Researching Financial Lease Asset Securitization Based On Dual-SPV Mode

Since asset securitization change from the approval system to record system, China's asset securitization business got a rapid development. Especially theleasing asset securitization is becoming China's asset securitization market's "new power". The Finance Leasing Company as non bank financial institutions mainly engaged in financial leasing business, although in the course of development is relatively short, but in support of national strategic development and promote the real economy's development played an important role. At present, the financial leasing Asset Securitization choose to issue's way are different,because of the system and issue's needs. Under normal circumstances issued in inter-bank bond market,according to the credit asset securitization mode. But since the issuance of the competent departments is the CBRC, the CBRC's examination and approval procedures is very complex and release time very long, and also need high financing cost. GF Hengjin- Hebei financiallease 1 phase of the project is produced under such a background, it's using dual SPV mode through the establishment of a securities company collection plan and fund subsidiaries to set up a special plan with two vectors become the asset securitization products. whole filing system, it's avoid the complicated approval process, get rapid completion of the fund-raising and traded.The dual SPV mode applied in financial leasing asset securitization as the core of the study.The sudy first part talk about the status of the development of China's financial leasing industry and financial lease asset securitization,and comparative financial leasing asset securitization two specific trading application mode and dual SPV mode made analysis and introduction. Followed by in-depth analysis of "GF Hengjin- Hebei financiallease 1 phase of the project" case's superiority and problems,enhance us understanding and know about the leased asset securitization products. Eventually get lightenment about dual SPV mode of the leased asset securitization of regulatory measures.Overall, this paper from the point of operation of the case analysis in order to provide certain reference for financial leasing companies, especially small and medium financial companies' leasing asset securitization involved in project design, risking control and so on.