金融 外文翻译 英文文献 金融租赁和中国的小微企业的研究.doc

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1、文献出处：YANG J. The Research on Financial Leasing and Chinas Small Micro EnterprisesJ. International Business and Management, 2012, 5(1): 33-37.文献一：The Research on Financial Leasing and Chinas Small Micro EnterprisesAbstract：The financing difficulties is Chinas small micro enterprises existence a unive

2、rsal problem, it has become the main small micro enterprises development of a bottleneck. The financial leasing in the service of small micro enterprises has marked effect. First, to broaden the financing channels of small micro enterprises, second, reduce the fund pressure of small micro enterprise

3、s, and the third, promote the technology innovation of small micro enterprises, fourth, promote the market development of small micro enterprises. Due to lack of necessary knowledge on financial leasing, corresponding policies imperfect, lack of the necessary capital supply, affecting the developmen

4、t of financial leasing. To promote the development of financial leasing, China should establish uniform management system, improve the relevant policies, expand the funding sources of financial leasing.Key words: Small micro enterprises; Financial leasing; Role; Problems; SuggestionsINTRODUCTION：Sma

5、ll micro enterprises in the process of economic development of China plays a more and more prominent role, however, Chinas small micro enterprises generally faced the difficulty of shortage of funds. How to solve the financing problems of small micro enterprises is a hot issue in Chinas economic dev

6、elopment. Studies have shown that financial leasing is an effective way to solve the financing difficulties of small micro enterprises in China. Positive development of financial leasing, can effectively resolve the financing problems of small micro enterprises, thereby promoting economic developmen

7、t.Financial Leasing as a new way to trade, it put the traditional rental, trade and financial way all organic combination up, be understood as a financing bank loans and capital markets after the third road. Financial leasing has the dual function of financing and financial objects, has its unique a

8、dvantages in the service of the real economy, especially in services to small micro enterprises. In 2010 June, Chinese financial authorities issued further completes the small micro enterprise financial service work certain opinions, requirement to the development of the financial leasing business.

9、The full display financial leasings function, may promote the small micro enterprises development effectively.1. FINANCIAL LEASING IS THE IDEAL FINANCING OPTIONS FOR SMES IN CHINABecause Chinas small micro enterprises financing channel is narrow, the financial leasing in service for small companies

10、can give full play to the advantages provided a condition.The enterprise financing way has stockholders rights financing and the creditors rights financing two types. Stockholders rights financing can be divided into two forms: public offering and private collect. The public to raise financing is IP

11、O financing. From the present situation of the development of Chinas capital market see, through the IPO of the financing of enterprise are only a small part, thousands of companies listed on the inside and outside is only a very small part of the tens of millions of enterprises. Do not need to unde

12、rgo a rigorous listing of the audit through a private placement financing, relatively speaking, easier to achieve financing, however, due to the operation of the private equity funds to achieve legalization, even though the public has a lot of private equity funds exist, but really be able to supply

13、 the amount of money is relatively limited. On the creditors rights financing, at present Chinas form of creditors rights financing is single, mainly bank credit channel. Bank considering security problems, often to provide money for a credit ratings, the strength of large enterprises, in addition,

14、due to the bank credit market degree is relatively low, not established truly mature enterprise credit rating system, especially the rating system of the small micro enterprises, so that the bank credit activity impossible cover a much wider range of debt financing needs, only to meet a range of fin

15、ancing demand. So, small and medium-sized enterprises, especially small micro enterprises financing constraints become enterprise development of a bottleneck. Financial leasing way was invented in the 1950s, as a kind of long-term debt financing, is by the lesser according to the lessees need, in ad

16、vance in accordance with the contract, the lessee to designated betray a person to buy the lessee designate d fixed assets, in the lessor has the fixed assets under the premise of ownership, to the lessee pays the rent for conditions, will be a period of time fixed assets and earnings of the right t

