Research On Asset Securitization Of Financial Leasing-take Company A For Example

Financial leasing originated in the middle of the 20 th century in the United States,which is already three of the best in financial markets of the United States and other developed countries.As a sunrise industry,Financial leasing in China originated in the early 1980's and plays a role in the development of the economy in our country to expand domestic demand,stimulate consumption,and promote the investment growth with the synchronization of reform and opening-up,but the sole financing channels and the lag of the whole development of the industry have become the bottleneck in the development of financial leasing industry.Therefore,to build a stable and sustained financing channel has become the inevitable choice of the rapid development of financing leasing.Generally speaking,financial leasing usually needs a lot of money but its comparatively single financing channel and asymmetric assets/liabilities structures of "short-term liabilities supporting long-term assets" curbs its healthy development.From the way of finanicial,most assets in leasing financing company exist in the form of leasing claims(rental receivable claims).If financial leasing companies dispose leasing claims as asset securitization,with the release of the leasing securities supported by assets,they can obtain purchase consideration from the investors and solve the financial problems.Actually,such financial method of financing income as oriented mode is securitization of leasing asset.It relies on the future profitability of the leasing asset to achieving financing.On the one hand it may withdraw long-term debt in advance,and on the other hand it can also improve the adequacy of floating capital.Leasing asset securitization can solve funding constraints perfectly that leasing financing company facing,and is a kind of effective financing ideas being proved.This thesis puts forward to applying asset securitization tool to solve the leasing financing predicament from the Angle of practice combined with the analysis of the characteristics of financing leasing,domestic asset securitization,and at the same time,introduces company A leased asset securitization process in detail on the basis of practical operating environment,and identify then control the risks in the process of securitization.This thesis is divided into five parts,the first part is the introduction with the research background of this thesis and then reviews the asset securitization research status at home and abroad to propose the research contents,research methods and shortcomings in this thesis;The second part is the summary of financing lease and lease of asset securitization introducing the present development and the ories of the financing lease associated with asset securitization theory and points out that the leased asset securitization is the essential choice of the financing lease company capital bottleneck;The third part introduces company A's assets securitization process from the Angle of practice.The fourth part put forward to the advices of the leased asset securitization from the aspect of tax,law,credit rating,moral risk control and the investor benefit protection level in our countryThis paper argues that funding constraints facing financing leasing in China hinders the healthy development of the industry,however,as a new means of financing,the leased asset securitization financing leasing is a feasible new way out of financing dilemma.Building the mode of leased asset securitization can help a leased asset securitizationto hold capital markets in order to remove financial pressure.