| With the rapid development of China’s economy,the scale of financial leasing companies has continued to grow,but with the problem of large-scale long-term receivables and rapid growth.Excessive long-term receivables are bound to occupy a large amount of monetary funds.As a new type of financing means,asset securitization can effectively revitalize long-term receivables of enterprises,improve capital utilization,and reduce financing costs.Although China’s asset securitization started late and the laws and regulations are still not perfect,since the reopening of the asset securitization market in 2014,the scale of various securitization products has grown rapidly and has gradually become an important channel for corporate financing..This paper takes A financial leasing company as an example to study and analyze the securitization pricing of long-term receivables.Based on the predecessors’ practice,combined with transaction cost theory,cash flow theory and asset pricing theory,this paper establishes a long-term receivables securitization pricing model from the perspective of enterprises.According to the nature of cash flow,the model is divided into equity pricing model and securitization pricing model.At the same time,capital asset pricing model and linear regression method are used to predict the discount rate of two types of pricing models.Through analysis,it is found that the risk-free rate of return is positively correlated with the bond coupon rate.The credit rating,interest rate,asset pool quality and coupon rate are significantly negatively correlated.Then,based on the forecasted cash flow and discount rate,the long-term receivables securitization is priced and compared with the investor’s pricing model.The pricing models of different angles are found in cash flow forecasting,reinvestment income and discount rate.has a difference.Finally,it puts forward relevant suggestions such as improving the customer rating system and expanding the means of credit enhancement. |
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