There are the following problems:
(1) According to the authorization of the State Council, China's current financial regulatory provisions, all financial services can only be approved by the former People's Bank of China (now the China Banking Regulatory Commission, the Securities and Futures Commission, the China Insurance Regulatory Commission) approved by the financial institutions to carry out, the general industrial and commercial enterprises engaged in the financial business, it will be defined by the relevant laws and regulations for the illegal operation of the transaction is not protected by law. Financial leasing in our country is recognized by the relevant departments for financial services, therefore, the former Ministry of Foreign Trade and Economic Cooperation and Economic and Trade Commission approved the sino-foreign joint venture leasing company is allowed to engage in financial leasing there is a problem of the legitimacy of the business or inter-departmental regulations do not coordinate the problem.
(2) As the former People's Bank of China supervises leasing companies as non-bank financial institutions, the requirements of various regulatory indicators are more stringent, such as registered capital to reach 500 million yuan, and there are also detailed requirements on the ratio of assets and liabilities, such as the ratio of the total capital to the risk of assets [3], the proportion of the balance of the same lessee's financing [4], liquidity loans [5], long-term investment [6], leasing assets [7], and the proportion of the total capital to the risk of assets [7], and the proportion of the total capital to the risk of assets [7]. assets[7], the ratio of demobilized funds[8] and the ratio of external guarantees[9], etc. are all specified. For Sino-foreign joint venture leasing company, in addition to the capital [10] requirements, only the ratio of total capital and risk assets [11] requirements.
(3) business scope is different. The People's Bank of China approved the financial leasing company, in addition to engaging in all the business of Sino-foreign joint venture leasing company, but also to provide the lessee with working capital loans under the lease, securities investment, financial institutions, equity investment, the issuance of financial bonds, borrowing from financial institutions, foreign exchange borrowing and interbank lending and other businesses. And for the Sino-foreign joint venture leasing company, can engage in financial leasing business, other domestic leasing company on the regulations are not binding, from the logical point of view, not qualified to engage in financial leasing business (in fact, no one supervision).
2, the tax policy can not be compatible with the function and characteristics of the leasing industry
After years of practice, China's tax system in support of the development of the leasing industry has made a lot of efforts, such as the provisions of the financial leasing business can be used to deduct the rental income from the leased property acquisition costs (including interest expenses) of the difference between the collection of 5% of the business tax, as well as the technological transformation of the enterprise to take the financial leasing method of leasing machinery and equipment, discounted income of the leased equipment. Methods leased machinery and equipment, the depreciation period can be determined by the term of the lease period and the principle of the shorter of the depreciation period specified by the state, but the shortest depreciation period is not shorter than 3 years, the introduction of consumption-based value-added tax [12] and so on. However, the current tax policy, still can not be well adapted to the functions and characteristics of the leasing industry, mainly in two aspects:
(1) tax policy is unclear. Such as foreign-invested enterprises can accelerate the depreciation of equipment has not been made clear. 2000 national finance and taxation departments to provide for the purchase of domestic equipment, equipment, 40% of the price can be added in the current year in the income tax credit, but the lessee in the financing business and the lessor in the operating leasing business, how to implement, there is no clear provisions. Similarly for the purchase of domestic equipment can be refunded value-added tax provisions [13], there is no clear enterprise to take the leasing mode of acquisition or leasing company to purchase domestic equipment used to carry out the leasing business, whether this provision applies. Another example is the sale of leaseback business is one of the most convenient way to raise funds for the realization of existing assets, but the tax department of China has no clear provisions on how to tax such transactions.
(2) There is a duplication of taxation and unfair taxation. For a long time, due to China's leasing and financial leasing as a very different nature of the two businesses, financial leasing as a financial business, the leasing industry as a service business, and business and industry engaged in financial leasing as the provision of goods for sale, the leasing industry business tax provisions are very inconsistent. Sino-foreign joint venture leasing companies, to lease proceeds less the difference between the financing costs for the base (foreign currency portion), pay 5% business tax, financial leasing companies to realize the leasing proceeds for the base, pay 5% business tax, in April 1998 on the two types of business tax rate adjusted to 8%, and domestic leasing companies to the total amount of rents (without any deduction of fees) for the base, pay 5% business tax. in early 2003, the At the beginning of 2003, all financial leases were subject to a tax rate of 5% on the basis of lease proceeds less financing costs[14]. Leasing industry in accordance with all the rental income levied 5% business tax, so that for those medium and long term business leasing, its short-term rental of equipment and there is a clear difference, but with the traditional leasing services, all in accordance with the rental income of 5% of the business tax, due to the value-added tax is not fully deductible, the purchase of leases and leasing of leases there is a duplication of taxation. The financial leasing business engaged in by other industries and businesses is not subject to business tax and is subject to value-added tax (VAT) at the rate of 17%. From the perspective of VAT, China is currently brewing a shift from production-based to consumption-based, and the problem of double taxation still exists before the complete transformation. In addition, at present, China's domestic and foreign-funded enterprises to implement two different sets of income tax system, statistics show that the domestic enterprises in recent years, the income tax burden rate of about 25%, the burden rate of foreign-funded enterprises is only 13%.
