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论文编号：	8742
作者编号：	2120142803
上传时间：	2016/12/7 22:05:34
中文题目：	远东宏信（天津）融资租赁有限公司资产证券化研究
英文题目：	The Study on Leased Asset Securitization of Far East Horizon (Tianjin) Financial Leasing Co., Ltd
指导老师：	王全喜
中文关键字：	融资租赁；资产证券化；方案研究
英文关键字：	Financing lease; Asset Securitization; Project research
中文摘要：	融资租赁已经在全球资本市场中占有重要的地位。国内的融资租赁行业近些年更是呈现蓬勃发展之势。随着业务的快速发展，融资成为整个融资租赁行业共同面对的重要问题。融资租赁资产证券化则成为重要的解决途径。 租赁资产证券化作为较新的金融模式，很好的解决了融资租赁公司的资金困难。此举实现了融资租赁公司融资目标，同时也完成了其风险的转移。 本文基于理论与案例的角度对融资租赁资产证券化业务做出了分析。尤其是对远东宏信（天津）融资租赁有限公司资产证券化产品做出了研究。文章描述了行业的当前现状，梳理了产品框架思路及产品设计要素。最后对我国证券公司的资产证券化产品的发展提出建议。 远东宏信（天津）的控股股东远东宏信有限公司是中国领先的金融综合服务机构。远东宏信（天津）系远东国际租赁有限公司从事融资租赁业务的子公司，在业务开展中完全依托于远东租赁。对远东宏信（天津）成功发行的资产证券化产品进行分析，具有较强的研究意义。整体来看，本文分为六个部分： 第一部分主要叙述了文章的背景及意义。 第二部分对租赁资产证券化涉及的基本原理进行描述，重点介绍“融资租赁”、“资产证券化”、“信用风险转移”等原理。并对国内外论文进行综述。 第三部分对融资租赁行业现状进行描述并提出面临问题。进而阐述融资租赁资产证券化国内通常的运营方案。包括运营概要、模式、主体及流程等。文章研究内容包括交易方案、资产池筛选 、交易机构、信用增级、风险及防范等。 第四部分从发行规模与存量等角度对美国资产证券化进行分析。美国的资产证券化经历过高峰和低谷，现在仍是其债券市场的重要组成部分。 第五部分结合我国证券公司资产证券化产品的实际案例，远东2015年第二期租赁资产支持专项计划产品，对租赁资产证券化产品方案设计进行研究。从财务能力、盈利水平、偿债能力等角度对项目主体进行分析。接着依托具体数据对基础资产筛选进行总结。然后解释了项目中的信用增级和现金流分配。同时从多个角度预测了潜在的风险并给出对应防范措施。 第六部分提出了国内资产证券化产品仍存在的问题及未来发展建议。
英文摘要：	Financial leasing has played an important role in the global capital market. Domestic financial leasing industry is showing a vigorous development trend in recent years. With the rapid development of the business, financing has become an important issue of the entire financial leasing industry. Leased asset securitization has become an important way to solve this problem. As a new financial model, Leased asset securitization is a good solution to the financial leasing company's financing difficulties. It achieves the financial leasing company's objectives of financing and risk transfer. Based on the theory and case study, this paper analyzes the leased asset securitization business. In particular, the Leased asset securitization of Far East Horizon (Tianjin) Financial Leasing Co., Ltd the main objective for my study. This paper describes the current status of the industry, combing the product framework ideas and product design elements. At last, the suggestions on the development of asset securitization products in our country are put forward. As the controlling shareholder of Far East Tianjin, International Far Eastern Leasing Co., Ltd is China's leading integrated financial services. As a subsidiary of Far Eastern Leasing, Far East Tianjin Co's business development completely relies on Far Eastern Leasing. The analysis of the assets securitization products issued by the Far East Tianjin is of great significance. Overall, this paper is divided into six parts: The first part mainly describes the background and significance of the article. The second part describes the basic principles of leased asset securitization, focusing on the "Financial leasing", "Asset securitization", "Credit risk transfer" and so on. At the same time, the domestic and foreign related papers were reviewed. The third part describes the current situation of the financial leasing industry and puts forward the problems faced. Then elaborates the leased asset securitization domestic general operation plan. Including operation summary, mode, main body and process. The research content of this paper includes the trading scheme, asset pool screening, trading structure, credit enhancement, risk and prevention and so on. The fourth part analyzes the asset securitization in the United States from the perspective of the issue size and stock. America's asset securitization has experienced its peak and low ebb, and it is still an important part of its bond market. The fifth part combines with a practical case of asset securitization products in China’s securities companies, namely products of support special plan of leased assets of Far East in the second phase of 2015, studies the product scheme design of leased asset securitization and analyzes the project subject from the perspectives of financial capacity, profitability and debt-paying ability, etc. It summarizes the basic assets selection based on the specific data，then explains the credit enhancement and cash flow distribution in the project. At the same time, the potential risks are predicted and the corresponding preventive measures are given. The sixth part puts forward the existing problems and future development proposals of domestic asset securitization products.
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