Application And Risk Research Of Asset Securitization In Different Types Of Leasing Companies

Citic Group introduced the leasing method in 1980,China eastern leasing co.,Ltd and China leasing co.,Ltd started in 1981,which means that the domestic financial leasing industry has begun to develop.After more than 30 years of promotion,by the end of 2017,the number of financial leasing companies in China totaled 9,090,Increased 1954 year-on-year,an increase of 27.40%.Among them,there are 8745 foreign leasing companies,276 domestic leasing companies,and 69 financial leasing companies;The registered capital of the leasing institution is about 3.2 trillion yuan,The balance of the lease contract is about 6.06 trillion yuan.Under the impetus of the country and the market,China's financial leasing industry has made great progress,but financing is still one of the bottlenecks restricting the development of the leasing industry.Chinese financial leasing institutions are funded by shareholder capital injection,bank loans,bonds,asset securitization and so on.Bank loans(including working capital loans,rent receivables,interbank lending,etc.)are the most important sources of funding.Once the credit policy contraction or interest rates increases,it affects the business development of leasing companies.And the bank loan and the finance lease business exist the term mismatch.Therefore,how to expand financing channels and reduce financing costs is an important issue to be solved in the development of leasing companies.This paper uses the literature analysis method and the case analysis method,First of all,review the related literature on leasing asset securitization;Secondly,it summarizes the current situation of gradually increasing the types of leased-asset securitization products,rapid expansion of scale,continuous improvement of credit enhancement measures,and reasonable interest rates.It points out that the concentration of basic assets is high,the transaction volume in the secondary market is small,the regulatory measures tend to be strict,and the risk events appear;Thirdly,Based on the author's work experience,this paper makes a comparative study of A Financial Lease Company and B Financial Lease Company,as well as the two leasing asset securitization products.The financing channels of financial leasing companies are relatively few.Therefore,they are more active in the development of securitization of leased assets,and verify the present situation and problems of the development of the industry;Finally,the conclusion and suggestion are drawn that financial leasing is an important model for serving the real economy,but the financing problem needs to be solved,and leasing asset securitization is of great significance for leasing companies to expand financing channels and reduce financing costs.The leasing company should implement the asset securitization thinking into the company's operation,improve its own strength and the quality of its underlying assets;.improve the trading activity by improving the regulatory policies,increasing the issuer and scale,expanding the scope of investors,etc.Improve the standardization of the primary market and the liquidity of the secondary market;the participating institutions need to do a good job in the post-release work,so as to implement effective risk control,and promote the development of the industry through talent cultivation and continuous innovation.