Research On Influencing Factors Of Rental Asset Securitization Pricing

"Serving the real economy is not only the duty of finance,but also the fundamental measure to prevent financial risks."[1]Financing leasing business has the dual nature of"financing"and "melting things".It has the dual rights of"real right"and"creditor's rights",and can better serve the real economy,especially small and medium-sized enterprises and private enterprises.In the deep-water period of the reform of the transformation of old and new kinetic energy,it can better promote the transformation and creative development of industries.In 2015,the General Office of the State Council issued the Guiding Opinions on Accelerating the Development of Finance Leasing Industry,emphasizing that financial leasing companies should be guided to play a role in serving the economic development of entities,entrepreneurship and innovation of small and medium-sized companies,industrial transformation and upgrading,and capacity transfer,so as to promote the financial leasing industry into a golden period of development.With the rising demand for capital in the industry,financial leasing asset-backed securities have also developed tremendously.Up to now,financial leasing asset-backed securities have become one of the main products in the securitization sector.On May 14,2018,the Ministry of Commerce issued the Notice on the Adjustment of Management Responsibilities of Finance Leasing Companies,Commercial Factoring Companies and Pawnbrokers,assigning the responsibility of formulating the operation and supervision rules of finance leasing companies,commercial factoring companies and pawnbrokers to the China Banking Insurance Regulatory Commission.Since then,the era of"multi-supervision"in the financing leasing industry has come to an end.The promulgation of the Notice is a reorganization and shuffling of the financial leasing industry.On the surface,it seems to have stepped on a"brake"for the rapid development of the industry.In fact,it regulates the access of the industry and guarantees the safety of the flow of funds to the financial leasing industry.In the long run,it is not only conducive to the development of the financial leasing industry,but also conducive to broadening the financing channels of the industry and achieving more creative products in the asset securitization sector.Whether it is the market position or policy support,it shows that the financial leasing industry and the securitization of financial leasing assets will get considerable development in the future,and it is necessary to conduct in-depth research on them.Starting with the introduction of the basic theory of asset securitization,this paper briefly introduces the principle and practice of securitization,briefly discusses the risk factors and alternative pricing methods to be considered in asset securitization pricing,compares the advantages and disadvantages of different pricing methods,and then draws up the development course and financing of China's financial leasing asset industry under the support of a large number of data collection work.On the basis of the general situation of leased asset-backed securities market,a securitized pricing model suitable for China's current situation is put forward.Then the"Far East II Asset-backed Special Plan"issued by Far East International Finance Leasing Co.,Ltd.,a representative enterprise in the financial leasing industry,is selected as an example,and the pricing model is verified by using MATLAB measurement tool.The results show that the pricing model built in this paper can be better in line with the actual situation.The author also makes an analysis of the reasons why the theoretical price deviates from the actual price.Finally,according to the experience gained in the process of building the pricing model,the paper puts forward some suggestions on how to promote the development of China's financial leasing industry,how to standardize the development and perfection of China's financial leasing asset securitization business,and how to enhance financial stability in the context of the era when securitization is in full swing.In this paper,authenticity and creativity are sought in the research process,and the actual situation is restored when building the model.However,due to various reasons,the assumptions in the probability estimation of prepayment and breach of contract are relatively rough,and there are still many shortcomings in this paper.I hope this paper can provide ideas and reference for the follow-up research.