| The small and medium-sized enterprise(SME) is increasingly outstanding and playing a more and more important role in our national economy. But the financing problem of the SME seems to defy a satisfactory solution ,and the traditional solution can't satisfy its financial need .Financial leasing is a creative financial product, which provide a new thought about the SME financing. This passage is based on it and analyses what good financial leasing do for the SME financing. With the technological development and system perfection, the transactions costs gradually decrease, which cause to miniaturization of enterprise scale. However, there are many restrictions factors in the SME development, of which financing is critical. The SME financing is characterized by small demand and frequent demand. Information asymmetry takes an effect on the SME financing. For example, it may bring out moral hazard and adverse selection, which cause to the formation of the financing bottleneck. Our SMEs face many financing difficult, the reasons of which come from the SME and financial institution. Their major financing methods include self-financing, bank loan, private credit, second board stock market and financial leasing, which have their own character. Financial leasing both have financing and getting goods functions. In micro economy financial leasing is good for enterprise financing and lowing financial risk; In macro economy financial leasing is good for product structure adjustment and industry upgrading. Financial leasing emerged in 1950s and developed quickly ever since. It's economy pervasion rate is growing up , and at present financial leasing is the second financial methods only after bank loan. The reasons include financial creative character, technological development governmental support and so on. In our country financial leasing industry emerged in 1980s, and it had been growing slowly; but in recent years it has fully developed and had a good effect on economy, especially for SME. Financial leasing is our SMEs effective financial choice. The adverse selection and moral hazard caused by the information asymmetry in enterprise financing add more management and supervision cost to capital provider, which make capital provider more careful. Capital supply own scale effect traits, and the trait of SME financial need contrary to it, which make the SME financing more difficult。Compare with other financial ways, financial leasing can decrease the degree of information asymmetry. Therefore, it can lessen the management cost of capital provider, and low the probability of adverse selection and moral hazards. In a word, financial leasing is a effective and practical choice. Financial leasing has some good performance. The principle of our SME financial selection is mainly base on hazards and cost. Financial leasing has good performance in decreasing financial hazards and controlling financial cost, including decreasing time-out hazards and financial account hazards, guarding against interest rate, exchange rate and inflation risks, transferring and sharing risks. Financial leasing can decrease account costs by accelerating depreciation, it can also low time costs. Financial leasing provides practical financial ways. It should be encouraged and supported. Leasing industry is a policy – related industry, its boom depends on policy. Leasing industry is based on four support: rules and regulations, account standards, tax encouragement and supervision system,but they are not perfect at present and need our further effort. |
