The Research Of Assets Off Of The Balance Sheet On Assets Securitization About Financial Leasing

Asset securitization, as an innovative financial tool was born in the seventies of the last century, in the United States, as a new financing tool, asset securitization is the inevitable outcome of the deepening development of the market economy and the financial market. Specifically speaking, asset securitization is a financing tool which converts basic assets with certain conditions of financial enterprise or non-financial enterprises through financial means into the securities which satisfied certain conditions and can be transacted in the capital market, via asset securitization, companies can completing their financing objective, make an inventory of the original lack of liquidity of the enterprise assets and isolate the enterprise from the underlying asset risk, so that the scale of capital expanded, the value of assets increased. It is because the asset securitization has the innovative advantage, then in the whole world it has made rapid development and further innovation, however, the concept of asset securitization firstly introduced into our country until the 90's of last century. With the deepening development of China's market economy and all the problems facing in the process of our economic development, it is rather necessary to develop asset securitization in China, so in 2005, The people's Bank of China, China Banking Regulatory Commission formally announced the "Administration of Pilot Projects for Credit Assets Securitization Procedures" on April 20th,2005, which made credit assets securitization entering in standardized development track. But just three years later, in 2008, the subprime crisis storm drain deep existence of asset securitization risk, out of prudent consideration, CBRC has halted the asset securitization pilot, after the next few years for the asset securitization to re-examine consideration, until May 17,2012, the people's Bank of China, China Banking Regulatory Commission, Ministry of Finance jointly issued the "on the further expansion of the pilot securitization of credit assets related matters notice", which also marks the restart of the asset securitization in our country which experienced for up to four years of stagnation. Financing and leasing business of our country began in the 1980s but its development has been relatively slow, the financial leasing business in China entered into the fast lane of development just until 2007, after the CBRC issued a "financial leasing company management rules" to allow the commercial bank which with certain conditions to establish finance leasing companies. At present, the financing lease has become China's fourth largest financial tools. But with the continuing rapidly development of our financial leasing business and the macroeconomic environment changes, problems begin to emerge, it becomes difficult and expensive for the financial leasing enterprises to financing, in the case that the capital of the finance leasing company cannot be unlimited increase, financial leasing asset securitization has become the key options to ease the financing problem, Especially in 2013, the introduction of the "securities company asset securitization business management regulations" for the financial leasing asset securitization provides legal protection.Financial leasing asset securitization only to make the assets off of the balance sheet smoothly, can it solve the financing problems. Making the basic asset out of the table is closely related to the process of asset securitization transaction structure; therefore, it is of important significance for this paper to analysis various effecting factors of the assete out of the table via the study of financial leasing asset securitization transaction structure.Based on the purpose of the study, this paper selects the "ICBC Haitian 2015, the first phase of the leased asset backed securities" as a case, which achieved the assets out of the balance sheet for the first time in Chinese financial leasing asset securitization industry. In this case, the article analyses basic situation of current China's financial leasing asset securitization and the structure of the transaction, then through the concrete analysis of the case, it comes to the influence factors of the financial leasing assets, in order to offer some advices to help the work of the assets off the table in our financial leasing asset securitizationThis paper consists of the following chapters. The first chapter of the article introduces the background, literature review, research methods and innovation. The second chapter mainly introduces the current situation of the development of asset securitization in 2012 and the development of financial leasing business in China. The third chapter introduces the China currently about asset securitization business assets table; chapter four from the basic situation, transaction structure, product structure are analyzed in detail "ICBC Haitian 2015, the first phase of the leased asset support securities" in this case. The fifth chapter, combined with the theory of assets out of the table of the case of the transaction structure, the product structure for a detailed analysis, and then come to the various factors affecting the assets out of the table. The sixth chapter is the summary of this paper.