Abstract: Enterprise in business activities, to grasp the main purpose of fixed assets is not only to obtain ownership of it, but to take advantage of the right to use it in order to achieve corporate business purpose and commercial credit, issue shares, bonds, bank loans compared to other forms of financing, financial leasing is a way to finance and financial material mixed into one form of funding for enterprises not only solve its funding sources, but also access to enterprise assets needed, it is a "chicken by raw egg "effective means of financing.
Keywords: leasing, traditional leasing, financial leasing, characterized
Lease is the lessor for rental as a condition in the contract or within the period stipulated in the contract, give the lessee to use the leased asset as a transaction.
China enters the 21st century, after capital increase, asset restructuring and privatization of the adjustment process, some leasing companies finance lease or an operating business units to gradually withdraw from the market. Newborn leasing company at the new theories, new concepts, new environment to enter a new round of development.
First, the characteristics of finance leases
The main features of a finance lease are: the ownership of the leased object just lessor rents in order to control the risk of the lessee repay a form of ownership taken in the end of the contract will ultimately be transferred to the lessee, the lease by the lessee to purchase the object people choose, but also by the lessee is responsible for maintenance and repair, the lessor only provide financial services. rentals principle is: the lessor to lease the object of the purchase price, based on the lessor by the lessee takes time is calculated on the basis of funds, according to the two sides agreed The rental rates and it is essentially incidental financial transactions on the traditional leasing, financial instruments is a special product which combines trade and therefore must be two parties to the contract to complete the transaction parties.
Second, the type of finance leases In order to better define the finance lease, here are some official authority recognized under finance leases mode.
1, a simple finance leases
Through the lessor leases the lessee intends to purchase selected by the lessee of the lease object, the lessor leases the project through risk assessment willing to rent to the lessee the lease object use in order to obtain the lease object, the lessor first fully finance the purchase of the lessee selected leasing object, according to a fixed interest rate and term, the lessor according to the lessee tying calculate the length of time the principal financing rent, the tenant pay the installments in accordance with the lease rent at nominal prices after the expiration of the lease object ownership sold to the lessee in the entire lease period the lessee does not own the right to use it and is responsible for repair and maintenance of the lease object. lessor the leased object assumes no responsibility for the quality, equipment depreciation on tenant side.
2, the finance sub-leasing
If leasing companies from other leasing companies finance lease leasing object, sub-leased to a second tenant, this way of doing business called the finance sub-leasing, generally carried out in the international community at this time with a simple business practices is no big difference between a finance lease Rental party rental equipment from other leasing companies business processes, because it is carried out in the financial institutions, in actual operation, just based on the purchase contract to determine the amount of financing the purchase of capital lease object has always run with the final lessee not directly linked. in approach can be very flexible, and sometimes even directly to the leasing company as the leased asset purchase contract signed sublease contract leasing companies this practice is actually a way of financing, leasing companies as the first the lessee is not the end-user devices, and therefore the depreciation of the lease object can not be extracted.
3, the return type lease
Return-type lease is a finance lease simply a branch of which is characterized by the lessee and the lease object is one vendor, leasing object is not purchased, but before signing the lease contract the lessee has purchased and the device being used. Lease will sell equipment leasing company, and then as the lease object Fanzu back there for the right to use the object, but no ownership of equipment is the formal sale and purchase transactions, leasing companies need to be converted to fixed assets Fixed assets acquired under finance lease . return type lease financing lease emphasized function, loss of lease marketing function, similar to the "pawn" business. enterprises without affecting production at the same time, expanding sources of funding, is a financial activity.
4, leveraged lease
Similar to the practice leveraged leases syndicated loans, specialize in leasing a large tax benefits under finance leases are mainly led by a leasing company as the backbone of the company, is a very large project financing, leasing, first set up a body from the leasing company The operating mechanism - set up specifically for this project fund management company out of more than 20% of the total project amount of money, and the rest is the main source of funds banks and social loafing absorb hot money, the use of 100% to enjoy the benefits of a low tax "Bo eight to two." way of a lever, made huge sums of money for the leasing project. remaining practices and the finance lease basically the same, but because of the complexity of the contract covers a wide range increases due to enjoy the tax benefits of operating specifications, comprehensive benefits, rent recovery safety, low cost, generally used for aircraft, ships, communications equipment and large complete sets of equipment finance leases.
5, the tax lease
Tax Leasing main approach is basically the same with the direct financing leases, which is characterized mainly: the lessee because the lease object plays an important role in the project, the object of purchase can be made in the tax policy on the offer part may be set off against part of the rent, so that the two sides share the tax benefits of leasing, in order to attract more investors. generally used for medium-sized projects encouraged by the state of complete sets of equipment leasing in developed countries, because of the degree of industrialization to a certain extent, the tax benefits of phasing After the two approaches used less and less.
6, the percentage lease
Leasing is the percentage of rental income and gains associated equipment using a form of a lease the lessee to the lessor to pay a basic grant, the rest of the rent is based on a certain percentage of revenue tenant to pay rent. Lessor actual participation the lessor's business activities.
7, the risk lease
Risk lease is a lease in a mature market, the lessor will lease debt and investment equipment rental to a specific lessee, the lessor to obtain rents and shareholders' equity as a return on investment leasing transactions in short, risk Leasing is part of the lessor to the lessee rents shareholders' equity as a form of a lease, which is the essence of risk lease.
8, the structure in lease
This is the primary purpose of promoting new ways to finance leases, lease it absorbs part of the risk experience, combined with the development of a new industry characteristics leasing products main features are: financing not guaranteed, the lessor is a supplier of background consisting of, there is no fixed rental agreement, but in accordance with the lessee's cash flows discounted financing recovery, so there is no fixed term, the lessor to obtain rental income in addition to the outer years of participation in the operation also made some revenue.
