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1、-AbstractFinancialleasingindustryinChinastartednottoolong,butrecentlyithasbeenmaintainingahighrapiddevelopingmomentum,astheacceleratedtransformationofeconomicstructureandthefurtherdeepeningoffinancialreform.Accordingtothepresentconditionsofcurrencyfondonthefinancingleasingindustry,th
2、emostofitsfundingsourcescomefrombankdepositsandshareholderequitycapital,Thisshort-termassetscannotmatchthelongtimehugecapitalneedsofextensiveleasingbusiness,especiallyforsale-LeaseBack.Thispaperaimstouseasset—backedsecuritization(ABS)asanewfinancialstructuraltooltohelpbroadenthefinan
3、cingchannelsforleasingcompanies.Thebasicideaofthispaperisasfollows:FirstwemakeasummaryofthetheoryandliteratureonfinancingleasingandLeasing-BackedSecuritization(LBS);secondly,weanalyzesthepromotingfactoroftheleasedassetsecuritizationintheviewofpolicyandmarket;Basedontheassetsportfolio
4、theory,thethirdandfourthpartofthispaperfocusoncombingandanalysisfourpointsofsomecaseweselected,whichpointsincludeswhytoissueit,howmuchthecostis,whatisthecharacteristicsofthetradingpattern,howtopreventrisksanddeterminetheprice;Lastly,wedrawaconclusiononthegeneralcharacteristicsofthele
5、asedassetsecuritizationinourcountryandmakesomesuggestionsonpolicy.Theinnovationpointofthisessayistostudythecaseof“LBSofGuangfaandNanfang”,whichisfirstABSprogramtouseafter-salesleasebackincrementalassets,Theauthoradoptedqualitativeandquantitativeanalysismethods.Analyzingthedesignofpat
6、ternandthepreventionofriskonthespecialplanbyqualitativemethods,wefindthespecialplanhasitsowndistinctivecharacteristicsontheunderlyingassets,productsdesign,,creditpromotionmeasuresandriskcontrolsystem.selectingincrementallyleasedebtasthefoundationassets,propertyclear,toensurerealtrans
7、fer;itnotonlyimproveproductcreditrating,butalsoguardwellagainsttheriskofdefaultoftheunderlyingassetsandthelesseeconcentrationriskbyprovidingmeasurestoincreasetrustdepositaccountsandmajorshareholdersguarantee.thispaperalsoattemptstousebinomialoptionspricingmodelandthediscountedcashflo
8、wmodelastheq
