Research On The Influence Mechanism Of Asset Price On The Three Characteristics Effect Of Financial Leasing

Asset price is the core research content of finance and management science.In recent years,scholars have been trying to explain various factors affecting the change of asset return rate by establishing various asset pricing models.However,the applicability and effectiveness of traditional asset pricing theory in explaining market behavior and micro-market structure are significantly reduced.The asset price liquidity theory holds that the asset price theory must be fully combined with the liquidity theory in order to better interpret the transaction characteristics of micro-market.In essence,liquidity is the premise of asset trading.As a core factor affecting asset pricing,liquidity determines the safety,price stability and profitability of assets.The financial leasing of assets and liabilities has dual attribute of finance and leasing.The leased asset has the characteristics of special liquidity compared to general financial assets,and follow the principle of‘liquidity,security and profitability',but the financial leasing has congenital contradiction of limited financing channels,low asset quality and low market profit rate,so systemic evaluating the ‘three properties' effect of financial leasing,improving the quality of‘three characteristics',has a positive effect on improving management.Based on the theory of ‘three characteristics',LTAP and AM theory of asset price liquidity,MMS theory of micro-market structure,financial mathematics and Macaulay duration theory,this thesis takes finance lease,asset pricing,effect measurement of ‘liquidity,security and profitability',which are widely concerned by finance and management science in recent years as research objects.By studying the relationship between asset price and‘liquidity,security and profitability' of financial leasing,a methodology is established to measure the effect of ‘three characteristics' scientifically.This thesis enriches the existing asset price liquidity LTAP theory and ‘three characteristics' theory system,and provides scientific methods and theoretical guidance for improving financial leasing management.This thesis follows the steps of theoretical research,model construction,mechanism research and empirical test.First of all,it explores the practical management problems and analyzes the contradictions between the‘three characteristics' of financial lease from the study of the practical management problems with the dual attributes of finance and lease and the ‘three characteristics' of financial lease.Based on the systematic review of asset price liquidity theory and the discussion on the relationship between liquidity,security,profitability and asset price,this thesis seeks to take asset price as the theoretical basis to explain the existence of ‘liquidity,security and profitability' effect and measure the ‘three characteristics' effect of financial lease.Secondly,based on elements of microeconomics and cash flow research methods of financial mathematics,MMS theory of micro market structure is adopted to research the transaction process,transaction characteristics and transaction elements of financing lease and explore the formation mechanism of lease asset price,to establish leased asset price function model and an evaluation system of the‘three characteristics' effect of financial leasing by the price function model about asset price to measures the effect of‘three characteristics' on financial leasing,establish the methodology of using asset price to quantify‘three characteristics' effect of financial leasing.Thirdly,the LTAP and AM theory of asset price liquidity is used to discuss the quantitative relationship between asset price and ‘liquidity,security and profitability',establish the ‘three characteristics' effect measurement model,and study the existence of the ‘three characteristics' effect and the effectiveness of measuring the‘three characteristics' effect when asset price changes.Through qualitative and quantitative analysis and empirical research,this thesis explores the influence mechanism of asset price on the ‘liquidity,security and profitability' effect of finance lease when interest rate,maturity and other parameters change.This thesis has drawn three meaningful conclusions: Firstly,the mechanism of asset price's influence on liquidity effect has been established.Through data simulation,graphic simulation and empirical research,the thesis carries out curve and surface research,slope and radian analysis,time series analysis and cross section analysis on asset price function and leased physical price function.It proves the existence of the influence of asset price changes on the liquidity effect of finance lease,verifies that the liquidity effect increases with the extension of lease term and the increase of interest rate,and the liquidity improving effect gradually decreases when asset price reaches the inflection point.Secondly,it establishes the mechanism of asset price influencing the safety effect.Through the study period,interest rate,the stability of the default behavior when changes in asset prices,set up asset prices to the measurement method of the financing lease security effect of interpretation and prove that when the lease term,interest rate variables affected by objective factors such as changes to the leased asset price volatility,if asset prices function curve slope is small and the greater radian,The lower the interest rate risk of asset price function is,the more stable the asset price is,and the higher the security effect of finance lease is.Thirdly,it establishes the mechanism of asset price's effect on profitability.This thesis establishes the earnings value function model and establishes the earnings judgment method based on the slope and radian analysis of asset price curve by analyzing the curve characteristics of the model.It proves that when the slope of asset price curve is equal and the radian of asset curve is greater than the radian of liability curve,financial leasing can achieve profits.