The leasing market is the market where leasing activities take place. The leasing market has the dual nature of financing and financing.Modern leasing as a convenient and fastfinancingThe way of financing is playing an increasingly important role in domestic and international economic activities.According to the data in various world annual reports, it is the latest market overview of domestic leasing in 2014. The whole market is about 1 billion dollars, with a total of more than 800 billion dollars. The main market is in North America. It is a very mature market, but China accounts for the largest market. From the overall growth rate,Leasing itself is one of the fastest growing markets in new or developing countries. The whole leasing market is probably in Taiwan, as well as in mainland China. In addition, we have another market in Southeast Asia, includingThailand, such a market has also developed toRussiaWhen we go to Moscow to develop the market, the market share of the whole market in Asia is 20%. Next, let's take a look at the rental markets of the whole major countries. This is the information in the world rental annual report provided by us,U.S.AIt is the largest market. China's market is 88 billion yuan, and Taiwan's market is about 8 billion yuan.In fact, leasing is a very mature market in the US market, nearly 20%, and less than 10% in China. Just now, several presenters have made a speech, and there are some difficulties in the leasing market, but the market is quite large.[1]
Chinese name
Rental market
Lease market function
Save money, expand sales and expand product market
（1） Functions of the leasing market for the lessee
For the lessee, the leasing market can not only save capital investment and speed up the flow of capital, but also avoidinflationAnd caused losses.Due to leasecontractThe rent shall be calculated based on the original price signed in advance, and the rent shall be paid according to the original standard in the following years.In this way, the lessee can avoid the impact of inflation and reduce investment risks.In addition, leasing can prevent losses caused by obsolete equipment.In the leasing business, the equipment can be returned to the lessor upon expiration, and the successor can re lease more advanced equipment after the lease term ends, thus ensuring the technological advancement of the enterprise's production equipment.At the same time, due to the dual nature of finance and trade, leasing is conducive to the introduction of foreign technology and equipment.
（2） Functions of the leasing market for the lessor
For the lessor, the leasing market can first expand the sales of equipment and accelerate the turnover of funds, then obtain more income, and third, get preferential treatment for accelerated depreciation in tax.useFinancial leaseHowever, the leased equipment is not treated as the asset of the enterprise that carries out the leasing business in general countries, and can obtain the preferential win of tax exemption in the country;useOperating leaseIn the form of, the lessor may also require the rent to be treated as depreciation expense and investment exemption.In addition, the tax payable can be paid in installments.This can ease the difficulty of insufficient funds.
（3） Functions of leasing market for equipment manufacturing enterprises
For equipment manufacturing enterprises, the leasing market is conducive to developing product markets and expanding commodity sales.After the mass production of a new advanced equipment, due to the investment and purchase of leasing companies, enterprises that need equipment but lack funds can purchase additional equipment, expand the product market and increase sales, so that the commodity value of equipment manufacturing enterprises can be realized as soon as possible and speed up capital turnover.
（4） Functions of the rental market for the country
For developing countries like China, the massive use of leasing to introduce advanced technology can make up for and ease the demand for funds, which is conducive to accelerating the development of the domestic economy.Moreover, for general countries, leasing can improve the balance of payments imbalance.Since the leasing company has the dual functions of bank and import company, the utilization of foreign capital and the introduction of equipment can be carried out simultaneously, which can not only speed up the introduction of foreign capital, but also facilitate the access to preferential loans.
subject
Announce
edit
The lessee, the lessor and the supplier are the basic parties in a leasing transaction. The three parties organically combine the leasing contract with both traditional leasing and financial characteristics through the sales contract. Therefore, the market players in the leasing market are divided into three categories accordingly.
