Research On Leased Assets Securitization In China

Under the background of the current growth slowdown in China,the financial leasing industry has shown a contrarian growth trend with the favorable policy.Financial leasing has a special role in boadening the financing channels of small and medium-sized enterprises,and promoting the adjustment of the national industry.Although the scale of China's financial leasing business is second only to the United States,but from the perspective of leasing penetration,China's lease penetration rate is only 2%-5%,much lower than Europe and American.Financial leasing is a capital intensive industry.Financing issues have been the biggest bottleneck that restricting the development of the entire financial leasing industry.As the spring up of the Asset-backed securitization in china,ABS is more and more accepted by the financial leasing companies as a way of financing.Thus,ABS is expected to become the key to solve the bottleneck problem.As the basic asset of asset securitization,financing lease creditor's claim has the nature advantages of securitization because of the high homogeneity and stable cash flow predictability.Compared with bank loans,equity and creditor financing,ABS has a lower requirement to the main body's credit level and can achieve the need of "risk-out table”of enterprises.Thus,since the "filing system" of ABS has landed,the LBS has become the largest distribution on enterprise asset securitization market,with great development potentiality and research significance.This paper studies the LBS by combining theory with the empirical method.Based on the understanding of the theory and development reality,we focus on the model and value analysis of the LBS.In the model analysis,including the market subject,securitization process,and the secondary market analysis.And in order to have a in-depth inquiry into the characteristics of practice operation,we select three typical case to analyze.Secondly,combining with the actual of LBS in China,we choose the static spread model to analyze the value of "The Fifth Lion Bridge".The empirical results show that the theoretical price of "The Fifth Lion Bridge "is 111.5 million yuan,which is about 115 million yuan more than the actual issue price.The research results of the thesis are as follows:Firstly,based on the aim of risk precaution,the underlying assets of the base asset pool should avoid the Overcapacity industry,focusing on the company who has a foreground development and good credit.Secondly,the SPT is the most appropriate mode of LBS in China.Thirdly,to enhance the liquidity of financial leasing assets and products,we should cultivate a unified,professional,standardized distribution and secondary trading market;Fourthly,Because the cash flow of the finance leasing basic asset pool has a long and decentralized character,the relatively suitable value analysis method is static spread model.But due to the lack of the accumulation of the industry data,the early repayment rate and default rate is based on assumptions,resulting in empirical research results have actual errors.