| 汽车租赁资产证券化案例分析及操作要点 |
| 添加时间：2019/4/3 14:53:08 浏览次数： |
| 导读： 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. |
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