Research On Financial Lease And The Domestic Medium-and-small Enterprises' Financing Problem

Financial lease is a kind of trade which means lessor purchases the real object property from provider on the condition of lessee. Lessee pays all or big parts of that property cost by installment. Financial lease with its unique theoretical characteristics can resolve effectively the medium-and-small enterprises'financing problem. â… Leasing Economic and Financial Lease â…°The evolution of lease economic notion The development of leasing industry can be divided to three phrases: traditional lease ,modern lease and contemporary lease. The mainstream of lease economic notion in the three phrases is: "instant usage value view", "value increasing view"and "finance view". The core economic idea of contemporary lease is time value of money view, which is the notion base of the choice of lease. â…±The characteristics and meaning of financial lease Financial lease is a kind of trade which means lessor purchases the real object property from provider on the condition of lessee. Lessee pays all or big parts of that property cost by installment. Financial lease is the most extensive and basic leasing method in modern lease business. The main characteristics of financial lease are: financial lease generally involves three square party concerned, and they are lessee,lessor and goods provider; leasehold and goods provider is selected by lessee ; financial lease signs two or more than two contracts etc. â…¡Financial Lease Theories Research â…°The comparison of financial lease and other credit forms Financial lease as a kind of credit forms not only concerns with other credit forms but also differences from them. 1,The common place of financial lease and commercial credit are: they all purchase the merchandise first, and then in a long period pay back the funds and interests, and they all provide credit on the form of merchandise. But in the ownership aspect and the scope and businesses relationship of credit aspect, they all exist the hypostatic differentiation. 2,View from a finance angle, both financial lease and bank credit provide funds to enterprises and take back certain interests. But they are different in the form of capital moving and related person and object aspect etc. Otherwise, financial lease is more flexible in business operation than dealing credit in international trade. 3,The common place of financial lease and trust credit are: they are on the bases of credit and they all own the finance function. But in the ownership and the main part of business activity aspect they are different. â…±The risk analysis of financial lease Neo-classical economics has two hypothesis premises. One hypothesis premise is that the information is perfect. Under this premise, both the buyer and the seller can't swindle each other. The information dissymmetry may lead to "moral hazard"which can cause the market become "lemon market"of "adverse selection ". It will injure thedevelopment of the financial lease industry. Information perfect is an ideal appearance, and in actual work, the information dissymmetry is inevitable. There are two important ways to avoid information dissymmetry, one is looking for perfect information, and the other is to avoid depending on information. The information economics theory can be used to avoid "moral hazard"in financial lease and design and innovate lease mode. â…²The function of the financial lease to adjust and control economy Investment is a very important factor that affects the economic development, and it need to be controlled the scale. Investment shortage will repress economic development and cause employment reduce and depression; Investment inflation will cause the total supply to be out of balance and lead to inflation. Financial lease is the important way which can control investment scale and keep the investment increase appropriately. This is determined by characteristics of lease. â…¢The Experience of Leasing Industry Development in Domestic and International Drawing on the experience of the developed countries such as US and Japan and Jiangzhe Region in domestic, financial lease industry's healthy and fast development can not get away from beneficial macroscopic environment, especially the government policy support. The preferential policies of the government in the respect such as tax,loan,insurance,public finance subsidy will take important effect onlease industry. â…£Developing Financial Leasing to Resolve the Medium-and-small Enterprises'Financing Problem â…°Analysis of the medium-and-small enterprises'financing problem Compared with the big business enterprises, the capital of the medium-and-small enterprises small. It is hard for the medium-and-small enterprise to obtain funds by issue bond and stock. The main financing channel of the medium-and-small enterprises is bank loan, but it is often led to dilemma. So, a lot of financing project and policy suggestion is put forward, but the feasibility is bad. â…±The advantage of financial lease on the medium-and-small enterprises'financing Financial lease may lower the financing condition of the medium-and-small enterprises. The procedure is simple and the expense is lower. The medium-and-small enterprises can obtain preferential tax policy. It can improve management condition of the medium-and-small enterprises and repress the blindness investment. Financial lease also may reduce financial risk and adjust and promote industrial structure and product structure of the medium-and-small enterprises. At last, financial lease can help the medium-and-small enterprises use foreign funds and technology and avoid inflation,guard against exchange rate and interest rate risk. â…²Several financial lease methods be suitable for themedium-and-small enterprises'development For the medium-and-small enterprises, the leasehold's price may range from several ten thousand to several hundred million RMB by adopting financial lease. Moreover, the period of lease is longer than long-term and mid-term credit. There are a lot of methods of financial lease. The direct lease,financial sub-lease and sale and leaseback transaction are suitable for the medium-and-small enterprises. â…¤The Problem of Leasing Industry in Our Country and Countermeasure â…°The problem of the development leasing industry in our country currently The market economy of our country is not flourishing enough, and the research for contemporary lease is lack. The medium-and-small enterprises'notion of "owning is more important than usage"restricts financing by leasing. In addition, the government does not attach importance to financial lease. The preferential policy is lack. Leasing industry management is chaos. The macro guide is slack. The law system of financial lease is not sound. Moreover, the phenomenon of credit imperfection is serious. â…±The countermeasure of developing financial lease and improving financing environment of the medium-and-small enterprises The main countermeasure of developing financial lease and improving financing environment of the medium-and-small enterprises are: enlarging the government policy support, perfecting related laws,...