据理财平台的风险,从产品运营上看,非常简单。这是因为,产品运营的风险直观反映在投资回报率上。对于银行承兑汇票而言,有一道投资收益率为8%的安全警戒线;对于商业承兑汇票而言,只要优先选择以电子票据为投资标的的理财产品,风险便大大降低,因为比较而言,电子票据不易做假,方便查证,而纸质票据容易造假、克隆或多次质押,普通人很难分辨。

但从业务流程上看,互联网票据理财平台的风险辨识却并不容易。

辨识票据质押业务的风险点:

首先,对于票据质押前的确定,主要包括承兑行与客户名单是否正确,票据审验是否合格,票据是否可处置或者可置换,质押率的确定,质押融资期限与质押票据到期日的确定六个方面;其次,对于票据质押期间的管理,主要包括质押票据的安全管理方面;最后,对于票据质押到期后的交付,主要包括债务的履行是否完毕,质押审批流程是否合规以及交接手续是否完善三个方面。

辨识票据贴现业务的风险点:

首先,对于贴现申请人的资质,需要考察申请人的身份、资信、偿还能力等方面;其次,对于票据的交易背景,需要考察票据是否真实存在;第三,对于纸质票据的审查,需要考察票据的真伪,背书的连续性,签章的有效性等方面;第四,对于贴现票据的放款记账,需要考察审批手续是否齐全,贴现凭证是否填制规范,审批的贴现价格是否与信贷系统一致等方面;第五,对于贴现票据的到期兑付,需注意因银行资金情况、汇票规范情况等因素制约而出现票据延迟兑付、止付、冻结等的可能性;最后,对于贴现之后的票据管理,需确定是否交接入库,是否有专人保管,以及是否定期盘点与不定期抽查。

且不论风险辨查过程中的枯燥与繁琐,平台能否公布相关的详细真实信息其实尚未可知。事实上,很多平台信息披露并不完整,透明度很低,投资者纵然掌握了风险辨识的方法,有时也是无东西可查。

退一步讲,即使平台公布了相关的真实详细信息,其风险并不见得就相应降低,年初爆出的农行与中信银行票据诈骗案便是佐证。

一般而言,有银行金融机构的信用背书,票据业务的风险已经极低,然而事实并非如此。农行票据诈骗案中,农行相关工作人员私挪票据回购贴现,然后将资金投入股市炒股;中信银行票据诈骗案中,犯罪嫌疑人伙同银行工作人员,伪造银行存款单等文件,以虚假的质押担保方式在银行办理存单质押银行承兑汇票业务,并在获取承兑汇票后进行贴现。这些作案手法,金融机构本身尚且防不胜防,何况龙蛇混杂的P2P平台。笔者相信类似的事件绝不是个例,金融机构中存在,P2P平台中更有可能存在。