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基础资产特征对融资租赁资产证券化风险溢价影响的实证分析.docx

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基础资产特征对融资租赁资产证券化风险溢价影响的实证分析 Title:AnEmpiricalAnalysisoftheImpactofUnderlyingAssetCharacteristicsontheRiskPremiumofSecuritizedLeaseAssets Abstract: Thispaperanalyzestheimpactofunderlyingassetcharacteristicsontheriskpremiumofsecuritizedleaseassetsinthecontextofasset-backedsecurity(ABS)andfocusesonthespecificcaseoffinancingleaseassets.Byexaminingtheassociationbetweenunderlyingassetfeaturesandriskpremium,thisstudyaimstoprovideinsightsintothesecuritizationmarketandinformpotentialinvestorsandmarketparticipantsabouttheriskfactorstheyshouldconsider. Introduction: Securitizationhasemergedasanimportantfinancingtoolinmodernfinancialmarkets.Itallowsthebundlingofvariouscashflowsfromunderlyingassetsintotradablesecurities,offeringinvestorsnewinvestmentopportunities.Inthecaseoffinancingleaseassets,theprocessisknownasleaseassetsecuritization(LAS).Theriskpremiumattachedtoasecuritizedleaseassetreflectstheadditionalreturndemandedbyinvestorstocompensatefortherisksassociatedwiththeunderlyingassets.Understandingthefactorsinfluencingthisriskpremiumiscrucialformarketparticipantstomakeinformedinvestmentdecisions. LiteratureReview: Previousstudieshaveexaminedthedeterminantsofriskpremiumsinsecuritizationmarkets.Someresearchershavefocusedongeneralsecuritizedassets,whileothershavespecificallyanalyzedleaseassetsecuritization.Thesestudieshavesuggestedvariousfactorsthatmayinfluenceriskpremiums,includingcreditquality,leasecontractterms,assettype,economicconditions,andindustryfactors.However,thereisstillaknowledgegapregardingthespecificimpactofunderlyingassetcharacteristicsontheriskpremiumofsecuritizedleaseassets. Methodology: Toanalyzethisresearchquestion,asampleofsecuritizedleaseassetsfromtheABSmarketiscollected.Thesampleincludesdifferenttypesoffinancingleaseassets,suchasequipmentleasing,vehicleleasing,andrealestateleasing.Theriskpremiumsoftheseassetsarecalculatedbasedonthedifferencebetweentheiryieldsandarisk-freerate.Acomprehensivesetofunderlyingassetcharacteristicsisconsidered,includingcreditqual