3, the leasing industry, small-scale, imperfect system
On the one hand, most of China's production enterprises have a high proportion of inventory of goods, capital turnover rate is low, from the production to the circulation of the whole process of the bank is very dependent on China's industrial equipment leasing and purchasing of equipment investment accounted for the proportion of only about 1 percent. On the other hand, China's leasing institutions are few, single type, low degree of specialization, in the formation of the leasing industry chain there is still a great distance. Specifically manifested as (1) manufacturers leasing companies due to regulatory gaps and other constraints, engaged in the basic traditional leasing business, did not give full play to the manufacturers engaged in leasing business functions and roles. (2) The national leasing information statistics have not yet started, leasing information is crippled, the research can not be carried out in depth. In many places, the leasing companies are not well-informed, and it is difficult to go deeper into the business. (3) Lack of guarantee companies and leasing brokers related to the development of the leasing industry. (4) Cooperation with banks and other financial institutions is still in its infancy, and leasing companies have not yet formed a perfect upstream and downstream complementary leasing network.
Yu Xiaomei said that the modern leasing advocate is "all is not important, the use of value creation" concept, and China's leasing industry is facing the biggest problem is the lack of social awareness. In fact, leasing across all industries, bring the benefits of business is very much, everywhere is an attractive business opportunities.
From the point of view of production enterprises, leasing is an innovative form of sales, you can expand the sales of enterprises; and often plagued by the vast number of small and medium-sized enterprises, leasing is to crack the financing problem of the "golden key", you can spend very little money in advance to use the new equipment, save money and increase the flow of funds. According to the central bank projections, China's private financing scale of about 950 billion yuan, visible business needs of the strong.
And for leasing companies, it can be said that the business opportunities are unlimited. However, due to the lack of cognition, the development of the leasing industry in China is not optimistic. In foreign countries, engineering machinery, aircraft and ships, a variety of vehicles, medical equipment, communications and information equipment, more than 60% is sold through leasing. According to the "2004 World Leasing Annual Report" statistics, the United States leasing industry's contribution to the GDP has been more than 30%, while our country is only three ten thousandths of a percent; developed countries, the leasing industry's market penetration (leasing in all fixed asset investment in the proportion) has reached 15% to 30%, while our country is only 1.5% or so.
But from the development of other industries, the gap also contains a huge space for development. According to industry experts estimate that if China's commitment to the WTO to fully liberalize the market, the domestic leasing market turnover is expected to reach trillion yuan, profit margins close to 100 billion yuan. Now enter the leasing industry and the use of leasing business, is the right time.
Small and medium-sized enterprises can skillfully use the leasing business
In the light textile industry developed in Shaoxing, Zhejiang Province, the local textile enterprises production equipment is far more advanced than some of the local state-run factories, compared with similar foreign enterprises, but also no less than these textile enterprises in the 70% to 80% of the equipment renewal is through the way of financial leasing to achieve. This shows that, as long as the clever use of leasing business, small and medium-sized enterprises can also get more opportunities for development. For example, if the enterprise cash flow is insufficient, you can sell the existing equipment to the leasing company, and then lease back to use, you can revitalize a large amount of funds, while optimizing the asset structure.
However, not all leasing business is suitable for small and medium-sized enterprises. According to the leasing expert Shaquan introduction, the capital scale is small, the value of a single unit of equipment used in small and medium-sized enterprises, as well as in the early stages of growth of science and technology enterprises and enterprises of high-tech achievements in the transformation of the project is more suitable for the use of the leasing business, leasing equipment is mainly for the large-scale electrical equipment, machining equipment, medical equipment, communications equipment, environmental protection equipment, aviation aircraft, teaching and research equipment, and so on.
At present, the state of the enterprise using the leasing business also introduced the corresponding preferential policies, for example, for enterprises to take the financial leasing method of leasing equipment, can be depreciated in advance, saving a sum of tax.
