The general operation process of financial leasing is as follows: the lessee first selects the supplier of the required equipment, and then finds a suitable lessor to negotiate the purchase; The lessor purchases the equipment according to the lessee's requirements and then gives it to the lessee for use.
Financial leasing belongs to service trade and is a knowledge-intensive marginal industry integrating finance, trade and service. With the help of leasing, the lessor has developed a trading model that can reduce risks and increase profits. As a kind of financial innovation and trade innovation, financial leasing is the second largest financing method in the world after bank credit. The financial leasing industry, which ranks alongside banks, securities, insurance and trust, plays a very important role in promoting national economic development, accelerating technological innovation of enterprises and promoting international trade, and is known as the "sunrise industry" in the financial field. Financial leasing is highly valued by governments, regulators and research departments in western countries, and is called "the promoter of new economy". As a financial innovation, financial leasing has been introduced to China for more than 20 years, and it has made great contributions to the introduction of capital, technology and advanced equipment, so it has also been highly valued by the China government, regulatory agencies and research departments. Compared with banks, trusts and securities, the advantages of the financial leasing industry are mainly reflected in the following aspects:
(1) Advantages of two-way anti-market development Financial leasing has the advantages of two-way anti-market development. In the period of economic prosperity, the bank's credit policy is loose, and financial leasing can give full play to its financing function, create financing opportunities for enterprises and promote the vigorous development of the economy; During the economic depression, the financial leasing industry not only played a "booster" role, but also gave full play to its promotion function, promoting investment and consumption, stimulating economic development, injecting fresh blood into economic development and promoting sound economic development. Financial leasing is an effective means to stimulate investment and overcome investment shrinkage, which can avoid the influence of the fluctuation of national monetary policy to a certain extent and play a positive role in the stable development of enterprises and the sustained and stable growth of national macro-economy.
(B) Personalized advantages The form of financial leasing is flexible. According to the project conditions and background, as well as the requirements and goals of all parties involved in the project, we can tailor the project plan to meet different conditions and needs. As a new industry, financial leasing itself is a kind of financial innovation. In the fierce market competition with other financial industries, financial leasing has continuously introduced new forms of financial leasing, such as direct leasing, leaseback leasing, subletting, leveraged leasing and entrusted leasing.
(III) Advantages of strong autonomy in equipment selection In the process of financial leasing, the lessee has the right to choose equipment and suppliers independently, independent of the lessor's judgment and decision, and the lessor shall not interfere with the lessee's choice of equipment and suppliers. The lessor may recommend the manufacturer and equipment to the lessee, except the equipment specified by the state, but it has no decision right.
(D) Flexibility advantage of rent payment Financial leasing is more flexible in terms of rent collection. The lessor can determine the repayment time and amount according to the lessee's production nature, capital situation and seasonal characteristics of sales, combined with the actual operation of the enterprise, rather than sticking to the form of regular and fixed payment of rent. The lessee can pay the rent in various forms such as annual payment, semi-annual payment, quarterly payment and monthly payment according to the payment interval; According to whether each rent is equal, it can be divided into equal payment and unequal payment. In practice, the rent payment method agreed by the lessee and the lessor is generally an equal annuity after payment.
(V) Matching with multiple financing methods Advantage financial leasing can match with multiple financing methods, which stems from the needs of common development of both parties. In the establishment period, enterprises use financial leasing in combination with bank loans. The short-term liquidity demand of enterprises is mainly solved by using bank loans, and the long-term financing mainly based on technological transformation is solved by using financial leasing. Enterprises should make clear the purpose of financing, avoid the financial risks brought by using working capital for technological transformation and basic project construction, and give full play to the positive role of lease in accelerating depreciation and adjusting capital structure. In the process of equity financing, enterprises can use financial leasing to provide favorable support. As a financial consultant of an enterprise, a financial leasing company can use diversified financial leasing methods to design a suitable capital structure for the enterprise, help the enterprise to make full use of financial leverage to finance funds, optimize the capital structure, adjust the rate of return on assets, and make the enterprise better meet the listing conditions. In the aspect of M&A, financial leasing can make full use of diversified financial leasing means, help enterprises gain the unique advantages of expansion and contraction, help enterprises optimize their asset-liability structure and solve some sources of funds. Financial leasing can also join hands with venture capital to support small and medium-sized enterprises, or use small and medium-sized enterprise funds to support their development.
