Asset Securitization Financing Analysis On Financial Leasing Industry

The history of the financial leasing industry in our country has been nearly 40 years.At the end of 2016,the size of China's financial leasing has reached 5 trillion and 330 billion yuan,,the total number of financial leasing companies has reached 7136,Financial leasing has become the second largest financing channel just after the bank loans.However,compared with the developed countries,China's financial leasing industry faces many problems.For example,the financing channels for financing leasing companies in general is very monotonous,more than ninety percent of the funding sources rely on financial institutions to borrow.The financial leasing industry in China is difficult to compete with other financing channels in the world,which is due to the pressure of financing source and capital cost.Financial leasing industry needs to borrow stable funds which is in long term and of low cost.Banks and trust loans difficult to meet their Requirement currently,At the same time,through bank credit,trust and other ways to finance is easy to accumulate risky assets.With the expansion of business scale,once the leasing project is at risk and is likely to Default,it will further restrict the ability of financing leasing companies to finance,and will improve its financing costs.Therefore,financing channels and financing costs are the two most important tasks of financial leasing companies.To break through the existing predicament,since 2014,China's financial leasing industry began to issue asset-backed securities,At the same time,the Commission issued a document to change issuance of asset-backed securities from the examination and approval system in the past to Filing system,accelerated the release time significantly.However,due to the characteristics of asset-backed securities,there are many problems and risks,Compared to other bonds,the cash flow of asset-backed securities is from its underlying assets,If the asset to achieve asset true sale,The issuer is not obligated to make up for the default.At the same time,asset backed securities has its own characteristics such as priority / secondary structure,excess spread,and so on,so it is not suitable to analyze the credit risk with the traditional method of risk premium.In this study,through the collection of literature and analysis,we summed up the impact of various factors affecting the spread of asset-backed securities,And it can be divided into macro factors,project distribution factors,the issuer's financial and basic asset risk factors,This paper analyzes the influence degree and direction of each factor on the spread of the asset-backed securities.According to the current situation of China's financial leasing industry asset backed securities,depending on whether the assets are out of the balance sheet,Take about 400 ABS which is issued from 2014-2016 as samples,Established 2 econometric models,In order to balance the issue cost of asset-backed securities depending on the macroeconomic situation,the design of the transaction structure,the financial situation of issuer and the risk of the underlying assets.