融资租赁创新:中小企业融资的福音

通过融资租赁能有效地解决我国中小企业的融资问题,其功效主要取决于四个方面即中小企业对融资租赁的认识、租赁公司自身的规模和创新能力、政府扶持的力度以及相关的制度和法律的完善程度。     

国外融资租赁业务发展比较研究

严格意义的现代租赁业起始于美国,第一家美国租赁公司于1954年成立,这标志着专门从事设备租赁业务的现代租赁企业的诞生.同时,美国在租赁业务创新汉租赁业发展水平上都遥遥领先于其他国家.美国的工业发展速度随着美国租赁业的快速发展也呈快速发展趋势,作为其紧密地经济伙伴,欧洲、日本当然也不会落后.并决心从美国引进现代融资技术如同美国的其他技术一样,融资租赁在欧洲获得了高度评价和顺利发展.本文从各国对金融租赁业的优惠政策、租赁的主客体及资金来源对美国、日本和韩国进行了比较分析.     

金融租赁——我国中小企业融资的理性选择

资金短缺是制约我国中小企业发展的瓶颈问题，金融租赁是解决我国中小企业融资难题的一剂良药。实现我国中小企业和金融租赁业的共同发展，是我国经济发展的一个重要课题。     

“金融租赁”与“融资租赁”差异辨析

本文对“金融租赁”与“融资租赁”的异同点进行了辨析。     

我国融资租赁实务合同问题分析

融资租赁这一融资模式从80年代引入我国,经过20多年的发展,在设备引进、企业融资新渠道探索等方面对我国经济发展起到了很大的作用,但我们更应该认识到它在我国经济发展的实践过程中所面临的困难和问题。本文通过对融资租赁实务中合同的制定以及其间涉及的代理问题进行分析,并提出些许建议和意见。     

中国融资租赁行业发展探析

一、中国融资租赁行业发展概况中国租赁业起步较早,1981年在荣毅仁先生的倡导下,国家引入了现代租赁理念,建立了中外合资的中国东方国际租赁有限公司和中国租赁有限公司。31年来,中国融资租赁行业经历了曲折的发展历程。改革开放初期,融资租赁行业曾快速发展,为中国利用外资作出了突出的贡献,但20世纪80年代末期至90年代末期因经济体制改革等原因导致出现全行业性租金拖欠,在国内外造成诸多不良影响,行业发展陷入全面停滞。     

我国融资租赁发展的现状、问题及对策

随着改革开放的不断深入,全球经济交流不断增加,互联网技术的快速发展,融资租赁业也逐渐成为了我国金融行业重要的一种金融创新的工具,它的主要作用在于帮助企业更便利地进行融资,拓宽融资渠道。由于全球经历了新冠疫情的打击、国家政策的调整、行业内竞争加剧等等的变化,融资租赁行业在我国现有环境下纵然有着快速的发展,但是也出现了许多问题。本文针对于如今背景下,收集并整理了近几年来行业内的我国融资租赁企业数量,合同余额,企业分布等统计资料与数据,对其进行图表绘制,并与我国融资租赁业的发展现状结合分析当前行业中存在的困境,发现了法律制度不够完善、人才资源短缺等等不可忽视的问题。为了缓解现状,本文对此提出形成市场辐射效应,完善法律法规,风险管理制度,结合互联网发展,培养人才等对应的对策建议,为市场中多数处于困境的中小企业顺利利用融资租赁渠道筹资提供思路,为构建良好的融资租赁市场提供建议。     

我国融资租赁创新驱动路径研究

融资租赁是以融物实现融资的金融服务模式,能直接高效地解决经济结构转型"两端"企业的融资难题,发挥对地方经济的补充性融资作用,是"十三五"时期我国金融建设的重点发展对象。然而,目前我国很多区域的融资租赁业仍处于发展初期,与发达地区有很大差距。从我国融资租赁业发展现状入手,分析融资租赁业务存在着发展模式粗放、风险后置、融资途径有限的问题,提出应加大政策扶持力度,通过创新促进转型发展。具体从推动融资租赁业务创新、融资模式创新、风险防控模式创新、管理创新等方面提出我国融资租赁创新驱动路径的发展思路和对策。     

我国小型企业融资问题与融资租赁模式创新

在近年的经济发展中,由于中小企业在经济发展中的作用越来越大,其融资问题得到各方的关注.中型企业融资得到改善,小企业融资难问题更加突出.我们有必要探讨一些新的融资方式,来满足小企业的需要.     