9, Synthetic Lease
It extends the meaning of finance leases, in addition to providing financial services also provide management services and asset management services, is a comprehensive full range of leasing services, leasing revenue to expand and therefore the risk be reduced, making leasing more revealing trade in services characteristics needed to complete the comprehensive integrated services personnel, and therefore reflects the importance of knowledge in the service position, the development of synthetic leases, the leasing industry will mature into the knowledge economy era.
10, commissioned by leasing
Commissioned by the lessor in the lease is an operating lease intangible assets, if engaged in operating leases, which is in the business entrusted to lease operating lease if engaged in a finance lease, this commission is in the business of finance lease rental. Commissioned lease One major feature is that it allows no rental management rights of enterprises that can "borrow right" business. general corporate ownership and use of leased properties using separation of ownership and enjoy accelerated depreciation, circumvent the policy restrictions. lease also rely on e-commerce as a leasing commission Business leasing platform. posted on free download http://eng.hi138.com
Third, the advantages of finance leases
Finance lease interest rates higher than the bank, but still in many countries is the main reason for the rapid development through the fixed assets acquired under finance leases other ways than the gains should be large enough to offset the lack of high interest rates.
1 bidirectional adverse development advantages
Finance leases have two main functions, namely: financing capabilities and marketing capabilities, and hence in the economic development period, needed money, it can give full play to the financing function in a recession, the need to promote investment and consumer demand, it can fully play its The marketing function as long as the market is changing, regardless of changes in that direction gave financial leasing industry brings opportunities.
(2) non-financial institutions may engage in financial business
As a finance lease prospective financial performance, so in the financial regulatory state, non-financial institutions finance leases financial business can operate in a few several ways to break the state monopoly of financial constraints (financial institutions to operate without this offer finance leases .
3 can get tax breaks
Countries in order to encourage investment, designed to provide tax incentives finance leases, project finance leases lease object can accelerate depreciation. Actually put some taxes paid to the state should be used to pay rent, accelerated equipment renovation .4. conducive to SME financing SMEs in general because of credit problems, difficult to obtain loans from banks. finance leases due to easy recycling, easy to handle and can not participate in the operation and other banks operating range of activities, so the lessee's credit requirements are not very high, mainly depends on the adequacy of the project's cash flow, so the project is not demanding guarantees, bank loans to fill the gaps.
5 Save the project construction period
Finance lease financing and procurement will be a synthesis of the two procedures, it can improve the efficiency of construction projects due to the inherent flexibility of leasing and anti-risk ability, but also reduce the number of project construction process unnecessarily cumbersome procedures, can enable enterprises to early production , Hayami efficiency, seize the opportunity to seize the market.
6 is conducive to technological innovation due to rate
First use of advanced equipment, rather than assume the equipment outdated due to technological advances eliminated the risk of the enterprise to update technology and equipment to quickly adopt new technologies, new processes, improve product competitiveness and market share is very beneficial.
7 low-cost financing
Finance lease payments are, at first glance than bank interest on loans must be high, but the finance lease is a combination of service, participating in project evaluation and selection of equipment and other preparatory work and equipment procurement and services, but also to spend some of the costs, shall be taken as leasing costs, these costs tenant loans at interest payments on the project is also needed outside expenses, together, as a comprehensive cost will be higher than the rent must be high, but, leasing can also enjoy the benefits of accelerated depreciation, visible from the capital overall cost point of view, a finance lease is much more advantageous than the loans on the project.
8 to avoid the effects of inflation
If an enterprise purchase a set of production equipment, relying on their accumulated to purchase requires a lot of time in times of inflation, as early procurement procurement costs to be lower than late. Using finance leases can first get the device, then the device generates benefits to pay back the money, can be said to be "the chickens to lay eggs, sell eggs to buy chicken." Although he did not chicken, can still eat chicken and eggs. 9.
Prevent exchange rate, interest rate risk
If the lease object from abroad, need to use foreign financial leasing can be converted into RMB exchange after the RMB-denominated lease that allows the lessee to avoid devaluation of the RMB exchange rate risk brought about because of a finance lease fixed at the outset interest rates, leasing companies also avoid interest rate risk interest rate fluctuations.
10 to circumvent trade barriers
Trade between both countries to certain restrictions, through financing "lease" to avoid "direct purchase" restrictions, thus breaking barriers, detour to enter. Additional financing through leasing method can also transfer some of the country's financial regulatory break , the "loans" to finance "lease" to avoid direct financing constraints.
General corporate loans should reflect in the financial statements, if the debt ratio is too large, will affect the extent of credit by a finance lease operating lease, the leased asset can be displayed in the body of the lessor, the lessee can use the leased object , do not show balance, to achieve off-balance sheet financing. course lessee but also sacrifice some income in order to obtain balance sheet financing if the sacrifice income benefits derived from the leased object to obtain the lessee willing to adopt this approach.
Leases that trade, finance, lease three combinations of the product, while maintaining its own characteristics and absorb it side benefits, so the operation is very flexible and can adapt to a variety of situations with a variety of ways, to engage in the project so convenient, efficient and successful rate ratio Other financing is higher.
We believe that with the deepening of economic reform, expanding opening up, as an important way of financing, China's financial leasing will be vigorous development of China's economic development play an increasing role.
1, Zhang Ming Xu Yi star << Financial Management >> Shanghai Joint Publishing House 2005
2, Qingcheng << Financial Management >> China Financial and Economic Publishing House 2008
3, Shanghai small business financing of the road network << >> thematic forums 4, in the World Business Network << finance lease development >> Links to free download http://eng.