Using contracts to regulate the risk of leasing
As China is currently drafting the draft Financial Leasing Law, there is no legal norms specifically for the leasing industry, resulting in the development of the industry is chaotic, and correspondingly increased the business risk of enterprises.
For the lessor, the biggest risk is the lessee's ability to return the lease, which directly affects the operation of the leasing company. And as a lessee of the enterprise, also face the risk of information asymmetry. Therefore, Yu Xiaomei believes that the most fundamental way to avoid risk is to standardize the financial leasing contract. At present, Yu in the Beijing Leasing Industry Association is carrying out this work, and will be held in Beijing in late October, the third China Leasing Industry Forum, in order to promote the government level to obtain national support, at the micro level to regulate the leasing behavior between enterprises. In addition, Yu Xiaomei also said that the rent repayment guarantee and insurance is also a leasing enterprise to effectively avoid risk and remedy the risk of loss.
Leasing according to the different ownership of the subject matter, can be divided into financial leasing and operating leases, this division reflects more of the characteristics of modern leasing, is the main body of the current leasing market. However, living goods and office supplies leasing is now also more and more frequent in China, like children's toys, furniture, household appliances, office desks and chairs, began to enter the leasing field more and more.
In fact, the American consumer concept has been "can rent to rent, can not rent to buy", compared to the current view of China's families and companies are still in the formative years. With the concept of gradual change, open a living supplies, office supplies leasing company is not a good choice!
Financial leasing is a new type of financial instruments produced in the United States after World War II, because of its unique advantages in accelerating depreciation, promote technological transformation of enterprises, improve the competitiveness of enterprise products, in the emergence of so far in just 50 years, has become the second largest Western countries in the creditor's financing of the capital market after the bank loan financing, accounting for 20% of the global investment in equipment -30%. -30% of global equipment investment. Through the breakdown of the financial market, you can see the status and share of financial leasing in the financial market.
China's financial leasing industry refers to non-banking financial institutions approved by the People's Bank of China to provide financial leasing business, and there are only 15 of them in the country, with a small number, small scale, and total assets of less than 20 billion RMB, which accounts for a very limited share in China's national financial market. Due to the existence of many misunderstandings about the real meaning of financial leasing, market prospects, business development, supervision and management, policy requirements, etc., China's financial leasing, such as surviving in the cracks, not only did not give full play to its characteristics and advantages, but also led to the stagnation of the business development of some financial leasing institutions, survival difficulties. Nevertheless, reviewing the financial leasing in China's reform and opening up of China's introduction of foreign capital, technology and equipment transformation of the huge role in promoting the development of the financial leasing industry, as well as the development of foreign financial leasing industry, it can still be seen that the financial leasing in China is promising, is China's national financial market can not be ignored by a vital force. In this force, has emerged like Zhejiang Province Leasing Co., Ltd. such as good business performance, standardized operation and management, the development of good momentum of the frontrunner.
The predecessor of Zhejiang Leasing Company was founded in 1982 in Zhejiang Leasing Agency Department, the registered capital of only 500,000 yuan, September 19, 1986 was renamed Zhejiang Leasing Co. By December 1999, the company realized capital increase of 230 million yuan RMB, with total assets of 2 billion yuan RMB, and accumulated leasing equipment funds of 6 billion yuan RMB. Under the situation that non-bank financial institutions generally feel difficult to operate, Zhejiang Province Leasing Co., Ltd. profoundly grasps the connotation and development trend of financial leasing, assesses the situation, seizes the opportunity, and develops into a financial leasing company with assets of nearly 2 billion RMB from a small company whose name is unknown. In the early development, ZLC's business shows the following several distinctive features: in the direction of business development, RMB leasing is the main focus, and the scale of the project is mainly "short, flat and fast"; in the mode of business operation, cooperation in finance and taxation is the main focus, and the main focus is to save one rent three; in the object of business, domestic equipment is the main focus, and medium and small township enterprises are the main focus. 1999, ZLC has been giving full play to its financing function, and has cooperated with other financial companies to provide financial services. Give full play to its financing function, and the government's fiscal policy to actively coordinate and cooperate, *** with the financing of nearly 300 million yuan points to give full play to its financing function, and the government's fiscal policy to actively coordinate and cooperate, *** with the financing of nearly 300 million yuan RMB, to support the infrastructure construction of the city bus system, to change the traditional way of investing financial funds, and to improve the multiplier effect of the financial inputs to stimulate social investment. Cheng Dongyue, the general manager of ZLT, summarized the company's experience that ZLT's model is: oriented to the technological transformation and technological progress of small and medium-sized enterprises, adhering to the main business of leasing, working closely with the financial and taxation departments to play the role of leasing tax and financial leverage, the direction of the business from the single production field to a variety of fields such as high and new technology, communications, public **** facilities, etc., and gradually formed a set of financing, investment, operation and capital operation as a modern leasing company. The company has gradually developed into a modern leasing company integrating financing, investment, operation and capital operation. Tracing the development trajectory of Zhejian Leasing Company and summarizing its experience, we find that Zhejian Leasing Model has a very important enlightening role for us to fully understand and grasp the real meaning of financial leasing and the direction of development, and to correctly understand the development of China's financial leasing industry.
