Analysis On The Product Risk Of Lease Asset Securitization In The Case Of "Hengjin N"

Finance lease is an important means to promote the development of the real economy,after decades of development,the higher leased asset greatly limits the operation of financial leasing enterprise business.According to rent with a stable cash flow,the method of leasing leased assets packaged for sale asset securitization could alleviate the financial leasing industry financing problem,to achieve sustainable development.But with the rise of the leased asset securitization business volume,the uncertainty is also growing,asset securitization industry urgent need to quickly identify and control risks from practice.This article begins with the leased asset securitization product “Hengjin N”,introduces financial leasing company,the lessee company’s operations,business development and special programs to details and other information on all aspects in the establishment process,the underlying assets and securities trading,etc.And on this basis,from the product attributes and the product itself,combined with macro and micro perspective expand risk analysis.Usually when conducting the analysis,all the information is often covered with broad expression and not an accurate judgment,in order to effectively reveal the risk,the article begins from a global point of view,discussing policy and market transactions and other systemic risk background,lessee industry conditions and the company’s development will bring more uncertainty,the lessor will affect the operating structure managed to bring the rental cash flow risk pooling.In addition,securitization operations contain inevitable risks,but to a certain extent with the base assets associated running process will also affect the returns to investors.Meanwhile,as a general property of securities,credit default risk is not negligible,in order to analyze this part of the extent of the risk,the article attempts to introduce the model function to explain the size of the credit default risk from the asset itself and capital structure.Summary found that the leased asset securitization risk assets from the main terminal that is leasing assets,leased assets and assets affected by the strict nature of the business and assets of the lessor and procedures risk is great but the contribution is limited.Based on the analysis,at the end of the article,the paper gives the suggestions on the risk prevention of the business development,the leasing company,the trading platform and the credit enhancement methods from the perspective of the product attributes of the asset securitization and the products themselves.