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Chinese financial leasing under the new situation of global financial leasing development

2018-07-12 Publisher: Yin Hai Edit Views: 159


    First, China's financial leasing is in a stage of rapid development

    Since the Chinese government opened up commercial banks to invest in financial leasing companies in 2007,After ten years of development,By the end of 2017,There are 66 rental companies,The leased assets exceeded 2 trillion yuan,That is, China gold rent started in ten years,The number of companies grew about tenfold,Financial leasing assets grew nearly 100-fold,Develop rapidly。

    At present, the investment in China's gold lease industry, the main investment mode has changed from the past initiated (main initiated or participated in the initiated) based extension development to the existing gold lease companies (nearly 70 in the country) based on capital increase, transfer (and restructuring) conformal development。After the preparation and initial stage of the company, the quality of the company can be evaluated quantitatively from the aspects of the company team, operating mechanism, development direction, business structure, core competitiveness and so on。Although later investors may have to bear the necessary investment cost (premium), the investment is less uncertain and therefore less risky。

    Second, diversified development of financial leasing methods

    The great development of China's gold lease initial period (2007-2017) is mainly formed in the context of China's rapid economic development and the shortage of funds, through leasing back to realize the existing equipment (assets)。In China's financial leasing industry, leaseback accounts for more than 80% of the total leased assets, which highlights the financing characteristics of leasing, while the characteristics of leasing melt are diluted。

    Future development of financial leasing in China,We believe that structural optimization needs to be achieved in two steps,Achieve "both equal importance",The first step is both direct leasing and leaseback,That is to make the proportion of direct rent reach 30-50% as soon as possible;The second step is to pay equal attention to operating leasing and financial leasing,The former accounts for 30-50% of the industry。

    Financial leasing supports the development of small and medium-sized enterprises, mainly to do small and medium-sized direct leasing projects, the key is to grasp the role of equipment for slowing down the leasing risk。Must be highly concerned about the rental of equipment is strong - can be moved, can be used independently, can maintain value, easy to cash。Gold leasing companies must make full efforts in specialization and practice their professional asset management capabilities in order to control the operating risks of small and medium-sized enterprises leasing。

    Third, financial leasing can accelerate depreciation, and bank loans cannot be repaid before tax

    According to the Ministry of Finance "Finance Word [1996]41" "State Administration of Taxation on the promotion of technological progress of enterprises related to financial taxation Notice" article 4,The third paragraph stipulates: "Enterprises technological transformation of machinery and equipment rented by means of financial leasing,The depreciation period may be determined on the basis of the shorter of the lease term and the depreciation period stipulated by the state,However, the minimum depreciation life is not less than three years。In this way, enterprises can accelerate the depreciation of the original equipment within three years through financial leasing。On the other hand, accelerated depreciation will increase the operating cost of the enterprise in a relatively short period of time, resulting in a decrease in the amount of profit, thus reducing the amount of income tax paid in the current year。

    Fourth, the deepening of customer demand, leasing service capacity urgently needs to be improved

    In the past, lessee demand for leasing came more from off-balance sheet financing, reasonable tax avoidance, etc., with the implementation of new international accounting standards (2019), leasing demand will come more from asset management (depreciation) risk, service convenience and cash flow management。因为:

    1.With the rapid development of modern science and technology, the intangible wear and tear of equipment (mental depreciation) is getting larger and larger, and the lessee (the user of the equipment) does not want to bear the risk of depreciation of the equipment, but needs an operational lease。In some developed countries, the proportion of operational leasing, in which the lessor bears the risk of asset depreciation and idleness, has reached 40-60%, and the development of leasing has gone through the three stages of capital - asset - service。Operating leasing requires the lessor to have a full understanding and forward-looking grasp of the operating leasing equipment, application industries, customer distribution, and different levels of customer demand, in order to achieve a good leasing operation。

    2.Financial leasing continues to promote specialized operations, and it is necessary to have a deep study and control of the leasing property in the field of specialized operations and the ability of operating cash flow directly created by the leasing property, the law of capital return, and the sale and rental market of second-hand equipment。The core competitiveness of financial leasing companies has shifted from the competition of capital strength to the competition of leasing property and leasing operation ability, which is what most financial leasing companies in China lack。

    3.The lessor provides a package of financial services to the lessee by providing leasing equipment and other leasing items, and the income develops in a diversified direction。

    5. The Road Ahead

    The United States has now moved from the initial "pure leasing", vendor leasing to a package of financial instrument solutions。

    China's financial leasing is still in the initial stage of earning profits by earning interest rate differentials. The future development path of China's financial leasing is as follows:

    From interest rate spread as the main source of income gradually to the coexistence of interest rate spread and asset management income (including commercial discounts, residual value processing, risk income, etc.) transition;

    Transition from capital (asset) income to co-existing with investment bank and financial adviser income;

    Transition from debt income to co-existence with investment income (combination of leasing and investment);

    The transition from holding assets to coexisting with income from circulating assets。

    In short, the basic direction of future leasing development is to gradually get rid of the single interest rate profit model and develop to diversified income。