欧韩船舶融资租赁

融资租赁的方式多种多样,包括直接租赁、转租赁、回租、杠杆租赁、综合租赁和信贷式租赁等.其中,杠杆租赁主要针对高度资本集约型资本项目的长期租赁业务,即在一项租赁交易中,设备购置成本的小部分由出租方出资承担,大部分由银行等"金融机构投资人"或其他融资机构提供贷款或资金不足的融资性租赁,主要适用于价值非常高的大型长期租赁业务,可满足对有效寿命达10年以上的高度资本集约型设备的融资需要.     

船舶融资租赁税收制度的新发展

为了改善融资租赁的法制环境,进一步完善相关法律法规．2007年3月我国对《金融租赁公司管理办法》重新进行了修订并颁布实施．赋予了部分商业银行设立金融租赁公司的资格,进一步推进我国融资租赁业务的发展。2010年10月我国颁布生效《关于融资性售后回租业务中承租方出售资产行为有关税收问题的公告》。     

Venture capital's role in financing innovation for economic growth

Previously, there has been little empirical evidence about the role of venture capital in fostering technological innovation. Recent research, sponsored by the National Science Foundation and Babson College and completed with our colleagues Stanley E. Pratt and Norman Fast (Venture Economics and Venture Capital Journal) shed some new light on the flow of venture capital to highly innovative technological ventures from 1967–1982. The evidence suggests that venture capital not only plays a significant role, but that it is a unique kind of investing in terms of when, where, and how it is done. Ironically, this research indicates that the “capital” in venture capital is the least important ingredient in fostering technological innovation. Rather, it is management intensive, requiring very early involvement by venture capitalists in nurturing budding innovators and technology, and thereby bird-dogging and accelerating the emergence of highly innovative technologies. Further, the post-1979 reduction of the capital-gains tax has led to unprecedented growth and development in the venture-capital industry. One result has been that a new industry structure is emerging, and along with it some new danger signals for the future flow and commercialization of technological innovation. Several lessons emerge from our findings that hold implications for venture capital investors and entrepreneurs alike.Successful venture-capital investing in technologically innovative firms requires more than just risk money. Savvy entrepreneurs seek out venture capitalists with noteworthy reputations for their nonmonetary, high value-added contributions to fledgling firms. Venture capitalists who can play a highly constructive role in emerging firms can attract higher-quality ventures. Qualities commonly cited by entrepreneurs are: helping to find the select key management-team members: providing credibility with suppliers and customers; and helping to shape strategy when the daily pressures postpone this vital task. As one put it, “It is far more important whom you obtain funding from than how much and at what price.”Investing in technologically innovative ventures is a more specialized business than suggested by the common stereotype of homogeneity among venture capitalists. Fewer than 5% of the 464 venture-capital firms in our study accounted for nearly 25% of all the investments in highly innovative technological ventures. Investors posses sepcialized know-how, including a web of contacts and networks, a great degree of syndication of deals, and a great intensity of involvement. The message for technology entrepreneurs is clear: focus on venture-capital firms with reputations for proven performance in your technology and market, especially with your targeted customers.Contrary to the notion that venture-capital investors sit and wait for business plans and innovative ideas to come to them and then simply write checks, many of the most active firms do just the opposite: they engage in active “bird-dogging” efforts to identify exceptional innovators with the relevant technical expertise and commitment to bring about the commercialization of promising technologies. They also team with innovators and entrepreneurs to create an “acceleration effect” by actually compressing the time span and increasing the velocity at which new technologies are brought to commercial maturity and societal utility. Founders and investors alike have related numerous examples of highly innovative technological ventures that became realities in what they believed to be one-fourth to one-half the time that would have been required within a large, established firm.Looking ahead, the new venture-capital climate of the mid-1980s offers both bane and blessing.As the pool of capital has exploded, the industry has become more diverse and specialized than even before. Sharp differences are visible in terms of investing objectives, criteria, and strategy, focusing on particular stages, size, and a technology-market niche. Megafunds of $100 + million have been raised, and as funds get larger the minimum investment escalates, typically $1 million or more now. Entrepreneurs in search of venture capital need to be more knowledgeable and focused than ever before.Significant portfolio problems continue to surface as the would-be “pearls” of 1982–1984 become “lemons” in 1985–1986. One results of this is the drying up of funds for seed and strat-up investments. Many venture capitalists are simply overburdened by cleaning up problems in their own portfolios and in replacing management. Fortunately, some innovative venture capitalists have seen opportunity in this adversity, and a handful of specialized seed and first-stage funds have been launched.Ironically, many of the trends and pressures in the venture-capital industry in the mid-1980s may inadvertently shift investing attention away from more innovative technological ventures. The implications of these changes are painful for entrepreneurs, investors, and the nations. How can technological innovation and international competitiveness be achieved of the venture-capital community is unable-or unwilling-to contribute as greatly to the funding of new innovations as it has in the past? Where will technology entrepreneurs find the risk capital and “value-added involvement” so vital to commercial success? And how can venture-capital pools provide the handsome yields on invested capital of the past if they shift investing to later-stage ventures?On the brighter side, we are still in an era of unprecedented opportunity for entrepreneurs and investors alike. Even with the sharp drop in new funds available in venture-capital pools to an estimated $2.5 billion in 1985, this is still 25 to 50 times greater than the annual flow of new venture capital during the dismal 1970s. The recent industry shake-up, coupled with a continuance of the favorable capital-gains tax, should foster a healthier, if not wiser and more disciplined, venture-capital industry during the remainder of the decade.     

