Case Study On Financial Leasing Asset Securitization

The fact that financial leasing can simultaneously raise funds and things has driven the rapid development of the industry and played a major role in China's economic reform.While achieving certain achievements,financial leasing also faces the problem of financing lacking long-term stable sources of funds.Asset securitization has become an important direction to break the financing bottleneck of financial leasing enterprises.This paper analyzes the benefits,risks and applicability of asset securitization to financial leasing enterprises from the perspectives of theory and product practice,as well as the factors that hinder the development of securitization of financial leasing assets and proposes targeted recommendations.The theoretical research provides reference and guidance for financial leasing companies to carry out asset securitization business.On the basis of summarizing the theoretical research on the securitization of financial leasing assets,this paper mainly uses case analysis to analyze the representative products of China Merchants fixed income-smart financing lease asset support special plan.This paper first studies the general situation of China's financial leasing industry and financial leasing assets securitization products,analyzes the benefits and risks of securitization of financial leasing assets,and interprets the applicability conditions in conjunction with the new rules of the exchange,and combines with the financial leasing asset securitization products issued by the first single vehicle manufacturer for in-depth discussion.Finally,it summarizes the obstacles that China's financial leasing asset securitization development is not high enough,the property rights are not clear,the tax policy is lacking,the rating agencies are not standardized,and the supervision is not strict.At the same time,some suggestions were put forward,such as: promoting the types of financial leasing assets securitization products and diversification of investors,promoting joint asset securitization;improving the taxation legal system,resolving the problems invoices issued during the process of asset securitization,and clarifying the SPV Taxation rules;strengthen information disclosure,cultivate the credibility of rating agencies,and increase supervision.