Case Study On Financing Of Anji Leasing Asset-backed Commercial Paper

In 2020,the new crown pneumonia epidemic has brought great downward pressure on my country’s economic development,and the development of my country’s real economy is in trouble.The central government proposes to innovate monetary policy tools that directly reach economic entities.The NAFMII has rich experience in the supervision of asset-backed bills.,in order to help the development of my country’s real economy,innovatively launched asset-backed commercial paper(hereinafter referred to as "ABCP").It is hoped that with the advantages of ABCP,it can solve the problems that traditional asset-backed securities cannot solve,and effectively revitalize the assets of enterprises.ABCP is different from traditional commercial paper.It is a kind of asset securitization product.As a new type of financial tool in my country,there are few studies on ABCP in our country.In-depth study of it will promote the orderly and healthy future of my country’s ABCP market.Development is positive.This paper takes the first financial leasing ABCP product-Anji Leasing ABCP as the research object for analysis.First,the overview of Anji Leasing Co.,Ltd.and the issuance terms of Anji Leasing Co.,Ltd.’s 2020(Suiying)Asset-Backed Commercial Paper(hereinafter referred to as "Anji Leasing ABCP")Phase I and Phase II are introduced in detail.Secondly,the cash flow analysis and risk analysis are carried out around the product of Anji Leasing ABCP.Among them,in terms of cash flow analysis,it analyzes the cash flow collection,operation and payment mechanism of ABCP,as well as several assumptions under different scenarios.In terms of risk analysis,Anji Leasing ABCP faces multiple risks,and Anji Leasing has taken some mitigation measures to some extent.Finally,this paper evaluates the merits and demerits of Anji Leasing ABCP products,and forecasts the asset-backed commercial paper market in my country.The merits include stable cash flow into the pool,improving the success rate of financing,improving issuance convenience,and reducing financing costs.Anji Leasing ABCP products can be improved: first,to strengthen the isolation of underlying assets;second,to try multiple financing entities;third,to introduce credit risk mitigation certificates.Finally,for the prospect of my country’s asset-backed commercial paper market,I hope that it can be improved from the following aspects.The first is to promote the construction of supporting systems such as law,accounting,and rating;the second is to improve information disclosure and strengthen risk prevention;the third is to improve the sense of responsibility and business capabilities of intermediaries;the fourth is to give preferential investment policies to enrich the types of investors.Through the above suggestions,this paper hopes to provide reference for other enterprises to use asset-backed commercial paper for financing,and hopes that the development of asset-backed commercial paper in my country will be more complete and can become a more effective financial tool.