Research On The Risk Management Of Automobile Financial Leasing Asset Securitization

China’s financial leasing industry has developed rapidly due to its low down payment,low customer threshold,flexible payment and other advantages.With the sinking of the automobile consumption market,car leasing is becoming more and more popular.After experiencing the epidemic situation in China’s automobile consumption market,the automobile sales in 2020 will only drop by 1.9% year on year.New energy vehicles will also become a new important growth point in the future,reflecting the great potential of China’s automobile consumption market.The leasing industry belongs to the financial industry,which has a large demand for funds.Securitization products have gradually become an important choice for financial leasing companies.Because of the relatively complex and innovative securitization products,risk management is becoming more and more important.This paper mainly studies the relevant literature and cases of automobile financial leasing asset securitization,based on the theory of risk management and asset restructuring,bankruptcy isolation,credit enhancement and other theories.The research ideas of this paper are as follows.Firstly,this paper introduces the current situation and future development trend of the car rental industry and its securitization market,identifies the risks of financial leasing securitization products,and divides the risks of car rental asset securitization into three categories: operational risk,credit risk and other risks from the perspective of risk sources.Then,the basic situation of "QX phase I" is introduced.First,the risks existing in the case are identified,and then the expert team is consulted for scoring.The analytic hierarchy process is used for quantitative assessment of the risks,and the qualitative analysis of the risks existing in "QX phase I" and the preventive measures are carried out.Finally,according to the analysis results,the conclusion is concluded.The conclusion of this paper is that according to the results of risk assessment,credit risk is the main risk of "QX phase I".In the aspect of risk prevention,many innovative risk prevention measures are adopted to reduce the product risk.Although there are still some risks,the risk can be controlled,and the product has been running well since its establishment.The main risks of QX phase I are bankruptcy isolation,lessee’s breach of contract,overdue,early payment and so on.The main advantages of risk prevention measures are as follows: the manager introduces independent asset service institutions to manage the collection during the period of existence,and the collection path adopts the third-party payment platform to realize the fund clearing;When the underlying assets enter the pool,the asset management system will score the information of the lessee’s credit and the underlying assets,monitor the asset collection and asset quality during the duration,analyze the data of the underlying assets and disclose the product information;Adopt credit enhancement measures of liquidity support institutions.Finally,the case is summarized to show that the risk management measures adopted in this case are innovative and can effectively control the risk.We can get the following enlightenment from the case: Taking the risk management ability of basic assets as the cornerstone,financial technology enabling asset securitization management,broadening the financing channels of private leasing companies,and the legal system of asset securitization in China need to be improved.