天津诚信汽车租赁公司

Guide reading:

近日，港股上市公司易鑫集团旗下易鑫租赁再度发行15.25亿汽车租赁ABS。读懂ABS统计，截止目前，易鑫汽车租赁ABS发行规模接近百亿。下面就带大家学习下汽车租赁ABS....

Recently, Hong Kong stock listed company Yixin group's leasehold leased 1 billion 525 million car rental ABS again. Read ABS statistics, up to now, Yi Xin automobile rental ABS distribution scale is close to 100 million. The following will take you to learn the car rental ABS...

注：本文整理自广发资产管理！

Note: This article collated from the extensive asset management!

1、背景介绍

1. Background introduction

（1）汽车租赁的定义及分类

(1) definition and classification of car rental

汽车租赁是指在约定时间内，租赁经营人将租赁汽车（包括载货汽车和载客汽车）交付承租人使用，不提供驾驶劳务的经营方式。汽车租赁的实质是在将汽车的产权与使用权分开的基础上，通过出租汽车的使用权而获取收益的一种经营行为，其出租标的除了实物汽车以外，还包含保证该车辆正常、合法上路行驶的所有手续与相关价值。不同于一般汽车出租业务的是，在租赁期间，承租人自行承担驾驶职责。

The term "car rental" refers to the way that the leasing operator delivers the rental car (including trucks and passenger cars) to the lessee and does not provide driving services within the agreed time. The essence of leasing is based upon the separation of ownership and use of the automobile, a kind of management behavior and to obtain income through taxi use rights, the subject in addition to the real car rental, also contains the vehicle, ensure normal running of the legal road all the formalities with the relevant value. Unlike the general car rental business, the lessee assumes his own driving duties during the lease.

按照租赁期长短划分，汽车租赁分为长期租赁和短期租赁。在实际经营中，一般认为15天以下为短期租赁，15～90天为中期租赁，90天以上为长期租赁。

According to the length of the lease term, the car rental is divided into long term lease and short term lease. In the actual operation, it is generally considered that the short term lease is under 15 days, the 15~90 day is the medium term lease, and the more than 90 days is the long term lease.

按照经营目的划分，汽车租赁可划分为融资租赁和经营租赁。融资租赁是指承租人以取得汽车产品的所有权为目的，经营者则是以租赁的形式实现标的物所有权的转移。

According to the division of business purposes, car rental can be divided into financial leasing and operating lease. Financial leasing refers to the purpose of the tenant to obtain the ownership of the automobile product, and the operator is the transfer of the subject ownership in the form of leasehold.

（2）汽车融资租赁概况

(2) general situation of automobile financing lease

汽车融资租赁指出租人（融资租赁公司）根据承租人对车辆的特定要求和对品牌、经销商的选择，出资向经销商购买车辆，并租给承租人使用，承租人则分期向出租人支付租金，在租赁期内车辆的所有权属于出租人所有，承租人拥有车辆的使用权。租期届满，租金支付完毕并且承租人根据融资租赁合同的规定履行完全部义务后，承租人以一个名义价格（一般远低于车辆市场价值）购买车辆，车辆最终归承租人所有的交易过程；或者，承租人委托融资租赁公司处理车辆残值。融资租赁中的承租人以取得汽车所有权为目的。

Car leasing refers to the lessor (FLCs) according to the specific requirements of the lessee of the vehicle and the selection of brands, distributors, dealers to buy investment vehicles, and leased to the lessee, the lessee is staging a rent paid to the lessor, the ownership of the vehicle during the leasing period all belong to the lessor, the lessee have the right to the use of the vehicle. The expiration of the lease, the rent paid and the lessee in accordance with the provisions of the financing lease contract to fulfill all obligations, the lessee at a nominal price (generally much lower than the market value of the purchase of vehicles, vehicle) trading vehicle finally belongs to the lessee; or the lessee, the residual value of the vehicle leasing company commissioned processing. The tenant in the financial lease aims at obtaining the ownership of the car.

我国汽车融资租赁行业整体起步较晚，汽车融资租赁市场整体规模依然较小，仍处于发展的初级阶段。根据德勤的调研统计，截至2015年底，国内汽车融资租赁在汽车金融行业的渗透率不超过2%，较北美成熟市场超过50%的融资租赁渗透率相差甚远，但同时也蕴藏着巨大的发展潜力。有数据显示，2009-2014年，中国汽车融资租赁市场规模从1千辆增长至20.8万辆，实现了191%的复合增长率，根据市场经验，预计2015-2020年汽车融资租赁年均复合增长率仍将保持在50%以上，至2020年，有望实现6%的渗透率。

The automobile financing leasing industry in China has started late, and the overall size of the car financing lease market is still small, still in the primary stage of development. According to DDT's research and statistics, as of the end of 2015, the penetration rate of domestic car financing lease in auto finance industry is no more than 2%, which is far from that of North American mature market, which is more than 50%, but at the same time, it also has great potential for development. The data shows, 2009-2014 year, Chinese car leasing market size from 1 000 growth to 208 thousand vehicles, the compound growth rate of 191%, according to the experience in the market, is expected to 2015-2020 car leasing an average annual compound growth rate will remain above 50%, to 2020, is expected to achieve 6% penetration.

