Research On Credit Risk Evaluation Strategy Of Financial Leasing Project

Financial leasing has occupied a very important position in the international market due to its unique mode of industry-finance integration,the properties of financing blends,and diversified products.The penetration rate of financial leasing in developed countries is generally between 22% and 40%.Compared with mature markets,China's financial leasing industry has serious product homogeneity and incomplete construction of the leasing asset market,which has made China's leasing penetration rate not high.However,financial leasing has developed rapidly in China in recent years.With the combination of policy support and its own advantages,the number of financial leasing institutions has grown at an alarming rate.At the same time,financial leasing companies have frequently stepped on the mines in recent years.In particular,hundreds of leasing companies were involved in the defaults of 29 listed companies in 2018,indicating that the risk management measures of financial leasing companies in our country need to be strengthened.Based on the credit risk assessment model and the characteristics of the financial leasing business,this paper comprehensively proposes a risk management plan to provide a reference for identifying the lessees' credit risk in China.First of all,this paper introduces the development and applicability of foreign and Chinese financial leasing risk assessment models,and shows that although China's financial leasing industry started late,the research on risk assessment of lessees has achieved certain results.Secondly,it introduces the development reasons and types of financial leasing,and elaborates the characteristics of financial leasing compared to other financing methods.Due to these characteristics,the credit risk of financial leasing has its own special characteristics,and there are two aspects of debt risk and asset risk: not only need to consider lessees' financial conditions also need to evaluate and consider the leased property.By analyzing the factors that affect the credit risk of financial leasing,the goal of the financial leasing credit evaluation program is established.Thirdly,the default distance obtained by the KMV model,the financial indicators of the company obtained by the Z-score model,and the impairment of the leased property are brought into the logistic nonlinear model to be used as a customer creditrisk assessment model.The accuracy of the model after testing is high.Due to the complexity of financial leasing business,qualitative indicators or non-quantitative indicators are involved in the evaluation in practice.Therefore,there are certain limitations in judging by models only,and expert analysis and actual conditions need to be combined.According to the factors required by the financial leasing company's due diligence on the leased enterprise,the relevant factors are empowered through the analytic hierarchy process,and a scheme for comprehensively assessing the credit risk of the lessee is designed.Finally,based on the model and leasing risk management process in this paper,author makes a summary and puts forward suggestions for improving the credit risk assessment capability of financial leasing in China.For leasing companies,it is necessary to improve credit enhancement measures,full cycle credit assessment,and position advantageous industries.For the financial leasing industry,a leasing asset registration system,an industry database,and a secondary equipment market should be established.