A Study of Financial Leasing Asset Transfer Risk Pricing——Based on the Sale-leaseback of Financial Leasing Contract of Passenger Cars

Abstract

Abstract:

Based on the risk undertook by the transferee company, this paper constructs a risk-pricing model of the sale-leaseback of financial leasing contract of passenger cars to measure the risk of the devaluation of leased assets and the volatility of the asset value, as well as the credit risk. By employing the Monte Carlo simulation method, the credit rating migration matrix, and the Binomial Model of real options, this paper calculates the theoretical intervals of the rent and the lease rate. This study verifies the effectiveness of the model by using a practical application case and reveals that the pricing of the transferring of the financial leasing contract should match the risks taken by the trading parties. In the case studied, the actual transferring price of the leasing contract is lower than the price calculated by the model and the actual leasing rate is higher than that calculated by the model, which means that in the actual trade, the seller subsidizes the buyer and pays higher price. In the model, the theoretical prices of sale-lease back principal and the leasing rate are the risk distribution interval pricing, which provides the trade parties with the foundation of the risk-sharing.

Key words: financial leasing, sale-lease back of the contract, risk pricing, credit risk

Zhang Wei, Gao Yue. A Study of Financial Leasing Asset Transfer Risk Pricing——Based on the Sale-leaseback of Financial Leasing Contract of Passenger Cars[J]. , 2019, 31(12): 273-286.

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