lessor
The lessor refers to the natural person or legal person who leases the lease subject matter.The emergence of the rental market provides a new investment field for social investment.In countries with relatively mature leasing markets, investors can not only operate leasing businesses by directly investing in leasing companies, but also invest in leasing fundsLeveraged leaseAnd other transactions, only invest but not participate in the operation to enter the leasing industry, and thus obtain the corresponding return on investment.The asset management function of the leasing company is derived from the above promotion function, but the leasing company is developingOperating leaseBusiness also bears the risk of ownership of leased items.
lessee
A lessee is one who pays the rent and enjoys the right to use the lease subject matternatural personorlegal person。It is the basic function of leasing transactions to provide financing for the lessee in the form of financing.But the advantages of leasing to the lessee are not only that.As many countries, including China, have similar provisions, when the lease term is shorter than the legal life of the leased equipment, the lessee can take the lease term as the depreciation period of the leased equipment.For profitable enterprises, this kind of accounting treatment can make them obtain the benefits of delayed tax payment.Thus, lease financing becomes a kind of financing method with tax saving function.For the lessee, through the sale and leaseback method, the materialized assets with poor liquidity will be transformed into the cash assets with the strongest liquidity.The lessee can use these cash assets for debt repayment, reinvestment, asset restructuring or increasing working capital and other purposes.
supplier
The supplier refers to the manufacturer or individual who produces or sells the lease object in the lease market.Leasing plays an important promotional role for suppliers.
tool
Announce
edit
According to the nature of leasing business, leasing can be mainly divided into financial leasing, operating leasing, entrusted leasing, leveraged leasing and joint leasing.
finance lease
finance leaseIt means that the lessor purchases the equipment according to the leased equipment and supplier selected by the lessee for the purpose of providing financial accommodation to the lessee, and the lessee obtains the long-term use right of the equipment by signing a finance lease contract with the lessor at the cost of paying the rent.In fact, in addition to the ownership of the leased equipment and its corresponding disposal rights, the lessor transferred the right to use the leased equipment, the right to benefit from the leased equipment, and the rights and obligations related to the maintenance, repair, training, etc. of the leased equipment to the lessee.As far as the lessee is concerned, the purpose of financing is achieved by means of financial leasing and financing.
Due to different transaction modes, financial leasing can be divided into direct financial leasing (usually referred to as "financial leasing"), sublease financial leasing and leaseback financial leasing.Sublease financial lease (hereinafter referred to as "sublease") is another way of financial lease transactions, which refers to multiple financial lease businesses with the same object as the subject matter.In sublease business, the lessee of the previous lease contract is also the lessor of the next contract, which is called sublesser.The sublesser leases the leased object from other lessors and subleases it to a third person. The sublesser is responsible for collecting the rent difference.The ownership of the leased goods belongs to the first lessor.Leaseback finance lease (also called "sale leaseback", "sale leaseback" or "leaseback") is also a transaction mode of finance lease.Leaseback business refers to the leasing form in which the lessee sells its own goods to the lessor, signs a financial lease contract with the lessor, and then leases the goods back from the lessor.Leaseback business is a special financial leasing mode in which the lessee and the seller are the same person. "
Operating lease
Operating leasealso calledService leaseMeans that the lessor not only provides the lessee with the right to use the equipment, but also provides the lessee with equipment maintenance, insurance, repair and other specialized technical services.Operating lease is a revocable and incompletely paid short-term lease business.The main characteristics of operating lease are as follows:;First, in operating leases, the lessor selects and purchases the subject matter of the lease according to market needs.Second, during the contract period, the lessee can terminate the contract and return the equipment to lease more advanced equipment.Third, in a single lease term, the lessor can only recover part of the advance capital of the equipment from the rent, and the equipment must be leased to multiple successors in the future to recover the investment and generate profits.Fourth, after the lease term expires, the subject matter of the lease is generally returned to the lessor, and the lessee does not bear the ownership risk.
Entrusted lease
Entrusted leaseIt is the combination of trust and financial leasing. It is the act that the trustor entrusts the right to use its monetary capital property to the trustee based on the trust of the trustee, and the trustee uses and disposes of it in the form of financial leasing in its own name and for the trustee's interests or specific purposes according to the wishes of the trustor.Leverage lease is also the combination of trust and finance lease.
