Research On The Pricing Of Financial Leasing Under The Influence Of "Replacing Business Tax With Vat"

The pricing on financial leasing refers to the rental price charged by a financial leasing company to the lessee for a financial leasing business or project.The financial leasing price basically follows the law that rental income is equal to the lease cost,expected income,loan interest,fees and other expenses.But when “replacing business tax with value-added tax(VAT)” is fully implemented,the financing cost and tax burden of the lessor are increased,while the deduction chain of the lessee is improved and the tax burden is reduced.If the lessor in accordance with the original pricing and transfer their increased costs and tax to the lessee,blindly increasing the level of pricing,it may cause the loss of customers.And financial leasing will lose its comparative advantage over other financing methods.But if the lessors maintain a low rate of return,they will not be able to continue to operate.Therefore,after the “replacing business tax with value-added tax”,the determination of the appropriate pricing level by the lessor is the key point to the business achievement and the expansion of the business scale.So,it is the need of practical problems that makes it an important research topic.Therefore,this article firstly elaborate and analyze the related pricing theory on financing lease and general financial asset pricing model,then take in and learn the factors that should be taken into account and the basic principles of model building after “replacing business tax with VAT”.Secondly,analyze the changes on tax policy,the impact on lessee and lessor as while as financial leasing pricing.Thirdly,based on the fact that after the “replacing business tax with value-added tax”,the financing cost and tax burden of the lessor are increased,while the tax burden of the lessee are reduced,learning from the interval linear programming method and combining the two constraints of rent charged,the rent shall be less than net income generated by the project rather than the lessor pay all costs and expenses to ensure the interests of the lessor and the calculation of business both sides can accept the best financial rent pricing interval.Finally,select a project financing lease case,according to the twodifferent rent repayment(average capital method and equal principal and interest method)to transforming the financial pricing model and analysis,and then put forward some relevant countermeasures and suggestions from two aspects,which are the “replacing business tax with value-added tax” and the financial pricing by the lessors.Through the research,the conclusions of this paper are as follows: first,“replacing business tax with value-added tax” of the financial leasing industry has its advantages and disadvantages.The industry overall tax burden is reduced,but the unbalance profit make the traditional pricing method is not suitable for the current business reached.Second,The higher financing cost of lessor is reflected in the corpus part of the model reference factor.The increased turnover tax burden is reflected by determining the suitable minimum expected return rate.Third,using interval linear programming to constrain the pricing conditions,and then build the model to get the best pricing range.As long as the price given by the lessor is in the interval,the revenue can be guaranteed.Fourth,different ways of rent repayment will affect the financial pricing level of financial leasing,and how to choose the way of rent repayment depends on the characteristics of cash flow or revenue generated by the project.