我国融资租赁公司资产证问题研究

发布时间：2019-03-29 08:35

【摘要】：中国的融资租赁业在起步于20世纪80年代,虽然发展历史较短,但却在支持高端装备、节能环保、新能源等国家战略性新兴产业以及"三农"等重点领域实体经济方面具有重要作用。在2007年银监会发布允许商业银行设立金融租赁公司之后,中国迎来了租赁业的快速发展阶段。截止2015年底,全国融资租赁企业总数为4508家,比2014年增加了 2306家,仅其中的40家金融租赁公司,年投放金额就多达7108.55亿元。作为为企业投放资金的租赁公司,通常只负责少部分的资金来源,而大部分的资金通常来自于市场,于是,随着租赁市场的发展,租赁公司也在思考创新其融资的方法。2006年远东租赁发行的"远东首期租赁资产支持收益专项资产管理计划"成为我国第一支融资租赁资产证券化产品。随着融资租赁资产证券化产品的不断完善,这一融资方式正在逐渐显示他的优势,仅2015年度就发行发行总额达572.50亿元。虽然融资租赁资产证券化有着风险隔离、真实出表等诸多优势,使得融资租赁资产证券化越发成为融资租赁资金的重要来源之一,但我国的融资租赁证券化业务还有着综合成本、评级以及税收等问题,导致我国融资租赁资产证券化没有产生爆发性增长。据统计,2015年我国所发信贷ABS产品中,租赁ABS发行额61.91亿元,占比2%;企业ABS产品中,以融资租赁资产为基础资产的产品发行量为512.57亿元,占企业ABS发行总量的29%。文章从融资租赁融资需求出发,分析了融资租赁资产证券化的必要性、可行性以及障碍性条件,研究了我国现有融资租赁资产证券化产品的产品结构,并在此基础上分析影响我国融资租赁资产证券化的因素,对我国融资租赁资产证券化发展提出几点思考,最后结合"狮桥租赁二期专项计划"案例分析,为我国融资租赁资产证券化提出发展建议。
[Abstract]:China's financial leasing industry began in the 1980s. Although it has a short history of development, it is supporting high-end equipment, energy conservation and environmental protection. New energy and other national strategic emerging industries, as well as "agriculture, rural areas" and other key areas of the real economy plays an important role. After the CBRC announced in 2007 that it would allow commercial banks to set up financial leasing companies, China ushered in a fast-growing phase of the leasing industry. By the end of 2015, the total number of financial leasing companies nationwide stood at 4508, an increase of 2306 from 2014, of which 40 were financial leasing companies, with an annual investment of as much as seven hundred and ten billion eight hundred and fifty five million yuan. As a leasing company that invests money for an enterprise, it is usually responsible for only a small portion of the source of funds, and most of the money is usually from the market, so, as the leasing market develops, Leasing companies are also thinking about how to innovate their financing methods. In 2006, the "first lease asset support income special asset management plan for the far East" issued by the far East Lease became the first financial leasing asset securitization product in China. As financial leasing securitisation products continue to improve, this financing method is gradually showing his advantages, in 2015 alone issued a total of 57.25 billion yuan. Although financial lease asset securitization has many advantages, such as risk isolation, real form and so on, financial lease asset securitization becomes more and more one of the important sources of financial lease funds. However, the financial lease securitization in our country still has some problems such as comprehensive cost, rating and tax, which leads to no explosive growth in the securitization of financial leasehold assets in our country. According to statistics, in 2015, China issued credit ABS products, leasing ABS issuance of six billion one hundred and ninety million nine hundred and ninety nine thousand nine hundred and ninety nine yuan, accounting for 2%; Enterprise ABS products, financial leasing assets-based assets of the product circulation of fifty one billion two hundred and fifty seven million yuan, accounting for 29% of the total issuance of ABS. Starting from the financing demand of financial lease, this paper analyzes the necessity, feasibility and obstacle conditions of financial leasing asset securitization, and studies the product structure of existing financial leasing asset securitization products in China. On this basis, this paper analyzes the factors that affect the development of financial leasing asset securitization in China, and puts forward some thoughts on the development of financial leasing asset securitization in China. Finally, combining with the case analysis of Lianqiao Lease Phase II Special Plan, Put forward some suggestions for the development of financial leasehold asset securitization in China.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.39;F832.51

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