市場經濟下的融資租賃的分析

在融資的過程中，融資租賃具有以下主要特征：由于在融資租賃中物資的所有權是為了承控風險而采取的一種形式上的方法，所以在合作終止的時候，所有權是轉移給承租人的，因此在物件租賃的選擇權和維修負責都是由承租人負責的。出租人只提供金融服務。

The analysis of the financing lease under the market economy

摘要 Abstract  

the enterprise in business activities, to grasp the main purpose of the fixed assets is not only to take ownership of it, but to take advantage of its use in order to realize the enterprise the management goal. And commercial credit, issuance of stocks, bonds, bank loan compared to other forms of financing, financing lease financing and it is a mix of financing form. For the enterprise, can not only solve its funding sources, and to acquire the assets of the enterprise need, therefore, is a kind of effective financing means to "lend chicken unripe egg". 

 

China into the 21st century, after the increase endowment spread, assets reorganization and restructuring after the adjustment, some financial leasing company or financing lease business gradually withdraw from the market. The new leasing company start in the new theory, new concepts, new environment into the new stage of development. 

 

 融資租賃的特征 The characteristics of the financing lease
 

The main characteristic of financing lease is: due to the ownership of the lease item is only the risk of the lessor in order to control the lessee to pay the rent and take a form of ownership, could eventually transferred to the lessee at the end of the contract, so the lease item purchase chosen by the lessee, maintenance also shall be the responsibility of the lessee, the lessor is only to provide financial services. Rent calculation principle is: on the basis of the purchase price of the lease item the lessor, the lessee for the lessor funds time for computing basis, according to the agreed amount that the interest rate the rent. The essence of which is attached on the traditional leasing financial transactions, is a kind of special product of financial instruments. It and trade together, so must be two three parties contract to complete the transaction. #p#分頁標題#e#

 

 融資租賃的種類 The kinds of financing lease
 

In order to better define the financing lease, here are some of the official authority of financial leasing mode. 

1, simple financing lease 

Tenant is interested by the lessor to lease by the lessee need to purchase the lease item, the lessor by leasing project risk assessment after willing to rent the lease item to the lessee to use. For access to the lease item, the lessor first full financing to buy the lessee the lease item selected, according to the fixed interest rate and the lease, to calculate the length of time of the principal according to the lessee to tie up the lessor financing rent, the lessee shall, in accordance with the tenancy agreement to pay the rent for each, after the expiry of the nominal price will sell the ownership of the lease item to the lessee. During the entire lease the lessee has no ownership but shall enjoy the right to use, and is responsible for repair and maintenance of leasing objects. The stand or fall of the lessor to the lease item shall not be held any liability, equipment depreciation in the tenant side. 

2, financing lease 

If a leasing company from other rental company for leasing objects, and then rent to the lessee, this way of business is called financing lease, generally in the international. At this point the business practices with simple financing lease has no much difference. The lessor from other equipment leasing company lease business process, because it is between financial institutions, in the process of actual operation, just according to the purchase contract and determine the amount of financing, in terms of the lease item purchase run and eventually the lessee didn't direct contact all the time. Can be flexible in terms of practice, sometimes leasing company even directly to the purchase contract for the lease assets to sign the lease contract. It actually is a means of financing lease company, as a first lessee leasing company is not the end user devices, therefore cannot extract of depreciation of the lease item. 

3, the return type leasing 

Rental return type is a branch of simple financing lease, its characteristic is the lessee and the lease item the supplier is an organic whole, the lease item is not purchased, but the tenant on the lease before signing the contract has been purchased and are using the equipment. To sell equipment to the lessee leasing companies, and then as a lease item return back rent, still has access to object, but there is no ownership. Equipment business is trading, in the form of the tenant enterprise fixed assets must be converted to the financing of the rented fixed assets. Rental return type emphasizes the function of financing lease, lose the promotion function of the lease, similar to the "pawn" business. Enterprise production is not affected at the same time, expand the source of funds, is a kind of financial activities. #p#分頁標題#e#

