Research On Liquidity Risk Management Of Financial Leasing Companies

As a capital-intensive industry,financial leasing projects generally have a long investment cycle and poor asset liquidity.The typical "short capital for long use" is destined to have a natural disadvantage in liquidity management,which is more likely to cause liquidity risks than other industries.Moreover,liquidity risk is a secondary risk with complex causes and great harm,which is easily affected and transformed by other risks.Under the macro trend of "deleveraging and risk control" in the financial industry,the overall liquidity of the market is weak,and the liquidity security of financial leasing companies is greatly impacted,resulting in frequent "thunderbolts" of bonds issued in the open market.In May 2018,financial leasing companies were put under the supervision of China Banking and Insurance Regulatory Commission.Industry competition intensified and liquidity pressure increased year by year,which put forward new requirements for liquidity risk management of financial leasing companies.Based on relevant theories of liquidity risk management and combined with advanced liquidity management experience of outstanding financial institutions at home and abroad,this paper systematically reviews the current situation of liquidity risk management of finance leasing companies.This paper draws out the liquidity risk management problem of finance leasing companies by analyzing financial indicators of 40 sample finance leasing companies that issue bonds in the open market.Then,taking GY Financial Leasing Company as an example for case analysis,through the measurement of its liquidity risk indicators and combined with the liquidity stress test,the cash flow gap of GY financial leasing under different scenarios was obtained and the minimum survival period before and after taking the relief measures was calculated.It is found that GY Financial Leasing Company has problems in liquidity risk management such as unsound risk governance structure,passive risk identification,monitoring and management,imperfect management information system and defects in business operation.And from the perspective of internal and external factors to analyze the causes of the formation of the problem,finally put forward to strengthen the incentive and assessment of liquidity risk management,enhance the training and introduction of liquidity management professionals,establish a special liquidity risk management system;Improve the level of prior management,reasonably broaden the scope of active debt instruments,formulate liquidity emergency plans;Strengthening the application of information technology in liquidity risk management;Suggestions on optimizing term allocation,adjusting capital structure,enriching financing channels,broadening financing tools,improving asset quality and enhancing risk resistance.It aims to help the high-quality development of the financial leasing industry and provide certain reference suggestions for the regulatory authorities.