Applied Research On Asset Securitization In The Financial Leasing Industry

As a new financing tool,asset securitization has been introduced into our country since 2005.It has achieved breakthrough in tortuous development.In 2016,the enterprise asset securitization usher in huge opportunities for development.It replaced the securitization of credit assets as the largest species and alleviated many corporate financing problems.As a sunrise industry in China,the financing lease industry also faces difficulties such as the single financing channel,capital constraints and so on in the high speed development.Therefore,asset securitization is a financing tool who match the financing lease industry very much.It opens a new financing channel for the financing lease industry.This article is based on the research and analysis of the securitized product that is successfully issued by the industry leader company A.It is hoped that the asset securitization will be carried out for other financing leasing enterprises,thus providing guidance and reference for the financing dilemma.Based on the analysis of asset securitization and the three principles,this paper studies the case of asset securitization of Company A in the light of the development of financial leasing industry.It is found that the A company's asset securitization practice — " The first special asset management plan of A company " is a well-designed asset securitization product.Its success is significant for the company's financing difficulties.Although there are certain shortcomings and risks in the special plan,the overall asset pool design is reasonable,the expected yield is high,the comprehensive cost is low,and the asset is realized "real sales" and "off-balance sheet".In the case of the broader bond market and the tighter capital environment,this special plan is still getting a lower issue rate,which is the embodiment of the strong market pricing power of the program manager CITIC Securities and the strong strength of A company.Due to the strong strength of A company in the financing lease industry,the securitized product it issues is highly representative.At the same time,it is also the first asset-backed securities backed by the domestic registration system.So the problems presented in the case have strong industry commonalities.Aiming at the shortcomings of the special plan of A company,this paper argues that the application of securitization in the financing leasing industry must be concentrated in the following three aspects.First,reduce the cost of financing in a variety of ways,including improving the credit rating of the product and setting the time and scale of the product reasonable.Second,improve the liquidity of the products.Third,improve the related laws and regulations of the asset securitization.Through various experience summary,we expect to provide some guidance for other enterprises in the same industry to carry out asset securitization and promote the overall development of China's asset securitization financing lease industry process.