Research On Financing Effect And Risk Of Leasing Asset Securitization

In the period of reform and opening up,China first introduced financial leasing from Europe and the United States and other developed countries.The unique advantages of financial leasing in adjusting the structure of assets and liabilities,improving the financial performance of investment and financing,and improving the liquidity of capital make it gradually become one of the strong pillars of China’s economic development.However,the common fault of the financial leasing industry is that its financing channels are relatively single,mainly relying on short-term bank loans,while the enterprise’s leased creditor’s rights assets are generally medium and long-term.This kind of financing mode of short-term liabilities supporting long-term assets restricts the benign development of leasing enterprises to a certain extent.The securitization of leasing assets breaks the financing bottleneck,and shows good financing effect in adjusting the relationship between assets and liabilities,reducing financing costs,improving asset turnover and enhancing corporate reputation.However,it is worth noting that asset securitization also has certain risks in many aspects,such as basic assets,transaction structure,sponsors and so on,which need to take appropriate measures to prevent and control.This paper first summarizes the literature at home and abroad,and finds that asset securitization is a natural fit with the financing needs of the leasing industry.Secondly,combined with the current situation of the financial leasing industry,this paper explains the motivation,effect and risk focus of leasing asset securitization,which paves the way for the follow-up case analysis.Then,this paper analyzes the background,project introduction,and the motivation of asset securitization of COSCO Shipping Leasing ABN project.On this basis,combined with the macro-economic situation of financial leasing industry and the micro financial performance of COSCO Shipping Leasing,it verifies the good financing effect of asset securitization and the existing risks and control measures.Finally,the paper draws a conclusion and puts forward some constructive suggestions for the follow-up operation of asset securitization of financial leasing enterprises.This paper holds that the effect and risk of leasing asset securitization financing complement each other.The positive financing effect of asset securitization is an important reason for leasing enterprises to favor issuing it.This new financing tool not only opens up a new financing path for the financial leasing industry,but also helps leasing enterprises to establish an appropriate financing mechanism,revitalize inventory assets,and promote the rapid development of direct financing in the capital market.However,the risk and other negative factors in the process of financing can not be ignored.We need to take careful and appropriate control measures to ensure the smooth realization of good financing effect.