Study On Design Of Asset Securitization Scheme Of Financial Leasing

The financial leasing industry was let into our country in 1980s,after 30 years of development,it has become an important driving force for national economic development with its unique advantages in promoting sales, improving investment and financing, managing assets. However, the financial leasing industry also confronts many problems, especially its single financing channel and asymmetric assets/liabilities structure of "short-term liabilities supporting long-term business", which has become the main obstacle to hinder its healthy development.In March 2013, CSRC issues Asset Securitization Business of Securities Companies Management Regulations, which means that the asset securitization has stepped into a new phase, and it also provides an opportunity for financial leasing companies to innovate channels of financial.Based on the theory of asset securitization and aim to innovate channels of financial for the financial leassing companies, the author analyzes the appliance condition of asset securitization of financial leasing, and then design an scheme of asset securitization of financial leasing which can be used to actual economic and legal environment in China.Firstly, the author reviewed the relevant theory about asset securitization both at home and abroad. Secondly, the author analyzes the current situation of financial leasing industry, and point out that there are four plights restricte its development, so the author puts forward proposal to resolve the plights through asset securitization,at the same time, the author demonstrates its feasibility. Thirdly, by using the basic principle of asset securitization, the author design the operation scheme and product scheme of asset securitization of financial leasing, including the selection of operation modes, transaction subjects and operating process design, asset pool design, product structure design, SPV design, credit enhancement scheme design and risk control scheme design. Finally, a case study is presented, in which the author points out its advantages and disadvantages.Based on the theoretical research and case analysis, the author also puts forward some suggestions on promoting the development of China’s asset securitization of financial leasing, including prefecting the relevant laws and regulations, cultivating specialized credit enhancement institutions, promoting the establishment of trading platform for the product of leasing securitization, and trying to carry out the united asset securitization based on multiple leasing companies, etc.