The Research On The Financial Risk Of Chinese Financial Leasing Enterprises’ Securitization

As our country’s economy statement facing the descending pressure, like most developing nations, the authority is struggling with transforming the supply structure while the manufacturing technology updating is necessary. It’s a critical moment to switch to a new economic mode, a more efficient mode, for our country. The enterprises’financing effect affects the reflection of the policy and the growth of the economy. The financial leasing is a mixture process of both financing and purchasing facility, which is the closest to financing as an industry. It has been treated as a national strategy in modern times. And all the concerning law system and accounting system is acceleratingly constructed.As the statistics of the report of China’s financial leasing 2015 shows,which is jointly published by China’s financial leasing league and the research institute in Tian Jin’s Bin Hai District, by the end of the year 2015,China’s financial leasing contracts’remaining sum reaches nearly 4440 billion RMB, comparently increased 38.8percent,1240 billion RMB added to last year’s 3200 billion RMB. The amazing growth means financial leasing contributes largely to the increase of the economy volume. But the restrict financial leverage prevents the industry from growing, because the high cost of financing,the long time wasted in the course of investigation and the complicated formalities makes it a big trouble to finance. The new way of financing,asset securitization, will help.Though its whole evolution history is almost 10years long, its potential becomes more and more visible. It has been popular after the registration regulation being published at the time of November.2014.The case of "Guangfa-Hengxin special plan backed on the Leasing Asset of Southern Cement" is in the administration of Guangfa security and asset administration company, and is set up by the Liangtong Financial Leasing company. The special plan’s underlying assets are consisted of 8 cement production line in the mode of sale-leaseback. This issue aims at analyzing the case’s risk sources, structure, underlying asset and benefit allocation, using the method of case analysis, chart comparison with relevant knowledge to make a conclusion: this special plan can’t avoid term mismatch perfectly, the originator won’t buy the secondary security, and the law system and accounting system needs some modification. Furtherly, the author of this issue put forward some production and policy proposals, like bring in pension as new institutional investor, scroll to finance in addition to optimize the finance term, build reverse-cycled fund, set up insurance for special plan, complete the VAT invoice chain, establish a market for the underlying asset disposition etc.