Development status
Announce
edit
The development of China's rental market began with China's reform and opening up in the 1980s. Compared with the scale of foreign rental markets, China's rental market is still relatively small, but its growth space cannot be underestimated. The rental industry has broad development space in China.On the whole, China's leasing market has developed rapidly, with increasingly diversified market entities and flexible and innovative business varieties. However, there are also many obstacles in the development process.
（1） The rental market is developing rapidly
The leasing industry is a small industry in China, but its growth space cannot be underestimated.Compared with the financing pattern of bank, securities and financial leasing in the fixed asset investment in the United States, and the phenomenon of multinational companies using leasing to occupy the world market, the leasing industry has broad development space in China.According to the statistics of the Financial Leasing Professional Committee of the Chinese Financial Society, as of December 31, 2003, the total assets of the financial leasing industry were nearly 21.4 billion yuan, a net increase of 5.5 billion yuan over 2002, up 35% year on year.China's civil aviation, urban taxi industry and mobile communication industry have all developed rapidly after the introduction of foreign aircraft, cars and equipment through financial leasing.Yunnan tobacco industry has taken off, township enterprises in Jiangsu and Zhejiang have sprung up, many enterprises have adjusted their product structure, and military products have been transferred to civilian productsFinance leasing companyValuable support.Some enterprises turn losses into profits and gradually develop into listed companies with the support of leasing companies.So far, China's civil aviation system has introduced more than 300 international advanced models through financial leasing, with a cumulative amount of $15 billion.The post and telecommunications system introduced mobile communications andProgram controlled telephoneThe accumulated amount of equipment is more than US $2 billion.In China, more than 6000 enterprises have used financial leasing for technological transformation, with a cumulative amount of 27.6 billion yuan.
（2） Increasingly diversified market entities
Financial leasing companies of financial institutions and non-financial institutionsForeign invested leasing companiesandDomestic leasing company。Since the reform and opening up, the People's Bank of China hasNon bank financial institutionsThere were 16 financial leasing companies approved by the management measures. After the governance and rectification of financial institutions in recent years, there were still 12 by the end of 2002.In addition, nearly 100 financial companies and nearly 100 financial companiestrust companyandFinancial asset management companyWith the approval of the People's Bank of China, it may concurrently engage in financial leasing business.By the end of 2002, those approved by the Ministry of Foreign Trade and Economic Cooperation to engage in financial leasing businessSino foreign joint venture leasing companyThere are 32.In addition, there are a large number of leasing companies engaged in operating leasing business, mainly leasing services for construction machinery, containers, information and office equipment.Nearly 70% of foreign investors in joint venture leasing companies are Japanese banks, commercial firms and leasing companies.
After the mid-1990s, European and American multinational companies began to intervene in China's joint-venture leasing industry.IBM、HP、Siemens?, CIT, etc.Chinese shareholders are generally domestic banks andNon bank financial institutionsLarge state-owned enterprises and state-owned foreign trade companies.In the mid-1980s,Planned economyThe material and mechanical and electrical companies under the Group also began to actively explore the financial leasing business in the circulation of equipment, and various leasing companies have sprung up all over the country.However, due to the limitation of understanding the function of financial leasing business at that time, financial leasing business was defined as financial business, and the administrative licensing legislation for leasing companies of domestic non-financial institutions to engage in financial leasing business has not yet been formulatedDomestic leasing companyThe development of has been inhibited.
（3） Flexible innovation of business varieties
Each financial leasing company has launched new business varieties to explore the market with flexible and diversified business innovation. Among them, the most distinctive and cutting-edge are co entrusted leasing, aircraft leasing and manufacturer leasing.
