| One of the main problems faced by leasing companies is the single financing channel and heavy reliance on bank borrowings.The high asset-liability ratio exposes leasing companies to huge risks.Changes in interest rates will significantly affect corporate earnings.The huge debt repayment pressure also makes business operations very difficult,which is one of the reasons for the slow growth of the leasing industry.Asset securitization provides new financing channels for leasing companies,and companies can break through their own credit levels and finance at lower costs,which is a significant innovation and breakthrough for the leasing industry.Compared with the first mortgage asset securitization product issued in the United States in 1970,and the financial leasing business that emerged in the United States in the 1950 s,the asset securitization business and the leasing business are still in the initial stage of development in my country,and are facing regulatory challenges.Insufficient personnel,insufficient professionals and insufficient risk control.Most of the leasing companies’ customers are small and medium-sized enterprises,and financial leasing provides small and medium-sized enterprises with flexible financing methods.Financial leasing usually has a long term in contractual arrangements,flexible repayment methods,and low threshold.The combination of financing and financing is the preferred financing solution for production and processing SMEs that have temporary financial difficulties or equipment needs.However,due to the financing difficulties of leasing companies,imperfect industry policies,low asset quality,imperfect asset management functions,insufficient understanding of financial leasing by small and medium-sized enterprises,and small scale of leasing transactions,my country’s financial leasing business has developed relatively rapidly.Fast,but the industry penetration rate is low.Asset securitization of lease creditor’s rights can not only alleviate the financing difficulties of leasing companies to a certain extent,but also improve the visibility of the leasing market,regulate leasing market behavior,and promote the development of the industry.At the same time,we should note that both asset securitization and financial leasing are financial innovation products,and they both have certain risks themselves,and the combination of the two will generate some special risks.Through the case study method,this paper takes the first domestic SME leasing creditor’s rights ABN as an example,collects and counts the basic data characteristics of domestic leasing asset securitization business,analyzes its common risks,and uses theoretical analysis to obtain a risk analysis framework.Then introduce the basic situation of the lease credit ABN,deeply analyze the structural characteristics and data characteristics,identify and verify the general risks of the aforementioned analysis,and quantitatively analyze the impact of various risk factors on the asset securitization business through sensitivity testing.After research,it is found that the lease credit asset securitization business is characterized by the fact that the lease credit is very consistent with the basic asset conditions,but the number of contracts is large and involves a wide range of industries.The leasing business itself has certain particularities,and management is difficult.Comprehensive risk management,and pay attention to the selection and management of lessees and the interest rate management of the promoters themselves.The main contribution of this paper is a comprehensive analysis of the risk of SMEs’ leasing debt asset securitization,and the sensitivity test is used to obtain the impact of various quantifiable factors on the risk,and to propose corresponding preventive and countermeasures.It has expanded the territory of asset securitization risk research,which has practical significance for the securitization of SMEs’ lease debt assets. |
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