17、o transfer to the lessee. Financial lease financing way has several obvious features: First, the lessee may have a full financing. Second, can save the lessees capital investment, reduce business cash flow pressure. Third, the leased equipment is selec ted according to their needs to determine by th

18、e lessee. Fourth, lease activities involve at least three parties, can form the mutual restrict. Fifth, after the expiry of the lease, the lessee of the equipment used dispose of the three options remain to purchase, renew or surrender of tenancy rights. At the same time, the financial leasing has t

19、he function of financing and product promotion function. Financial leadings characteristic and the function speaking of the financing channel narrow small micro enterprise, is one relatively ideal financing solution way. Therefore, financial leasing has superiority serves for the small micro enterpr

20、ises, it easier to become one kind of substitution choice of small micro enterprises long-term creditors rights debt financing. 2. THE ROLE PLAYED BY FINANCIAL LEASING SERVICES TO SMESFinancial leasing advantage decided it has a unique role in service for small micro enterprises. Financial leasing h

21、as the following advantages: First, provides professional services for small micro enterprises. Leasing companies often choose some specific industry to carry out leasing business, can provide enterprises with professional services. In the process of cooperation with the enterprise, the leasing comp

22、any in addition to providing financing service outside, with the development of it industry, enterprise to the understanding of the profit model, and master the management of the enterprise, which objectively can play on small micro enterprises guidance. Second, procedure is simple, flexible service

23、. Usually, the small micro enterprises has short, anxious, the quick characteristic to the fund demand. Compared with the bank credit, financial leasing to the lessee of assets and liabilities of the requirements is not high, do not need to strict examination and approval, only need to the lessee of

24、 the future cash flow of an investigation. The small micro enterprises with rents the company to work out the different contract, satisfies the tenant to the cash flow request, the rent payment pattern may also process nimbly. Therefore, financial leasing way more accord with small micro enterprises

25、 capital demand characteristic. Third, helps small micro enterprises to reduce operation risk. Not afford to buy production equipment, the lessee obtained through financial leasing equipment, the project put into operation as early as the early benefit from improved operating efficiency. The financi

26、al leasing reduces the outflow of funds for the enterprise equipping. Financial leasing scheme is designed with a certain degree of flexibility, leasing companies can be tailored according to the enterprises cash flow rent repayment plan, avoid enterprise repayment pressure too concentrated, thereby

27、 reducing the financial risk. Entered into a lease contract, the equipment prices, rentals and other important issues are to determine the one-time, the lease term remains fixed, thus reducing the uncertainty due to price fluctuations in the process of renting. Because financial leasing has the adva

28、ntage, therefore, it plays a unique role in service for small micro enterprises.2.1 Expand the Small Micro Enterprises Financing Channel Bank considers to the safety of the credit funds to set up corresponding assets loan mortgage conditions, the small micro enterprises are restricted by many factor

29、s, it is difficult to obtain loan from the bank. Compared with the cumbersome procedure of the bank loans, financial leasing often do not require the lessee to provide credit guarantee finance simplicity, therefore, the financial leasing for those in the early days, theres no mortgage assets, the la

30、ck of complete credit history, asset-liability ratio higher small micro enterprises, especially small micro enterprises in the start-up stage to provide a realistic financing channels.2.2 Reduce the Small Micro Enterprises Fund Pressure Compared with corporate self-purchase of equipment, through fin

31、ancial leasing, the lessee pays the rent way to obtain the right to use of machinery and equipment, a combination of financing and investment, to create the operating profit. Although the equipment not getting the ownership of the equipment, but, the enterprise to pay the rent for the far less than

32、the amount needed for the lump sum investment financing volume. With the aid of financial leasing, the lessee is by equipment, return the money, namely to rent way to pay for the equipment. The rent installment payment amount by the lessee and the lessor is both in their cash flow condition consider

33、ed after certain, beneficial to the lessee cash flow, managing enterprise capital expenditure, reduce the financial pressure. In addition, because of the financial leasing is not included in the companys balance sheet, through financial leasing enterprises can reduce the rate of assets and liabiliti

