| SMEs are the foundation of national economic development, the role of SMEs in the economy is becoming more important with China’s rapid economic development. According to the data of the Ministry of Industry, SMEs in china to create the added value of more than60%of GDP, and contributed more than50percent of the nation(?)l tax evenue, and provides about80percent of urban jobs, completed more than75percent of technology innovation, SMEs has contributed to China’s economic transformation and development. In the process of rapid development of SMEs, most of them will encounter difficult to resolve the "equity capital financing gap" and "debt capital financing gap", the financial issue has been to limit the development of small and medium-sized enterprises.SMEs funding comes mainly from the financing of endogenous and exogenous financing. SMEs cannot meet the demand for funds in the fierce competition by the endogenous financing, SMEs have the necessary to funding through external financing. In direct financing channels, due to information asymmetry between small and medium-sized enterprises and investors, greatly increases the cost of financing for SMEs, which is not suitable for the current situation of SMEs. In indirect financing channels, financial institutions can partially alleviate the information asymmetry among SMEs, but there are also too high transaction costs, the scale of discrimination and ownership discrimination. Scholars have put forward to speed up the construction of small and medium-sized financial institutions and establish a sound guarantee system to solve the financing difficulties of SMEs. Small and medium-sized financial institutions can use the advantage of relationship lending, which with greater information comparative advantage than large banks. But because of the restructuring of financial institutions, small and medium-sized financial institutions cannot play the advantages of financing to SMEs. In the guarantee system, the guarantee companies generally require SMEs to provide counter-guarantee measures, which greatly improve SMEs financing threshold, the guarantee system is difficult to solve the problem of financing SMEs. For these reasons, SMEs is difficult to obtain funds through indirect financing. In the context of the financing difficulties of SMEs, the financial leasing can play a certain role in promoting ease SMEs financing difficulties.The financial leasing is the emergence of innovative financial instruments in the United States in the early1950s, it is a combination of corporate demand for funds and equipment needs. The finance leases have certain comparative advantages in financing for SMEs. The financial leasing mainly use of the external information of the enterprise and industry to decide whether to provide financing for SMEs. Because of separation mechanism of the lease object ownership and use rights, SMEs don’t need provide collateral and guarantee in addition to the lease object outside, it greatly reduces the financing of SMEs threshold and financing cost. In addition to the mitigation financing information asymmetry and lower financing threshold and cost, the financial leasing also can control the investment of SMEs direction, speed up technological innovation and industrial upgrading, so finance leases provides a new path selection to ease SMEs financing difficulties. The financial leasing is faced with many problems in the process of development, which resulted it did not play its due role in the process of development of SMEs in China. I hope the writing of this article can better promote the development of financing leasing, contribute to the solution for SMEs financing difficulties, and further accelerate the process of China’s economic construction.In this paper, I mainly use the analytical method of combined qualitative and quantitative analysis and combined with theoretical and practical analysis. The first analyze of the causes of the financing difficulties of SMEs in China from the perspective of information asymmetry, transaction costs, financing threshold as well as financing costs. Through analysis of the current situation of SMEs financing of endogenous and exogenous financing under current conditions, to prove that no matter the financing of endogenous or exogenous financing cannot meet the needs of SMEs which in the process of rapid development. Then according to the characteristics of the industry distribution of SMEs as well as industry distribution of finance lease, using a series of statistical data on the important role of finance leases in the process alleviate the plight of China’s SMEs financing, which pointed out that financial leasing can be an important financing channels for SMEs, we must vigorously promote the development of SMEs financial leasing.Through qualitative analysis of the difference in credit management of the financial leasing and bank loans, that the finance leases to provide funding to SMEs have certain comparative advantages compared with banks. Because of understanding of business and industry to strengthen its ability to deal with the recovery of the leased object, the financial leasing has a greater degree of reduction in the funding needs of information asymmetry, reducing the principal-agent cost, lower the threshold and, costs of the financing of SMEs. The finance leases can match the advantages of the use of funds for SMEs, it is an effective way and realistic choice of SMEs.Then by case analysis of the actual finance lease, to analyze the "asset management" model used in the assessment of SMEs from the perspective of the financial leasing company. The financial leasing companies assess SMEs mainly from the two aspects of qualitative and quantitative. First qualitative analysis of SMEs of history, the actual control of qualified, competitive of the enterprise in which industry in the region, through the collation and analysis of such information to determine whether to conformity to company requirements. Since this information for SMEs more easy to obtain, making the financial leasing company to cost-reduce the financing of asymmetric information, then estimate the basic financial information of enterprise and use cash flow forecasting techniques to assess the corporate ability to repay rent. If the future cash flow can cover the payment of rent, then SMEs can obtain the funds by way of finance lease. It can be seen, the finance leases of "asset management" model is more focus on the future development of the enterprise; the "credit management" model in the traditional sense of the bank pay more attention to enterprise management and credit situation, so the financial leasing compared to the banks has certain comparative advantages in SMEs financing, and more in line with the current state of development of SMEs.Although the financial leasing business has been30years of development in China, but there are still many unresolved issues, such as SMEs has not changed the outdated concept of ownership, it is not established the "to use to create value" of the modern economic sense; SMEs is not high awareness of the finance leases, which greatly limits the finance leases in the process to ease the financing problems of SMEs; the current relevant laws and regulations of financial leasing is not perfect. The above factors greatly restricted the development of SMEs financial leasing. In this paper, I want to put forward their comments and suggestions to solve the problems of the financial leasing of SMEs in China, and hope to help the development of SMEs financial leasing. |
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