Among the surging new financial products, the innovative financial product jointly entrusted leasing developed by financial leasing companies has attracted the attention of many enterprises.After the successful implementation of the first co entrusted leasing plan - highway construction project in 2003Jiangsu Financial Leasing Co., LtdA new large-scale co entrusted leasing plan - power investment co entrusted leasing project has been launchedZhejiang Financial Leasing Co., LtdA joint entrusted leasing plan with real estate as the subject is also quietly brewing.All kinds of signs show that co entrusted leasing is becoming a sharp tool for financial leasing companies to tear up the gap in the corporate financing market.
In addition, a professional aircraft leasing company led by Air China is quietly brewing.Before the birth of professional aircraft leasing companies, Shenzhen Financial Leasing Company and Xinjiang Financial Leasing Company have successively tested aircraft leasing business.Shenzhen Financial Leasing Company, a subsidiary of Sanjiu Group, has been very successful in aircraft leasing business.The industry generally believes that aircraft leasing assets are the best leasing assets in China at present, and the profit margin is also large.
Since last year, the manufacturer leasing business developed by financial leasing companies represented by New Century Financial Leasing Company is gradually developing.The biggest difference between the manufacturer leasing model and the general leasing model is that the supplier recommends customers to the leasing company, which is an innovation in the marketing mechanism.Through vendor leasing, suppliers have captured customers, sold more products, and accelerated the return of funds;Customers get the equipment they want to buy, and win the first chance in the competition, so small and medium-sized enterprises getDevice updateNew financing channels for technological transformation;The leasing company can find high-quality customers without too much effort, expand the business volume, and finally achieve a win-win situation.
（4） Government policy support
In terms of law, the first regulatory document on financial leasing issued by China was the Provisions of the Supreme People's Court on Several Issues Concerning the Trial of Disputes over Financial Leasing Contracts on May 28, 1996, and was issued again on October 1, 1999《contract law》The law separately lists operating lease and financial lease as listed contracts, thus ensuring the legal status of financial lease.
In terms of accounting standards, the Ministry of Finance issued the Accounting Standards for Business Enterprises - Leasing on January 18, 2001. The formulation of this standard has made the leasing behavior have laws to abide by in the company's financial affairs, avoiding the confusion of previous accounting treatment.On November 27, 2001, the Ministry of Finance issued《Accounting system for financial enterprises》This system is applicable to leasing companies.So far, China's lease accounting has relevant provisions at the standard level and system level.
In terms of taxation,treasury department、State Administration of TaxationThe Notice on Several Policy Issues of Business Tax was issued on January 15, 2003, which clearly stipulates the tax basis of business tax for leasing enterprises.
These regulate the market behavior of leasing companies and provide a supporting policy environment for the development of the leasing industry.
（5） There are still many obstacles in the development
China's financial leasing industry started fromPlanned economyThe period was gradually developed with the process of reform and opening up and the transformation of economic system.Due to the changes in economic policies, management systems, credit mechanisms and the management of leasing companies themselves, many problems and difficulties have also occurred in the financial leasing industry.
For example, some leasing companies established earlier were in arrears with a large number of rents;Leasing companies have too little registered capital, operate with high liabilities, and have poor risk resistance;
Some financial leasing companies are not operating in a standardized manner, and the main business of leasing is not prominent. After the financial industry is operated separately, there is a lack of capital sources, and the capital turnover is seriously difficult, and the asset situation worsens;
Some joint venture leasing companies have stopped new business in recent years due to the expiration of the term of the joint venture or due to changes in the investment policies of Chinese and foreign shareholders and their own operating conditions. Some foreign investors are in a wait-and-see state, and some leasing companies have begun to prepare for liquidation.
To a large extent, the above-mentioned problems are unavoidable historical legacy problems in the process of objective development.But at the same time, it is also gratifying to see that many new companies have stable performance and good development momentum.Some old companies have strengthened their investment confidence after solving the problem of rent arrears in government guaranteed projects. Some continue to carry out new businesses, and some intend to continue to extend their operations through share transfer or asset restructuring.