34、es, for the enterprise development laid the foundation for other financing activities2.3 Promote the Small Micro Enterprises Technological Innovation Financial leasing can make both supply and demand meet directly, reduce the intermediate link, so as to facilitate the equipment into the fields, and

35、drive enterprise production development, financial leasing to become the link of enterprises cohesion production and sales. Due to the strength of strong small micro enterprises reduce the full risk of equipment investment, so that enterprises have more energy to track changes in the market, acceler

36、ate technical innovation pace, produces more competitive products. Small micro enterprises through financial leasing to reduce the burden of equipment investment, quickly get the needed technology and equipment. This way can shorten the technological transformation of the enterprise and equipment re

37、newal cycle, through the continuous rent advanced equipment to shorten the time machine equipment use, thus speeding up production equipment renewal, maintain production technology lead, and seizes the market opportunities.2.4 Promote the Small Micro Enterprise to Develop the Market Financing and th

38、e sale are two difficult problems which the small micro enterprises faces. Financial leasing has not only solved enterprises financing problem, moreover the help enterprise has developed the market. May reduce the selling expenses through financial leasing, reduces purchases the threshold, enhanceme

39、nt customer purchase ability, to reduce sells links account receivable and the time sale risk. At the same time, because financial leasing is one kind manages the behavior, between the lessor and the tenant maintains continually the good communication condition, the tenant can act according to the c

40、ustomer feedback the information, carries on the renewal and the consummation to the product, maintains the product the lead. Through financial leasing, may communicate the finance, the trade, to produce three markets, the guidance capital reasonable order is mobile, promotion financial capital, ind

41、ustrial capital and trade capital fusion. 3. THE PROBLEMS OF CHINAS FINANCIAL LEASING AND WHY2011 China financial leasing industry development report shows, to the end of 2011, 286 Chinese operations in the book all types of financial leasing companies, financial leasing contract balance of approxim

42、ately 930 billion yuan. Should say, financial leasing industry development scale and the development of the Chinese economy condition is dont match3.1 Problems of Financial LeasingAlthough China financial leasing business started in 1981, but look on the whole, it is still a new business in China, i

43、s still in the initial stage of development, the external market environment, the legal environment is still not perfect and mature. As the main body of market rental company professional skills, management level, risk control ability has yet to be further improved. 2011 China financial leasing indu

44、stry development report listed the problems of Chinas financial leasing industry: First, to financial leasing profession understanding existence erroneous zone. The Department concerned thought that financial leasing will boost the inflation, thus, the financial leasing company has adopted the scale

45、 control policy, rented enterprises sources of fund to come under the influence. Second, financial leasing business in areas around the development is not balanced. As 90% of all types of financial leasing companies are concentrated in 30 cities, including Beijing, Shanghai, Tianjin, while the rest

46、of the country more than 200 Earth-level above the city, including some capital cities, has not a financial leasing company. Third, relevant laws and regulations are not perfect. The development of financial leasing industry still lacks a unified and effective judicial safeguard. Fourth, financial l

47、easing companys risk awareness is still relatively weak. The country related supervisory departments supervision system is not perfect. Many lease enterprises did not set up effective risk control mechanism. Some lease enterprise on a smaller scale, but business promoting soon, capital adequacy rati

48、o even less than 1%. Some comprehensive lease in the business enterprise develop, after-sales back to the proportion of the rent is too big. In addition, Chinas financial leasing industry regulation is not uniform. Chinas financial leasing industry, according to the different nature of the investor,

49、 by the Peoples Bank of China, the CBRC, the CSRC, the Ministry of Commerce of China, both funded by commercial banks or the four asset management companies, non-bank financial institutions supervision by the CBRC, also includes by each kind of non-financial enterprise investment, the Ministry of Commerce of China is responsible to supervise, not to include the financial organ to rent the company。3.2 The Cause of the ProblemsThe main reason is to influence the development of Chinas financial leasing: