A Study On Evolutionary Game Equilibrium In Asset Backed Securitization Of Financial Leasing

After rapid development in the last 30 years,China’s economy steps into "New Normal",which pays more attention to the quality of economy,instead of the rate of economic growth.During "New Normal",financial industry should provide more support for the transformation and upgrading of economy,in which financial leasing will play an important role.Even though financial leasing developed rapidly in the last 10 years,it still has many questions to be solved.Asset backed securitization of financial leasing is deemed to solve this question,but the research in this filed is not profound enough.This paper refer to the idea of evolutionary game to research asset backed securitization of financial leasing,which will provide a new research perspective.Asset backed securitization is an important method to solve the financial problem in financial leasing.Based on the bounded rationality and transaction costs theory,this paper constructs an evolutionary game model for asset backed securitization market,including leasing corporates and investors.We analyse the influence factor of evolutionary game equilibrium in asset backed securitization market of financial leasing,and carry out a thorough comparative static analysis.The analysis shows that leasing corporates’ benefit,intermediate cost,investors’ risk premium,loss due to risk and search costs have significant effect on the market equilibrium.Finally,from the perspective of strengthening risk control of basic asset,reducing transaction costs,perfecting investor protection mechanism,strengthening the legal system construction and fostering mature investors,the policy on how to promote the development of the asset backed securitization of financial leasing are put forward.