The Strategy Of Financial Lease

The Financial lease is also named Modern lease, which combines the traditional lease ,transactions and the finance. It is an usual way to raise funds by raising assets . The first financing lease corporation, which dated from the fifties of the 20th century, appeared in the U.S.A. Then, the Financial lease began to develop dramatically in American-European countries (including Japan ) and other areas. Now it has become one of the most important methods of financing in modern enterprises, and its impact on global economy is more and more significant.The financial lease in application has not been a long period, but it develops at a surprisingly speed on a wordwild basis. The Financial lease has achieved an effective resource allocation successfully by united the banking credit, the commercial credit and the consumption credit. It developed vigorously all over the world since it can accelerate the upgrading of industrial structure , stimulate the domestic demand and promote technological innovation. Its flourishing economic trend has proved it to be a glamorous prospect in the future. The financial leasing industry has already become a"rising industry " in developed countries. What's more, it has become one of the five financial pillar industries together with banking , insurance , trust , securities ,etc.. It is the second popularized financing method while the bank credit is the first in western developed countries. And 1/3 of the investment is accomplished through this way in the whole world at present.The Financial lease can not only accelerate economic development in view of macroscopic, but it also play a significant role to the corporate finance in the aspect of microscopic. Meanwhile the financial lease in our country appeared lately and its market is still not mature, its monotonous structure and form require further development. There is a potential in leasing industry in our country. In this case , analyzing the strategy of financial lease and study its impact on corporate finance will broad our vision in corporate finance, which is consistent with the requirement for corporate finance affairs in practice. So far, the exist research on this subject almost concentrates on one-side anlysis from its nature, but few research on its role in corporate finance,such as fund-raising , investment and distribution of return etc. Under this circumstances, this dissertation will analyze the strategy of it comprehensively from a corporate finance angle , then adjust and improve it in an appropriate way to make it an effective activity in business administration and corporate finance.Meanwhile, with the development of our capital market and the financial derivatives market, No matter from our concept or in finance practice, the traditional corporate finance has gone through a essence change. Enterprises cannot corporate its finance without the consideration of the great impact of financial derivatives. The financial derivatives is like a double-edged sword.When it is used rationally ,it can bring about a huge wealth to a company.Otherwise, it will cause a fatal consequent to a company.Financial Management is a kind of theory , the more important,it is a kind of idea and thought. As an innovative achievement deriving from the basic financial tools, future and option are advanced tools for corporate finance. What's more, it reflects the idea of an advanced corporate finance. In other words, the option and the future should not only be regarded as the financial contract trading on the market and participating in the corporate finance, it should also be used in financial practice as a valuable financial idea. Therefor, the text attempts to do some research conbining the option of future and option with financial lease strategy together, and then utilize the principle of option and future to improve and design the innovative financial lease contract.Three kinds of new-type strategy put forward chartering their respective risk partiality are the marrow of this text, aiming at incorporate the idea of option-financing into financial lease decision-making, and then popularize it to corporate finance practice. It is expected that financial derivatives will go through a further exploration in the field of corporate finance.The structure of this text is as follows:Chapter one: Introduction. First of all, introduce the research background and research meaning , the current research situation of financial lease at home and abroad. Secondly recommend the research approach and means .Thirdly, put forward the innovation in the text. Chapter two: General theory of financial lease. Introduce the meaning and the types of financial lease at first; Secondly introduce the significant function applied in corporate finance.Chapter three: The Measurement of financial lease. Explaining the measurement on each side in terms of corporate finance. Then indicate the financial index hiding in the financial lease and their inherent logic connection, which will establish the foundation of adjusting and improving traditional leasing contract by option and future.Chapter four: The strategy of financial lease: Studying from a angle of tax revenue. Put forward four kinds of tax revenue scheme by utilizing financial index in the financial lease to reduce the burden of taxation, realizing the ideal consequence of aftertax-income maximum.Chapter five: The strategy of financial lease: Studying from a angle of option and future. First of all, analyzing the feasibility and necessity of option financing ideas.Secondly ,establishing the connection between both sides and the option, annotating the financial lease activity with the thought of the option and futures , then analyze the risk and return that both sides face in the whole financial lease course afterwards. Finally , incorporate option and future ideas into corporate finance from a brand-new visual angle, making three kinds of new-type contract for both sides.Chapter six: Studies on financial lease securitisation. Financial lease securitisation is a replica combined with the option in traditional financial lease.It is a kind of concrete embodiment indicated financial lease innovation. This text will implement the meaning of financial lease securitization,the principle and its function in detail.Chapter seven: Summary. First of all, proposing the corporate finance revolution based on option and future; Secondly pointing out the limitation of this text, and then give an explanation to it.Innovation in the text:1.This thesis's study angle has novelty. Few scholars study in such a topic and it is very important and useful.2. We make adjustment and innovation to traditional financial lease strategy and make them applicable in corporate finance. 3.Designing the innovative financial lease contract. The thesis utilizes financial derivatives to design three kinds of innovative financial lease contract. Which is very applicable in financial strategy.4.Put forward the concept of the financial lease securitisation.