Study On The Structure Stratification Of Leasing Assets Securitization

The financial leasing business originated in the United States in the 1950s.Thanks to its dual attributes of "financing" and "leasing-assets",it soon became the first choice for most corporate on financing to expand the scale.After decades of development,financial leasing has become the world's second largest indirect financing,second only to bank loans,with a mature operation processes and risk management measures.After the implementation of China's reform and opening up policy,various domestic industries flourished,and the financial leasing mode was spread from Japan into China.China's first leasing company,China Orient Leasing Company,was established in 1981 by China International Trust&Investment Co.,Ltd.,marking the birth of China's leasing industry.According to the China Financial Leasing Industry 2015 report,up to December 2013,the penetration of financial leasing industry in China's market was 3.1%,0.7%lower than that of the previous year.As of December 2014,the number of registered financial leasing companies were 2,134 in total,an increase of 979 over the previous year.According to the China Lease Union statistics,the national financial leasing financing balance was 3.2 trillion Yuan,1.1 trillion Yuan(52.4%)increased compared to the previous year.It can be seen that,China's leasing industry is currently entering a period of rapid growth.However,no matter from the market penetration,financing scale,or the promotion of the real economic development,there was still large gap from developed countries.Taking finance leasing as a financing options for company expansion or equipment replacement becomes popular gradually among China's real economy.In China's vast leasing market,the main reason for restricting the healthy development of leasing companies is the bottleneck of funding sources.Under the current financing environment,paid-up capital and bank loans have become the main source of funds for the leasing industry,with bank loans accounting for 90%.However,these two traditional sources of funding model would not be able to meet up the booming market demand for funds,China's leasing industry should require a financing tool based on the lease itself to break through the current financing difficulties.The securitization of leased assets breaks the original financing mode of China's leasing companies,and greatly improves the ability of the leasing industry to serve the real economy while broadening the financing channels and reducing the capital cost.With the maturity of the securitization model of leasing assets,it will become a strong support to the development of small and medium-sized enterprises in China.