Application Research On Asset Securitization Of Jiangsu Financial Leasing Company

As early as 1980 s,the leasing industry had already begun to emerge in China.It has been developing for nearly 40 years and has experienced a development stage from slow growth to rapid expansion.According to industry statistics,as of the end of June 2018,there were 66 financial leasing companies in China(excluding professional subsidiaries),the total number remained unchanged from 2017,and the total registered capital of these 66 financial leasing companies reached 2.66 trillion yuan.However,the rapidly expanding financial leasing companies have been limited by financing channels and regulatory requirements in the development process.According to Article 27 of the revised “Administrative Measures for Financial Leasing Companies” promulgated by the original CBRC in 2014,compliance financial leasing companies approved by the CBRC may carry out asset securitization business.This business can achieve long-term fixed asset presentation and broaden financing channels.At the same time,it helps the company to circumvent the relevant regulations of regulatory authorities.Therefore,the financial securitization company's asset securitization business helps the company to raise funds and further expand its business scale.This paper selects the development of the asset securitization business of Jiangsu Financial Leasing Company as the research target,and uses the "SuZu2019-1" issued by it as the specific research object.The research ideas are as follows: First,this article conducts research on the background of financial lease asset securitization.It introduces and summarizes the research results of relevant literatures of scholars at home and abroad.Secondly,it analyzes the development status of the asset securitization business since the opening of financial leasing companies in China in 2014,and analyzed the possible problems of the asset securitization business applied to the leasing industry,and further elaborated the long-term significance of its realization.Then,it introduces the basic information of Jiangsu Financial Leasing Company and the effectiveness of the asset securitization business,explores the impact of the application of asset securitization on the company,and then selects The company introduced the basic situation of the specific case of "SuZu2019-1" issued by the company in June 2019,and conducted an in-depth analysis of the product launch action,asset pool structure,pricing,and risk.The problems in this business process,from individual problems to To study the general problem.The research results show that China's financial leasing asset securitization product market is still immature and the regulatory system is not yet in place.From the problems found in the case of "SuZu2019-1" selected in this paper,the product has a high degree of concentration in the asset pool(including Tenants,regions and industry concentration),insufficient liquidity of products in the secondary market,subjectivity of pricing methods,and lack of external credit enhancement measures.Looking at the securitization of 23 financial leasing assets currently issued across the country,Due to the imperfect regulatory system,the concentration of asset pools in the product design process is relatively high,and the development of China's asset securitization market is lagging behind that of foreign countries.Product investors are mostly institutional investors,lacking retail investors,and have not established Own data platform,resulting in insufficient product liquidity and pricing defects.Faced with these common problems in the process of developing securitization of financial leasing assets,this paper believes that the focus of future improvement should first be on accelerating the development of China's asset securitization market in order to improve the liquidity of products in the secondary market;second,Because there are many risk exposure points in this process,try to establish scientific risk measurement methods to effectively prevent risks before and during the event.Then,build our own basic database to help asset securitization product pricing be more accurate and improve pricing Mechanism,so that products of different structures have reasonable pricing methods;finally,strengthen the education and learning of retail investors to make products more receptive.Although there have been many articles in the past to study the application of credit asset securitization products by case,the innovation of this article lies in a more in-depth explanation of the basic elements of securitization of financial leasing assets,the actual operation process and the analysis of pricing.In the future,the development of this business in China is of great significance.The shortcoming of this article is that "SuZu2019-1" has been issued for a short time so it has less simulated interest rate paths for securities pricing,and the results may be biased.