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Ratings help the financial leasing industry to meet the new era of big capital management

2018-07-12 Publisher: Yin Hai Edit Views: 105


    The Guiding Opinions on Regulating the Asset Management Business of Financial Institutions were officially released, and the new regulatory environment will reshape the large asset management ecology;The "Notice on Matters related to the adjustment of Management responsibilities of Financial leasing companies, commercial factoring companies and pawnshops" was released, indicating that financial leasing was assigned to the Banking and Insurance Regulatory Commission, and regulatory tightening was the trend of The Times。Financial leasing companies seize opportunities and cope with challenges: Creating standardized transaction models through asset securitization,Expand financing channels, reduce financing costs, revitalize stock and accelerate the turnover of stock assets;Build ecology through partners to achieve win-win results,As a partner, rating agencies escort the whole process through rating services and technology output,Drive the transformation and upgrading of financial leasing business。

    On April 27, with the consent of The State Council, the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions were officially released。The new asset management regulations have made clear restrictions on non-standardized debt asset investment, product net worth management, eliminating multi-layer nesting, and unifying leverage levels, and the new regulatory environment will reshape the asset management ecology。Abs-like products outside banks and exchanges are restricted and non-standard are blocked by supervision. The exemption of ABS in terms of maturity mismatch, net worth, multi-layer nesting and other aspects of ABS under the new regulations of asset management is conducive to the issuance of financial leasing ABS products, and leads to the corresponding adjustment of the business direction and business model of the financial leasing industry。

    First, financial leasing is classified by the Banking and Insurance Regulatory Commission, and regulatory tightening is the trend of The Times

    5月14日,The General Office of the Ministry of Commerce issued the Notice on Matters Related to the Adjustment of Management Duties of Financial Leasing Companies, Commercial Factoring Companies and PawnShops,The Ministry of Commerce has assigned to the China Banking and Insurance Regulatory Commission (hereinafter referred to as the CBRC) the responsibility of formulating business operation and regulatory rules for financial leasing companies, commercial factoring companies and pawnshops.,Since April 20th,The relevant duties shall be performed by the CBRC。Financial leasing belongs to the Banking and Insurance Regulatory Commission, and the tightening of supervision is the trend of The Times。

    Ii. Opportunities and challenges of financial leasing business and risk prevention

    The next few years will be a critical period for the business model transformation of financial leasing companies. All kinds of financial leasing companies will either actively or passively embark on the road of transformation one after another, with both opportunities and challenges:

    1. Opportunities of financial leasing business

    Compared with mature markets in developed countries, China's financial leasing market started late and has shown explosive growth in recent years。Market capacity, industrial economic structure, regulatory policies and technological innovation have brought historic opportunities to the financial leasing industry。

    Market capacity: Based on the total fixed asset investment of 55,159 billion yuan in 2015, if the penetration rate increases from less than 5% to 7.1% (close to Japan and South Korea), there is 1 trillion market capacity to be tapped;If the permeability increases to 31.2% (close to Europe and the United States), there are 14.3 trillion yuan growth space。

    Industrial economic structure: Financial leasing is closely related to the technological innovation of the real industry, the vigorous development of emerging industries and the upgrading demand of traditional industries will bring about the financing demand related to technology and equipment, and the supply-side reform will promote the development of the leasing industry。

    Regulatory policy: Regulatory dividends continue to be released, the new regulations on asset management encourage the development of standardized products, and promote the financial leasing industry to focus on returning to the source of leasing and do a good job in serving the real economy。

    Technological innovation: From the perspective of digitalization of traditional financial leasing business, big data, automation and

    Information aggregation networks will enable more traditional business processes, improve the efficiency and reduce costs of existing operations and management。Financial technology drives business model innovation, and traditional business needs to be subverted。

    2. Challenges of financial leasing business

    In recent years, domestic financial leasing companies, which mainly focus on financing business (" quasi-credit "), have fallen into a "homogenization" competition dilemma, and are faced with credit risks that do not match their income and cost due to intermingled internal and external reasons。Single business model, stricter regulation, and lack of key capabilities have brought challenges to the financial leasing industry。

