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Pricing Mechanism Design Of Financial Leasing Products And Policy Recommendations

Posted on:2015-05-13Degree:DoctorType:Dissertation
Country:ChinaCandidate:Z Y LuFull Text:PDF
GTID:1109330467487006Subject:Business management
Abstract/Summary:PDF Full Text Request
Financial leasing, created in the1950s in the USA, is an innovative financial product integrating leasing with trade and financing. In the past60years, financial leasing has gained a wide recognition by most countries throughout the world. In the financial market, financial leasing, bank credit, and capital stock race bridle to bridle. The financial leasing transaction, secondary to the bank credit, is the second largest creditor’s financing means in the world.It is not until early21stcentury that financial leasing has gained standardized, healthy, and rapid development although it has experienced the initial establishment, rapid development, risk eruption, and rectified stage over the last30years since introduced into China from Japan in1981. By the end of June2014, the number of registered financial leasing companies has risen to about1350, and the industry is worth2.6trillionMB. However, many new problems have occurred increasingly with the continuous development of financial leasing market. As an innovative financial product, the pricing mechanism of financial leasing is still unreasonable, and irregular. A unified, rational, standardized pricing mechanism and standard for financial leasing industry has not yet formed in China due to the isolated research and conditional reality. Therefore, pricing mechanism for financial leasing product needs regulating and unifying in that the current pricing mechanism is excessively dependent on the pricing model of the bank credit products.The qualification examination and approval management of financial leasing companies in China are in the charge of China Banking Regulatory Commission and the Ministry of Commerce, or the competent Departments of Commerce at provincial level, Economic and Technological Development Zone at the state level respectively. China Banking Regulatory Commission is responsible for the approval and management of financial leasing from the perspective of financial leasing, while the commercial department is in charge of the approval and supervision of financial leasing from view point of commodity trade and leasing. The fact that different departments are in charge of the approval and management of financing lease shows the diversified structure of financialleasing business and the particularity of pricing financial leasing products.At present there exist few theoretical researches on financial leasing in China, especially the systematical and theoretical researches on financial leasing pricing. Therefore, the dissertation holds that mature financing leasing products pricing theory needs to be formed in China so as to guide and standardize the financial leasing products, thus pricing financial products reasonably. Based on the analysis and summary of the status of China’s leasing market, this dissertation focuses on the study of pricing theory and mechanism of financial leasing product in China, tracking down and concentrating on operations and pricing of a certain financial leasing company named CCGX in the last five years, collecting and analyzing the727projects completed by the company comprehensively by resorting to the related theory of economic management with a view to revealing the actual pricing of current financing leasing products in China by making the real case analysis. Finally, relevant policy recommendations on financial leasing product pricing are made. The dissertation focuses on the following aspects:First, theory and paradigm of financial asset pricing are analyzed in the dissertation. On this basis, the study focuses on the pricing model of financial products, the system design of financial leasing and its pricing status, the development trend of financial market in China according to the essence of the contingency theory and flexible management theory, exploring the construction of pricing theory and pricing mechanism of financial leasing products in China, which lays the foundation for further research and perfection of pricing theory of financial leasing products.Second, the current pricing mechanism of China’s financing leasing products are discussed and the path of optimizing pricing of financial leasing products by using the producer’s surplus theory and the consumer’s surplus theory. Especially, the dissertation focuses on the transaction structure of different innovative financial leasing and its pricing mechanism design.Third, empirical research on the pricing of financial leasing products in China is made. Administrations and pricing practices of CCGX financial leasing companies for five consecutive years are tracked down and examined to collect the pricing scheme of the project. Based on the complete data, empirical test of financial leasing pricing in China has been mad. After the in-depth analysis of different elements of financial leasing pricing schemes, and the existing problems with current financial leasing, the relationship between different factors of financial leasing pricing schemes are analyzed and corresponding adjustment strategies are formulated. Besides, the dissertation has also explored the flexible, scientific, and standardized pricing scheme of financial leasing products suitable to China by analyzing specific cases and statistical data, enhancing the reliability of the research.Fourth, the dissertation explains the defects of original pricing scheme by making analysis of the actual case, optimizes the pricing scheme according to the pricing theory and optimization of financial leasing products. On this basis, comparative study is made, which is of strong practical guiding value.Fifth, the dissertation explores the related policy recommendations for the pricing of financial leasing products in China. On the basis of theoretical analysis and empirical research, the dissertation proposes the policy of optimizing financial leasing products pricing mechanism from the aspect of legal basis, regulatory approval, market operating mechanism and tax support to form the system security and the external environment of promoting the healthy, orderly, rapid development of financial leasing market in China.
Keywords/Search Tags:Financial Products, Financial Leasing, Pricing, Pricing Mechanism, Policy Recommendations
PDF Full Text Request
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