미국과 일본의 부동산을 포함한 리스시장과 증권화 현상에 관한 연구

In a broad sense, ‘securitization of finance’ refers to a phenomenon in which the proportion of financial transactions through securities such as stocks or bonds increases. However, it is commonly used to refer to asset securitization, which converts fixed assets such as loans and bonds into possible trading securities. Asset securitization is the process of buying and selling new securities based on the process of purchasing assets with low liquidity such as real estate, loans and securities from asset holders and reinforcing their credit. In this case, the holder of the securities collects the investment funds with the cash flow generated from the underlying assets. Depending on the fund collection method, various types of securities with risk and profit structure can be created. On the other hand, the securitized securities issued in this way are called various names depending on the kind of underlying assets. MBS means mortgage, and CDO means securities issued with general loan or bonds as underlying assets. The most widely known securitization products are Asset Backed Securities (ABS), which is a collateralized bond with cash flows generated by collecting a large number of money-denominated bonds such as lease bonds, automobile loans and real estate loans. However, residential mortgage backed securities (RMBS) secured by bonds and commercial mortgage backed securities (CMBS) secured by commercial real estate loans are also widely used. These securitized products are products that already have a significant portion in the market. Lease means that a lessor rents property that is not a facility or cash to a lessee for a period of time and that the landlord receives a regular payment of the rent from the lessee. The securitization of lease receivables provides various benefits to trading participants and contributes to the development of the financial industry. In the case of basic asset holders, by selling risky assets, the asset quality can be improved and the fund can be raised, which can improve the financial situation. In addition, through appropriate credit enhancement, securities can be issued with a higher credit rating than their credit rating, which may reduce funding costs. On the other hand, investors have the opportunity to invest in products with various risk and profit structures. However, since the risk associated with leasing the underlying lease assets is not extinguished, the securitized securities are still exposed to various risks. For example, if the principal repayment of the loan assets is not properly performed, the owner of the related securitization securities may suffer losses, and the value of the securities may change as the repayment of the principal is different from the original plan. In addition, there is a possibility that the insolvency of certain assets will spread rapidly throughout the financial market due to the broad and complex link between the investors of the securitized securities. This study analyzes the current status of the lease market and discusses the risk analysis and the method of credit enhancement for the securitization of lease receivables. We also discussed the securitization of US lease contracts and the leasing and securitization of specific areas. In addition to the conclusions, opinions were also presented on the prospects and prospects of leasing transactions in Korea.