4, leveraged lease 

Leveraged lease is similar to the syndicated loan, specializes in large leasing project financing lease of a tax benefit. Mainly as the backbone company, led by a leasing company for a very large project financing. First one from the operation of the leasing company main agency - designed for the projects set up fund management companies, more than 20% of the total amount of money, the rest of the capital source mainly absorb bank and social idle capital, with 100% enjoying the advantage of low tax "to bo eight" way of leverage, for leasing project to obtain large sums of money. The rest of the way to the financing leases are basically the same, but the complexity of the contract due to the wide range, increase. Due to enjoy the tax benefits, operating norms, good comprehensive benefits, the rent recycling safety, low cost, is commonly used in aircraft, ships, communications equipment and financing lease of large complete sets of equipment. 

5, tax rental 

The main methods of tax rental and direct financing lease basic same, the main characteristic is that due to the lease item project plays an important role in the lessee, the object again on the tax preferential policy can be obtained when buy, preferential part can offset part of the rent, the lease both sides share the tax benefits, so as to attract more investors. Commonly used in the state encourages the large and medium-sized projects of complete sets of equipment leasing. In developed countries, due to the industrialized development to a certain extent, the tax benefits of phasing out, after two kinds of method to use less and less. 

6, percentage of leasing 

Percentage of leasing is the rental income and equipment using the gains associated with a form of rental. After the lessee to the lessor pay certain basic gold, the rest of the rental fee is according to the lessee the certain proportion pay rent revenue. The lessor actually participate in the business activities of the lessor. 

7, venture leasing 

Risk market refers to the mature of this lease, the lessor to lease of creditor's rights and investment way to rent out equipment to a particular tenant and the lessor rent and shareholders' equity as a return on investment of a leasing transactions. Risk, in short, the lease is part of the shareholders' rights and interests of the lessor to the lessee as a form of rental of rent, which is the essence of leasing risk. 

8, structured to participate in the lease 

This is to promote new ways for the main purpose of financing lease, it absorbs the risk leasing part of the experience, combined with industry characteristics of newly developed a kind of leasing products. The main features are: financing does not need to guarantee; The lessor is set of suppliers; Instead of fixed rental agreement, calculated according to the lessee's cash flow discount financing recycling; So there is no fixed term lease; The lessor in addition to obtain rental income is part of the fixed number of year to participate in business revenue. #p#分頁標題#e#

9, synthetic lease 

It extends the connotation of financing lease, in addition to providing financial services and provide business services and asset management services, is a comprehensive full range of rental services, rental yields widening and thus reduce the risk, make the lease more show characteristics of trade in services. Comprehensive talent is needed to complete the comprehensive service, which embody the important position of knowledge in the service, the development of the synthesis of leasing, the leasing industry will mature into the knowledge economy era. 

10, entrust the lease 

Entrust the lease is the intangible assets in an operating lease the lessor. If work in the operating lease, commissioned by the lease is in the business operating lease. If involved in the financing lease, commissioned by the lease is in the business finance lease. Delegate leasing is a feature allows no lease management of enterprise, can "borrow" business. Enterprises generally use the separation of the ownership of the lease and access features, enjoy accelerated depreciation, avoid policy restriction. E-commerce lease is also rely on the entrusted lease as a commercial leasing platform. 

 

融資租賃的優勢 The advantage of financing lease 
 

Financing lease rates higher than the bank, but still get the main reason for the rapid development in many countries is made through the financing lease of fixed assets is bigger than other ways the gains, enough to offset the shortage of the high interest rate. 

1. Double inverse city development advantage 

Financing lease has two major functions, namely: the financing function and market function. So in the economic development, need the money, it can give full play to the financing function. During the recession, the need to promote investment and consumption demand, can give full play to its function of sales promotion. As long as the market changes, no matter in that direction changes to bring business financing lease industry. 

2. Non-financial institutions can conduct financial business 

Due to financial characteristics of financing lease, so in financial regulation, financing lease is a financial institution can of the few ways to conduct financial business in a break state monopoly financial restrictions (financial institutions operating financing lease without this offer). 

