Research On Innovating And Realizing Of Finance Lease In China Rail Transportation Equipment

The rapid development of China economy raises higher requirements and challenges on the demanding of financing concerning railway construction and railway transportation equipment. Therefore, the promotion of railway investment and financing reform becomes one of the keystones for China Railways. Combination of various financing tools can not only ameliorate the railway capital structure, but also reduce the financing cost and improve the financing efficiency. Financing leasing, as one of the flexible financing modes, can attract large amount of foreign investment and folk funds into the railway transportation industry with its unique advantages, which is the effective financing way to satisfy the capital demands of China's railway construction, especially the construction of railway transportation equipment.On the basis of studying railway financing leasing in advanced countries such as U.S.A and U.K. etc. and the present mature status of plane leasing in China as well as analyzing the market conditions for financing leasing of railway transportation equipment and relevant policies within China Railways, the article points out that the present market environment and policies provide conditions for the implementation of financing leasing for Chinese railway transportation equipment. It further analyzes and evaluates the economic benefits of financing leasing qualitatively and quantificationally, resulting in the opinion that the financing leasing will excel bank loans from the aspect of economic costs under certain conditions and is good for reducing financing cost and improving enterprise's operation activities. Meanwhile, the article regards the credit and market risk as the most importation risk factors in railway financing leasing business by investigating railway financing leasing risks and risk control measures from the perspective of the lessee and lessor. In conclusion, it proposes relevant policy recommendations for implementing financing leasing in railway industry on the basis of above-mentioned risks and explores the breakthroughs during the implementation in the near future as well as the perspective planning.The article innovates in the following four aspects on the basis of the above study: It explores systematically the application of financing leasing in China railway and the feasibility of breaking bottlenecks concerning railway capital, advancing the basic way for the application of financing leasing in China railway industry.It puts forward the leveraged leasing mode basing on the flexible rental and considers the lessee has the least present value of cash outflow after tax under the leveraged leasing mode on the basis of flexible payment of rental, which is the best leasing mode, by comparing the economic benefits of leveraged leasing under loan purchase, normal leveraged leasing and flexible payment of rental respectively.It analyzes the leveraged leasing mode on the basis of full life cycle of railway transportation equipment with the game theory, concluding the feasibility and superiority of flexible payment of rental.It studies the way of making railway financing as the service platform for railway transportation equipment manufacturers by analyzing the general performance of financing leasing mode, the entry point of financing leasing innovation and its restrictions. Furthermore, it innovatively integrates and combines the trust leasing and sharing-revenue leasing together to resolve the relevant problems of China's railway transportation equipment financing: i. trust leasing is designed between financing leasing company and potential investors and manufactures, therefore, the financing leasing company has legal right of management while potential investors and equipment manufacturers involve with financing leasing; ii. sharing-revenue leasing is adopted between financing leasing company and the lessee to realize the leverage of financing leasing. The payment of rental of lessee matches with the benefit of the time to relieve the loan pressure in the early stage and detract the risks.