YC融资租赁有限公司资产证券化双SPV模式设计

发布时间：2018-04-21 11:28

本文选题：资产证券化 + 融资租赁　；参考：《安徽财经大学》2015年硕士论文

【摘要】：经过三十多年的发展,我国的融资租赁行业规模日益扩大,影响力日益凸显。但是,与国外发达国家相比,我国的融资租赁行业仍然处于初级阶段,究其原因,发现资金约束是制约我国融资租赁行业健康发展的重要原因。YC融资租赁有限公司是一家中外合资的融资租赁公司,自2012年初成立至今发展迅速,但是资金不足越来越限制其业务的开展,成为我国众多融资难租赁公司的一个典型代表。将租赁债权进行资产证券化获得资金是一个打破融资租赁公司所面临的资金约束的切实可行的方法。本文主要对租赁资产证券化融资模式进行研究。首先,文章从融资租赁资产证券化的基础概念入手,主要对融资租赁、资产证券化、融资租赁的资产证券化的基本概念进行了重点梳理。然后,文章介绍了YC融资租赁有限公司的基本情况、资金来源以及融资困境,并结合融资租赁资产证券化的优势论证了YC公司实行租赁资产证券化的可行性。接着,文章介绍了“远东首期计划”的背景,分析并评价了它的融资模式。最后,文章以“远东首期计划”为借鉴,设计了租赁资产证券化的双SPV模式,为YC融资租赁有限公司拓宽融资渠道提供了思路。本文认为租赁资产证券化作为传统融资渠道的补充,具有非常多的优势。它可以拓宽企业的融资渠道、降低企业的融资费率、优化企业的资本结构并能改善企业的现金流。租赁资产证券的双SPV模式在减少审批时间、降低融资风险方面具有很多优势。虽然目前我国租赁资产证券化仍然处于前期摸索阶段,在很多方面可能还有很多问题,但是通过学习国外的先进经验并在租赁资产证券化实践中进行总结反思,租赁资产证券化会逐步发展成为一个新型的融资渠道,为企业提供长期、低成本、稳定的现金流。
[Abstract]:After more than 30 years of development, the scale of financial leasing industry in China is expanding and its influence is becoming more and more prominent. However, compared with developed countries, China's financial leasing industry is still in its infancy. It is found that capital constraint is an important reason for restricting the healthy development of China's financial leasing industry. YC Financial Leasing Co., Ltd. is a Sino-foreign joint venture financial leasing company, which has developed rapidly since its establishment in early 2012. However, the shortage of funds has increasingly restricted the development of its business, and has become a typical representative of many financing difficult leasing companies in China. It is a feasible method to break the financial constraints faced by financial leasing companies by securitization of assets. This paper mainly studies the financing mode of leasing asset securitization. First of all, the article starts with the basic concept of securitization of financial lease assets, mainly combing the basic concepts of financing lease, asset securitization and securitization of finance lease. Then, the paper introduces the basic situation, the source of funds and the financing dilemma of YC Financial Lease Co., Ltd., and proves the feasibility of YC Company to implement the securitization of leasing assets combined with the advantages of securitization of financial leasing assets. Then, the paper introduces the background of far East initial Plan, analyzes and evaluates its financing mode. Finally, based on the "first Plan of far East", this paper designs a double SPV model of securitization of leased assets, which provides a way for YC to broaden its financing channels. As a supplement of traditional financing channels, leasing asset securitization has many advantages. It can broaden the financing channels, reduce the financing rate, optimize the capital structure and improve the cash flow. The dual SPV model of leasing asset securities has many advantages in reducing the approval time and reducing the financing risk. Although China's leasing asset securitization is still in the early stage of exploration, there may still be many problems in many aspects, but through the study of foreign advanced experience and in the practice of leasing asset securitization summary and reflection, The securitization of leasing assets will gradually develop into a new financing channel, providing long-term, low-cost and stable cash flow for enterprises.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.49

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