S Company Leasing Asset Securitization Case Study

The financing leasing industry,as a new industry in China,is a new type of financing method that helps solve the financing difficulties of SMEs.In the real economy,it is easier to leverage,to better serve the real economy,to support advanced Chinese manufacturing “going out” and to serve the “Belt and Road”national strategy.At the same time,the financial leasing industry is also capital-intensive,and a single financing channel has limited its healthy development.From the perspective of the relationship between the financial leasing penetration rate and the proportion of China's GDP,compared with other developed countries in the United States,China's financial leasing lease The development of the industry also appears to be relatively backward.While China's potential demand for financial leasing business,the financing leasing industry faces a single reality of financing channels.The emergence of asset securitization is expected to solve this contradiction,and at the same time break the financing bottleneck of the financial leasing industry.As a basic asset of asset securitization,financial leasing claims have the advantages of stable cash flow,low number of times,and high single amount of money,enabling them to have the advantages of natural securitization.As a new type of financing method,asset securitization has the advantages of lower capital cost and lower credit rating than traditional financing methods.At the same time,it can also solve the problem of “risk out of the table” and promote the securitization of leased assets in the country.Under the background,the securitization of financial leasing assets has gradually become the mainstream product in corporate securitization of issuance assets and has the largest proportion,which has great development potential and research significance.This article is divided into six chapters in the structure,the first chapter is the introduction part;the second chapter is the relevant theoretical basis;the third chapter is the case introduction;the fourth chapter is the case analysis;the fifth chapter is the case revelation and reference;Chapters are conclusions and prospects.Based on the theoretical knowledge of financial leasing and asset securitization and related literature and materials,this paper uses the case analysis method to study the specialplan of the first-stage asset-backed securities of S-Financing Leasing Co.,Ltd.,and discusses this case for financial leasing companies.Revelations and lessons learned were summarized.This article believes that stable cash flow is the prerequisite for the success of asset security financing;the rationality of the design of bankruptcy isolation mechanism is the key to the success of asset securitization financing;the successful use of asset securitization requires a sound capital market as a guarantee.Through deepening the understanding of asset securitization,this article seeks to provide practical support for China's research on asset securitization.