    Single business model: It is mainly based on the "net interest spread" model of primary financing. With the promotion of interest rate liberalization in financial reform, the "interest spread" has narrowed, and the sustainability of this profit model is worrying。

    Stricter supervision: financial leasing ushered in unified supervision,For financial leasing companies,Supervision has put forward higher requirements for its risk control,The specific regulatory standards for commercial leasing companies need to be further clarified,But it is certain that in the next step, financial leasing companies need to pay more attention to the air defense of risk control,Gone are the days of barbaric growth。

    Lack of key capacity support: financial leasing companies have single financing channels;Professional marketing channels have not yet been formed;Information construction is also in its infancy,In the operation level, more stay in the artificial paper work,Insufficient degree of automation and digitization;Lack of organization and management of trade associations,Limited industry data accumulation;The risk control system is not perfect,The modeling and analysis of credit risk lack of data basis;Relevant laws and supporting policies are still not sound。

    3, asset securitization to create a standardized trading model

    Financial leasing projects generally have the characteristics of long contract term and installment rent collection,It meets the requirement that asset securitization has relatively stable and predictable cash inflow,We can learn from the bank's use of asset securitization as a financial instrument,The credit risk borne by the securities market is distributed to investors with different risk preferences,At the same time improve asset liquidity。

    The financial leasing industry creates a standardized trading model by issuing asset-backed securities products between banks and exchanges through asset securitization business (for details, please refer to the Guidance on Confirmation of Listing Conditions for Debt Asset-Backed Securities of Financial Leasing/Information Disclosure Guide),We will expand financing channels, reduce financing costs, revitalize existing assets, and accelerate the turnover of existing assets。

    Relevant data show that China's asset securitization business continues to expand rapidly, and by the end of 2017, the market stock has exceeded 2 trillion yuan。Among them, in 2017, a total of 103 asset-backed securities products were issued in China, with a total issue of 1,462.92亿元。The implementation of the new asset management regulations is also conducive to the continued expansion of the asset-backed securities market。

    Third, credit rating services escort transformation and upgrading

    The landing of the new asset management regulations has opened a new era of asset securitization in the financial leasing industry, and also leveraged the rigid demand for credit management services. Credit rating services run through the financial leasing and asset securitization businesses to escort their transformation and upgrading。

    Credit rating services run through the beginning and end of financial leasing business and leasing asset securitization business:

    In the financial leasing business, help the financial leasing company to build an internal credit rating system: analyze and excavate potential high-quality lessee enterprises, and conduct credit risk rating for the stock lessee enterprisesReveal the stock credit risks, form a credit-oriented mechanism to guide the business, help it design financial leasing programs, improve the management ability of lease claims, and give early warning of future expected losses。The quality of underlying assets is the key point that investors and rating agencies pay more and more attention to, and its risks mainly include the risk of underlying asset quality and the risk of transaction structure。Through the construction of internal risk pricing system, the risk measurement of the underlying assets is carried out, so that the income distribution is compatible with the risk bearing and the income structure is in line with the business development requirements of the company。

    In the securitization business,Provide external rating services during the establishment and survival management of ABS products for leased assets: based on the credit risk rating results of existing customers and the risk and return rating results of underlying assets,Screen pooled assets, set tiered ratios, build underlying asset pools, measure and stress test portfolio risks,Identify the credit quality of the asset pool,Ensure that the industrial and geographical distribution of the leased assets is risk-spread in compliance with regulatory requirements;In addition,Stress tests are also conducted for interest rate risk, liquidity risk, lessee prepayment risk and default risk,Finally form the rating results and reports of ABS products of lease assets,Disclosure of value at risk。

    Through credit rating services on the supply side,Help issuers keep up with regulatory policies, select good underlying assets, adapt to changes in investor groups, and issue standardized products,Become a trusted service organization;Through credit rating services on the demand side,Help investors improve product screening ability in terms of profitability, liquidity and safety;Transformation and application of fintech achievements through credit rating services,Help financial leasing enterprises to make up for the lack of digitalization, limited data accumulation, and imperfect risk control。The remodeling of the value chain and the improvement of efficiency will help the financial leasing industry grasp the opportunities and meet the challenges;The application of new technologies will make business model innovation possible, thus driving the transformation and upgrading of financial leasing business。