Study On Risk Prevention Of ABS In Financial Leasing

In recent years,financial leasing has developed rapidly with its unique advantages in improving asset structure,promoting sales and innovating financing methods.But lease enterprise financing source is given priority to with short-term loans to Banks,assets and liabilities of term structure mismatch financing lease companies face liquidity risk,and restricts the sustainable development of the leasing companies.As the asset securitization in our country to restart and expansion,assets securitisation lease enterprise opens up new financing channels,but with micro,small and medium enterprises credit quality downward trend obviously,leasing companies issued AB S speed slow,in breach of contractThis article through to research the lease enterprise asset securitization products,selection of interest on recent events of default "hui issue aset-backed special plan" to case analysis,from the underlying asset quality,the degree of dispersion,framework for trading and credit promotion measures all aspects of the analysis of the product.Generally speaking,this series of products have downside risks of asset quality,and the number of assets in the asset pool is only one less,and the risk of industry concentration is high.Although their remit issue asset-backed securities special plan to take the excess interest rate differentials,priority/credit enhancement,in the form of secondary and but at lease square hong yuan petrochemical did not press about completing the regulatory accounts collects the cash flow situation is not caused special plan administrator hengtai securities and ping an bank custodian bank Beijing branch,delayed investors for the adoption of countermeasures The services related to qinghui phase ? asset support special plan did not fulfill the duty of due diligence supervision,which is also a common occurrence in other ABS default events.Based on the case study,this paper puts forward the risk prevention measures for the special plan issuance of asset support for financial leasing enterprises.Advice issued financial leasing companies,special plan should choose decentralized strong assets,the basis of the asset pool concentration and low correlation or single original rights and interests of its business or assets is relatively abundant.In addition,the need to pay attention to the balance supplementary commitment to people and the guarantor of credit situation and the correlation,if the guarantor advocate business wu income up to rely on the original rights and interests of people,the mutual effect is weak,ABS products will not reduce the risk of default.For the transaction structure of the asset support special plan of leasing enterprises,more options are to set up SPV to realize real sale and effectively isolate risks.