Research On Pricing And Application Of Financial Leasing Asset Securitization

“Financial leasing” is necessary for the transformation and upgrading of the national industrial structure and the development of the real economy.Financing leasing combines the functions of financing and melting,which can reduce the purchasing power threshold,and thus can play a leverage role in the development of the real economy,so as to be able to solve the most prominent overcapacity problem facing our current economic development.However,the single financing channel and financing difficulties becomes the biggest obstacle to the development of the current financing leasing companies,which greatly limits the development of Chinese financial leasing industry.Therefore,asset securitization in the financial leasing industry can take advantage of the innovative advantages of this direct financing method to speed up the turnover of the finance lease fund,so as to solve the capital and capital predicament faced by the development of the financial leasing company.From the research status of China's financial leasing asset securitization,the current domestic scholars have some deficiencies in the research of asset securitization of financial leasing,especially the research on the pricing method and application of financial leasing asset.There are many problems in the pricing of the financial leasing asset-backed securities that have been issued in practice.At present,our country still needs to construct a complete and mature pricing theory system of the financial leasing asset-backed securities.Based on this,this article has carried on the theoretical and empirical research on the applicable pricing models and methods of China's financial leasing asset securitization,with a view to providing reference for pricing in practice.This paper firstly analyzes and discusses the relevant theories of asset securitization and pricing of financial leasing.After that,in the core pricing section,based on the pricing principle and the analysis of pricing influencing factors,this paper makes a comparative analysis of the commonly used models of asset securitization pricing.This article has made the choice to the pricing method applicable to our country's financial leasing assets securitization,that is,the option adjustment spread method.This paper argues that the OAS method based on Monte Carlo simulation not only considers the various trends of spot interest rates but also describes the various trends of prepayment rates and refinancing rates due to changes in interest rates.Therefore,the pricing of this method is more accurate and it will gradually become the mainstream method of pricing asset-backed securities in China.However,there are still many objective obstacles to the pricing of the securitized products using this model.This article only conducts a tentative study,considering the impact of prepayment and default risk factors on pricing and selecting the static cash flow discount method with the ideal case as a comparison to verify the applicability of the OAS model with a case.Through the comparison and analysis of the valuation results,this paper draws the conclusion that the static cash flow discount pricing method based on ideal state is relatively crude,and in contrast,the valuation of Option adjusted spread method considering prepayment and default factors is more reliable.The difference between the theoretical valuation and the actual issue price is within the acceptable range.The OAS spreads obtained by the option adjusted spread method can guide the pricing of other asset securitization products,and can also be used as a reference indicator for investors' investment choices.