Research On The Pricing Of Leasing Securitization Based On OAS

China’s leasing industry,as a form of financial business form developed in the 40 years of reform and opening up,promoting industrial development and upgrading,and advancing economic transformation from virtual to real.Although China’s financial leasing industry enjoys great growth in the number of enterprises,scale and balance of financial leasing contracts,the penetration rate is only 6.3%,a big gap compared with developed countries.At present,in order to improve the penetration rate of financial leasing in China and break through the bottleneck of the industry’s development.It is necessary to address the problems of capital sources and leverage multiples.With the continuous development of asset securitization in China,financial leasing companies can obtain capital sources by issuing securitized products of leased assets,which is expected to be the key to solving this problem.This paper combines theoretical study and empirical study to explore the securitization of leased assets based on pertinent literature at home and abroad,and the development situation of China’s securitization of leased assets with a focus on the research and analysis of the pricing issue of the securitization of leased assets.This paper is divided into five chapters.In Chapter 1,the development status of China’s financial leasing industry is explained and the research background and significance of the paper are briefly described,and relevant literature at home and abroad from the three aspects of the motivation,process and pricing of leasing asset securitization is sorted out.In Chapter 2,the theoretical basis of the securitization of leased assets is provided,including the basic concept of the securitization of leased assets,the basic principles involved in the process of issuing the securitization of leased assets,and the four common pricing methods.In Chapter 3,the current situation of leasing asset securitization in China is analyzed and generalized,and pointing out the problems on China’s leasing asset securitization.In chapter 4,according to the main factors affecting the pricing results,the pricing model suitable for the evolution of China’ s leasing asset securitization—option adjusted spread method is selected.In Chapter 5,the content of this paper is summarized and feasible operational ideas for the further growth of financial leasing industry,also the securitization of leased assets are provided.The possible marginal contribution of this paper,at present,the pricing of leased asset securitization product is relatively rough,and the price of the leased asset securitization product is set generally referring to the bond interest rate of enterprises of the same rating at same period as the issued coupon rate,considering the actual guarantees condition of the issuer,measures to improve credibility and cash flow distribution mechanism and based on the original interest rates and interest margin,in order to improve the operational efficiency of the capital market,expanding financing lease company’s financing channel,promote the evolution of the leased asset securitization business.In the research on the leased asset securitization product pricing,the trend of the forward rate,prepayment and default behavior bear on the evaluation of the value of the asset-backed securities.Based on the leasing pricing issues existing in China,option adjusted spread may be the best method to assess current pricing model of the value of the leased asset securitization products.In the future,default rates and prepayment rates in the model can be revised and improved,in order to build a pricing method that is more suitable for the situation of China,to accurately estimate the value of the securitized products of leased assets,thus boosting the healthy growth of the leasing industry.