Research On The Pricing Of Asset-backed Securities Of Finance Leasing Based On Credit-Boosting Enterprises

Asset securitization is an indispensable financing tool in the capital market as it can liquidate enterprises’ stock of assets and alleviate the enterprise’s liquidity crisis.China’s asset securitization has a relatively short development time,inactive secondary market transactions,and high reliance on the credit of corporate entities,resulting in inaccurate pricing of asset-backed securities in some cases.Scientific asset pricing is of great significance to both enterprises and the market.China’s asset securitization research pays more attention to the originator and less attention to the credit enhancement enterprise in asset securitization,but the credit enhancement enterprise plays a very critical role in the process of asset securitization in China,and the impact on the spread of asset-backed securities issuance cannot be ignored.Compared with other types of asset-backed securities,financial leasing asset-backed securities take financial leasing debentures as the underlying assets,which have clear ownership and clear amount,and are more recognized and priced more objectively and accurately,so the conclusions obtained by choosing financial leasing asset-backed securities as the sample will be more reliable.This paper selects the financial leasing asset-backed securities issued in China from 2014 to the end of June 2022 as a sample,collates the credit-boosting enterprises in the securities transaction structure and the latest financial indicators of the credit-boosting enterprises before the securities issuance date,and selects the multiple regression method to obtain the following conclusions:(1)the existence of information asymmetry causes the introduction of guarantees in the design of the asset securitization structure to enhance the securities issuance(2)corporate heterogeneity affects the pricing effect of guarantees and is reflected in the case of different size credit enhancers and credit enhancers acting as leasing companies;(3)the financial data of credit enhancers affect the spread of securities issuance,in which company size is negatively correlated with the spread of securities issuance,leverage ratio is positively correlated,and the effect of profitability indicators is not significant.Finally,this paper considers the future development of China’s financial leasing asset-backed securities products based on the research results and puts forward relevant suggestions.