3. Can get tax breaks 

Countries in order to encourage investment, designed for financing lease provides tax incentives, through the financing lease of projects can be accelerated depreciation of the lease item. Actually put some should be turned over to the national tax money used to pay the rent, accelerate the upgrading of the equipment. 4. Conducive to small and medium-sized enterprise financing of small and medium-sized enterprises generally because of credit problems, it is difficult to get loans from the bank. Financing lease with easy to recycle, easy handling, and to participate in the activities of operating Banks such as not operating range, so the lease of enterprise credit request is not high, basically see the project's cash flow adequacy. So the guarantee for the project is not demanding, fill the blank of bank loans. #p#分頁標題#e#

5. Save the project construction period 

Financing lease financing and procurement synthesis a two programs, thus can improve the work efficiency of the construction of the project. As the lease itself flexibility and ability to resist risk, and reduce many unnecessary cumbersome procedures in the process of project construction, can make the enterprise production early, early see benefits, seize the opportunity, seizes the market. 

6. Conducive to technological transformation for rates 

First use of advanced equipment, without having to take risks eliminated due to advances in technology have made equipment fall behind. Update technology and equipment of the enterprise, and quickly adopt new technology, new technology, improve product competitiveness and market share. 

7. Low financing costs 

Financing lease rental, at first glance to be higher than bank interest on loans, but finance lease is a composite service, in the preliminary works such as project evaluation and the equipment selection and equipment procurement and services, but also take some costs, must plan such as rental costs, the cost of the lessee on the loan project is also need to spending outside interest payments, put together, will be higher than as a comprehensive cost of rent, and leasing project still can enjoy the accelerated depreciation of the real benefit, visible from the point of view of overall cost of capital, financing lease is much more economical than on loan projects. 

8. To avoid the influence of inflation 

If an enterprise to acquire a set of production equipment, on their own accumulated a lot of time is needed to go shopping. During the period of inflation, the earlier purchase is lower than late procurement costs. Using financing lease can get equipment first, and then use the equipment to produce benefits to money, also can be said to be "borrow chickens lay eggs, they sold eggs for chicken". Although you don't have the chicken, still can eat chicken and eggs. 

9. Guard against exchange rate, interest rate risk 

If purchasing the lease item from abroad, you need to use the foreign exchange. Financing lease can translate the foreign currency into RMB, denominated in yuan lease, can make the tenant enterprises avoid exchange rate risk due to depreciate the renminbi. Because of the financing lease in the beginning with a fixed interest rate, the tenant companies can also avoid interest rate volatility of interest rate risk. 

10. To evade trade barriers 

Countries have certain restrictions on trade between each other, through the financing lease ", can avoid the limitation of "direct purchase", so as to break through barriers to trade, circuitous entered. Through the financing lease way also can break the financial regulation in some countries, change the "loans" to finance "lease" can avoid the restrictions of direct financing. #p#分頁標題#e#

11. Off-balance-sheet financing 

Business loans are usually want to reflect on the financial statements, if debt ratio is too large, will affect the credit level of the enterprise. By way of operating lease financing lease, the leased asset can be displayed in the lessor, the lessee can use the lease item, also does not display the liabilities, achieve off-balance-sheet financing. Tenant enterprises at the same time, of course, to sacrifice some benefits to off-balance-sheet financing. If produced benefits of sacrifice of income from the lease item, the lessee is willing to adopt this way. 

Flexible in 12. 

Financial leasing is a result of trade, finance, loan series, both its own characteristics and absorb its benefits, so on the operation is very flexible, you can have a variety of ways to adapt to a variety of situations, so project convenient, shortcut and the success rate is higher than other financing ways. 

We believe that with the deepening of the economic system reform, expanding opening to the outside world, as an important way of financing, financing lease will be flourishing development in our country, for the economic development of China play a greater role. 

 

文獻參考 References: 

1, zhang Xu Yixing "financial management" Shanghai sanlian publishing house, 2005 

2, Wang Qingcheng "financial management" China financial economic publishing house, 2008 

3, Shanghai small business web BBS the financing way of projects 

4, the commerce in the financing lease development process