关于发展企业债券融资的博弈分析

在当前我国的资本市场中，与银行贷款、股票融资相比，企业债券融资发展明显不足，银行贷款几乎一直占据着资本市场的极大的份额。在直接融资方面，企业股票融资的比重远远大于债券融资，并且在债券市场的构成中，国债和具有准政府性质的金融债券又占了相当大的比例，因而企业债券在资本市场中所占的比重微乎其微。     

我国中小企业融资问题浅探

上世纪90年代以来，中小企业发展问题在我国得到了前所未有的关注和重视，然而，与中小企业在国民经济中日益显要地位不相称的是其融资问题已成为发展中最大的约束．资金不足在很大程度上制约了中小企业的发展，中小企业面临融资的难题：     

The path of lease resistance: How changes to lease accounting treatment may impact your business

In this installment of Accounting Matters, we examine potential consequences of the Financial Accounting Standards Board's Proposed Accounting Standards Updates for Leases. In the context of a previous accounting change (FIN 48), we investigate how these changes will affect firms’ accounting choices, investment decisions, debt covenant requirements, and analysis of other key financial data. Changes in accounting standards may have significant indirect economic effect on companies as they can trigger debt covenant violations, restrict access to capital, and distort key financial information used by investors and lenders. New accounting standards may also directly affect the calculation of employee bonuses and incentives that utilize EBITDA or operating income as benchmarks. We include recommendations for managers and identify specific debt covenant components that may limit the negative consequences of the proposed change to lease accounting.     

民营企业投资效率与融资环境简析

自2003年下半年以来，中国又出现了一个投资高峰。2004年1—2月，城镇固定资产投资同比增长53％，投资增幅达到了历史最高点。其中钢铁行业的投资增幅超过了140％，房地产投资也增长了43．6％，建材行业增长137．4％，汽车、电解铝等行业的投资也较去年有很大的增幅。这些行业的过度投资直接导致了中央政府加大宏观调控的力度，紧缩银根，使大多数民营企业遭遇到了融资困境。     

“全家人”的租赁之道

<正> 短短两年时间,以社区租书店出现的全家人书会已经发展为拥有16家连锁店,2万多会员的组织,以“建书香社区,促全民上网”为目标的全家人书会一改往日租书店“店面小、书刊旧、品位低”的形象,以连锁店的规模效应、老少皆宜的书刊、现代化的管理在京城蔓延,他们立志要做成全国最大的图书租赁连锁店,真正打造一个知识无障碍的理想国。     

Operating lease finance in the UK retail sector

The paper documents the importance of leasing in the UK retail sector and estimates the potential balance sheet impact of new accounting proposals to bring all leases onto lessees' balance sheets. Off-balance sheet operating leases are shown to be a major source of finance, and far more important (3.3 times higher) than on-balance sheet long-term debt; by contrast, finance leases are immaterial. Operating leased assets, the major part of which is ‘land and buildings' (98%), represent a significant proportion (28%) of reported total assets. Capitalization of operating leases would have a major impact on nine key performance ratios and would alter the ranking of companies markedly. The findings suggest that operating leases need careful consideration is estimating retailers’ financial risk, in comparing cross-national performance and in research studies of capital structure decisions.