Research On Securitization Of Financial Leasing Assets

The leasing asset securitization business has been developing in the domestic bond market for nearly 10 years,witnessing a new round of rapid growth in the financial leasing industry and occupying an important market position in the asset securitization field in China.However,due to the imperfect development of the domestic market,the imperfect database system,and the complexity of financial leasing claims,the pricing of leased asset-backed securities has always been difficult to solve with a scientific theoretical model.Investors need to comprehensively consider the ratings of professional institutions,The stability of the cash flow of the assets in the pool and the credit status of the issuer,as well as the interest rate of bonds with the same rating,and other financing costs of the issuer,compared with the general standardized bond investment,the decision-making cost is higher.At the same time,the domestic financial leasing industry is also facing a critical window period of strict supervision and business transformation.Leasing companies should adjust their business structures from a perspective that is conducive to financing,so as to meet the needs of financing through the securitization of leased assets,so as to promote the healthy development of the leasing industry.From the perspective of the design principle of asset securitization products,most of the structural designs of domestic leasing asset-backed securities products do not achieve real risk isolation,and there are different degrees of issuer’s secondary self-holding and shortfall compensation,and leasing companies cannot truly transfer the assets out of financial statements.The risk of securities is not only determined by the quality of the assets entering the pool,but also closely related to the qualification of the issuer.Scholars’ research on risk pricing of lease asset securitization includes the construction of quantitative pricing model,the impact of underlying asset characteristics on securities issuance costs,and the issuer’s credit is an important risk factor for lease asset-backed securities.The method of empirical research is carried out from the perspectives of basic asset quality and issuer qualification.Based on the particularity of the structural design in the domestic leasing asset securitization field,this paper collects leasing asset securitization products issued in the form of public offerings from 2014 to 2021,sorts out the data on the secondary proportion of underlying assets and the issuer’s asset scale,and establishes a measurement model.The sample is analyzed by OLS regression,and the heterogeneity test of different sub-samples is carried out.The results show that the issuance cost of leased asset-backed securities is positively correlated with the secondary proportion of the underlying assets,and negatively correlated with the issuer’s asset size.The samples were analyzed for heterogeneity,and most of the results were consistent with the total sample regression.This conclusion remains true after the authors consider the impact of changes in the risk-free interest rate on the issuance cost of leased asset-backed securities.At the same time,further research found that the positive correlation between the secondary proportion and the issuance cost,and the negative correlation between the issuer’s asset scale and the issuance cost,was more significant when the total issuance scale of lease asset securitization was higher.Based on the analysis of this paper,the author puts forward relevant suggestions for the improvement of the issuer,investor and market mechanism of leasing asset-backed securities.