(VI) Off-balance sheet financing advantages For enterprises with large financing needs, the credit status is very important. Because loans are generally reflected in the liabilities of enterprises, it will affect the refinancing ability of enterprises. However, financial leasing is off-balance sheet financing. Enterprises can not only finance according to the maximum value of the leased property 100%, save liquidity, but also maintain the existing credit line. Through this kind of off-balance-sheet financing, enterprises can expand the source of funds and break through the limitation of current budget scale. For enterprises whose funds solidify and precipitate after operating for a period of time, off-balance-sheet financing can also be carried out through sale and leaseback. Through sale and leaseback, liquidity can be released, which can meet the needs of enterprises to improve their financial situation and revitalize their existing assets, thus transforming materialized capital into monetary capital and maintaining the liquidity of enterprise funds without affecting the continued use of assets.
(VII) Advantages of simple and fast procedures Small and medium-sized enterprises have flexible operation and strong adaptability, showing the characteristics of "urgency, less frequency" and strong timeliness in terms of capital demand. However, bank loan procedures are cumbersome, involving many links and taking a long time, which often delays business opportunities and cannot meet the capital needs of small and medium-sized enterprises. In financial leasing transactions, small and medium-sized enterprises only need to lease equipment directly according to their needs. Under the same conditions, financial leasing has fewer links, shorter time and faster procedures than bank loans, which is more suitable for the operating rules and financing needs of SMEs.
(VIII) Advantages of complete financing Bank credit is an incomplete financing. In order to ensure the safety of credit assets, banks not only need small and medium-sized enterprises to provide mortgage loans to banks, but also implement a low discount rate for collateral. The general loan amount is 30% of the assessed value of the collateral. Compared with bank credit, financial leasing has the advantage of complete financing. In fact, financial leasing is 65,438+000% of the total financing from the lessor to the lessee. What the lessor provides to the lessee is
(9) Small and medium-sized enterprises with low-cost advantages can obtain the right to use equipment with less rent, create profits and achieve business objectives. The payment of funds lags behind the use of assets, which is conducive to giving full play to the time value of funds and creating greater value for the limited funds of small and medium-sized enterprises. Small and medium-sized enterprises use equipment to produce, create profits and pay rent at the same time, improve production capacity at a lower cost, and avoid the restriction of insufficient funds on production capacity.
(X) Advantages of Tax Saving Generally speaking, the state has formulated a series of preferential policies for financial leasing in order to encourage investment and promote the technological progress of small and medium-sized enterprises. 1In April, 1996, the State Taxation Bureau issued the Notice on Fiscal and Tax Issues Related to Promoting Technological Progress of Enterprises, which stipulated that the depreciation period of machinery and equipment rented by financing lease for technological transformation of enterprises can be determined according to the principle of fixed period stipulated by the state, but the minimum period should not be less than 3 years. For the lessee, the cost of financial leasing is obviously higher than the cost of credit funds, but compared with the market opportunities obtained by delaying the payment of income tax, reducing the debt ratio and saving financing time, the lessee's benefits are very significant.
(XI) Service Advantage Financial leasing is not a simple financing, but a knowledge-intensive marginal industry integrating finance, trade and service. Financial leasing can not only solve the financing difficulties of small and medium-sized enterprises, but also provide them with all-round services such as asset management, investment consulting, management consulting and capital operation, and make up for their "congenital deficiency" in this respect. ;