国内广阔的汽车融资租赁市场空间也吸引了大量资本布局这一领域，目前国内汽车融资租赁市场的主要参与者已经形成体系。从股东背景看主要分为平安租赁这样的银行系租赁公司、奔驰租赁这样的厂商系租赁公司、汇通信诚这样的经销商系租赁公司，以及先锋国际租赁这样的专业租赁公司。值得关注的是厂商系和经销商系的融资租赁公司，它们凭借在销售渠道、车辆维修服务、残值评估和二手车协同处理等方面的优势，逐渐在这个领域发展壮大，并成为汽车厂商和经销商集团新的利润增长点。

The vast market of automobile finance leasing has attracted a lot of capital layout in China. At present, the main participants in the domestic car financing leasing market have formed a system. From the background of shareholders, it is mainly divided into such sectors as safe leasing, bank leasing, Mercedes Benz leasing, leasing company, Huitong communications, leasing company and pioneer leasing company. Concern is the manufacturers and dealers, Department of financial leasing companies, they rely on collaborative processing and other advantages in the sales channels, vehicle maintenance services, value assessment and second-hand car, to grow and develop gradually in this field, and become the automobile manufacturers and dealers group new profit growth point.

（3）汽车经营性租赁概况

(3) general situation of automobile operating lease

经营性租赁又称服务租赁、管理租赁或操作性租赁，是指出租人将自己经营的租赁资产进行反复出租给不同承租人使用，由承租人支付租金，直至资产报废或淘汰为止的一种租赁方式。经营性租赁中的承租人以取得汽车使用权为目的。

Business leasing, also known as service lease, management lease or operational lease, means that the lessor rents the leased assets that he runs repeatedly to the different lessee, and pays the rent by the lessee until the assets are scrapped or eliminated. The tenant in the operating lease is for the purpose of obtaining the right to use the car.

目前，一些中小企业、政府和个人还未适应租车消费。租赁车辆主要以轿车为主，占比在90%左右，微客及中轻型客货车份额较小。从神舟、一嗨、至尊等所涉业务可以看出，国内租车业主要客户为国内外企业，政府及个人租车占比较小，国外一般个人休闲置换租赁占比较大；同时，国内长期租赁占比远高于国外，2010年国内乘用车长期租赁市场份额在70%左右，而国外成熟市场一般在10%左右。

At present, some small and medium-sized enterprises, governments and individuals have not yet adapted to car rental consumption. The main rental vehicles are sedan, and the proportion is about 90%, and the small passenger and medium light passenger and freight cars are small. Business involved from the Shenzhou, hey, the domestic car rental industry can be seen, the main customers for domestic and foreign enterprises, government and private car accounted for a relatively small, foreign general personal leisure replacement leasing a larger proportion; at the same time, the domestic long-term lease is much higher than the proportion of foreign countries, in 2010 China's passenger car market share of around 70% in the long-term lease however, the foreign mature market in general about 10%.

中国乘用车租赁市场市场目前以长租为主，短租业务还处于起步阶段，但发展迅速；出于轻资产化的需求，跨国公司会采用租赁的方式实现非主营业务的固定资产投资和设备采购，从而降低资产负债率，公车改革加速政府机构和国企用车转向租赁市场；迫于环境污染以及交通堵塞对道路资源造成的严峻压力，中国目前有9个城市实施限购政策，一定程度上抑制了消费者购车需求，转而采取租车等低成本的出行方式。根据德勤预测，在这些驱动因素的推动下，中国租车市场预计到2018年达到580亿元的市场规模。

China passenger car rental market market is mainly long-term lease, short rental business is still in its infancy, but the rapid development; the demand for asset light, multinational companies will by way of lease purchase non main business investment in fixed assets and equipment, thereby reducing the rate of assets and liabilities, government agencies and state-owned enterprises to accelerate the reform of the bus the car turned to the rental market; due to environmental pollution and traffic congestion caused serious pressure on the road resources, China currently has 9 city implementation of the purchase of the policy, to some extent inhibited the consumer demand to take the car Car Buying, low cost way to travel. According to DDT, China's car rental market is expected to reach a market size of 58 billion yuan by 2018, driven by these driving factors.

从企业类型来分，国内领先的租车企业分为三类：

From the type of enterprise, the domestic leading car rental enterprises are divided into three categories:

2、汽车租赁ABS发行

2. ABS distribution of car rental