Research On Pricing Of Asset-backed Securities Issued By Financial Leasing Companies

This paper focuses on the pricing of asset securitization products of financial leasing companies.China's natio nal conditions are that the financial industry started and de velope d later than abroad,and the de gree of mar ketization is also lo wer than abro ad.In China's bo nd market,the pricing of primar y products depe nds more on the game between issuers and investors.Interest rate bonds are more mar ket-oriented,especially for the bo nds with mixed bidding,the primar y and secondary prices are relatively flat.Ho we ver,the second ar y mar ket of credit bonds is not de veloped,mar ket makers are not active in trading,interbank products are more active than exc hange products,and there are intermediary quotation and trans action records in QB or other bond tr ading clients,but e xchange products,such as ABS products studied in the s ubject,are not active in the secondary market,which is doomed to the value deviation of the issuance price in the primary market.Financial le asing companies are emerging under the background of the deepening reform of modern resource allocation finance.Asset securitization pro vides more flexible financing methods for these companies,but the de velopme nt of the market's e arly pricing also hinders their further in-depth,he althy and sustainable financing.Based on the de velopment of asset securitization products of financial leasing,this paper discusses the de velo pment of financial leasing industry,the history and current situation of asset securitization of financial le asing industry,and then summarizes and comme nts o n the theoretical achie veme nts in this field at home and abro ad.In the empirical as pect,based on more than 4000 data of financial leasing ABS issued in the past five ye ars,and based on the local weighted regression model,this paper looks for the prediction f actors and uses the cross validation set to test its rationality.At the same time,taking the se ve nth issue of ABS issue d by Ping An leasing in 2019 as an e xample,this paper explains the error source of the model from the actual situatio n,f urther verifies the explanation model,and finally dr aws a conclusion.