First, financial leasing to serve the domestic market demand
In 1981, China established China Oriental International Leasing Co. At that time, the leasing industry was only regarded as a way to attract foreign capital and introduce advanced technology when the economy was relatively backward; a new type of credit when there was a shortage of capital, and a supplement to the banking business; and a kind of equity scheme under specific conditions, and a supporting role in the development of other industries. Leasing is indeed the result of our country's reform and opening up, and is the product of our country's learning from the world's advanced experience. But Zhejiang rent model fully illustrates the development of the leasing industry in China must adhere to the local actual situation of the leasing road, for the domestic market demand services, it is possible to create a Chinese-style leasing business.
The leasing business in Zhejiang Province was initially based on learning from the China Leasing Corporation in Beijing. At that time, most of the leasing companies in Beijing were focusing on the international leasing business of imported equipment. The absorption of foreign capital, the introduction of foreign advanced equipment and technology, is to carry out leasing business is a major direction. However, while learning from the advanced experience of Chinese leasing companies, Zhejiang Province realized that it did not have the objective conditions of Beijing in Zhejiang Province. Therefore, Zhejiang Leasing Company did not take the road of attracting foreign capital and developing foreign exchange leasing, but according to the actual situation of more developed township and village enterprises in Zhejiang Province, in the selection of leasing projects, it mainly focuses on the technological transformation of the equipment of the township and village enterprises; in the leasing of the subject matter, basically, it is based on the domestically produced equipments; and in the direction of development of leasing, it focuses on carrying out the Renminbi leasing business. Boldly created a cooperative leasing, deposit a rent three, leasing agents and other suitable for the local situation, the domestic market demand for leasing business. The so-called deposit one rent three, that is, by the lessee enterprise to take out one-third of the amount of equipment as a deposit, the leasing company to assume about 60% of the funds to realize the financial leasing. At present, this mode is gradually developing into a three-three system, i.e., the enterprise, leasing company and bank each share one-third of the funds. This model effectively strengthens the understanding and cooperation between financial institutions and enterprises and controls the risk of leasing business. It is because of the correct choice and bold innovation of Zhejian Leasing Company that the leasing market in Zhejiang Province has been fully developed, and the leasing business has been recognized and adopted by most of the enterprises, and has made considerable contribution to the rapid development of small and medium-sized enterprises in Zhejiang Province.
Second, financial leasing has its unique advantages compared with bank loans
Objectively speaking, the fatal weakness of China's leasing industry is that there is no adherence to the leasing company's own main business, but to engage in higher than the bank interest rate of the loan business. Zhejiang rent model fully proved the development of financial leasing companies, must adhere to the leasing business is the main, give up the main business of leasing, leasing companies have no advantage to speak of. Leasing company to make the leasing business really play out its due advantages, is to lease this business mode, play other business can not play, or difficult to play the role. To leasing through the unique advantages and role, so that society recognizes the existence of the leasing industry and the need.
Financial leasing and bank loans compared to its advantages in the following aspects: l, financial leasing focuses on medium- and long-term equipment financing, financing arrangements are relatively simple, generally to the leased equipment itself as collateral, do not need additional guarantees and mortgages. As the ownership and the right to use the leased equipment are separated from each other, the ownership of the property ensures the lessor's safety. At the same time, financial leasing focuses on the examination of the future cash flow of the project, and does not require much of the lessee's historical assets and liabilities, making it possible for some innovative companies and small and medium-sized enterprises that have not established credit with banks to obtain the medium-term equipment financing needed for their development. Ltd. gives full play to this advantage, supports the development of small and medium-sized enterprises in Zhejiang Province, and prompts some enterprises to develop into famous domestic large companies, such as Wanxiang Group, a famous private enterprise in Zhejiang Province, which develops in close cooperation with the leasing industry, Lu Guanqiu, the chairman of Wanxiang Group, not only benefits a lot from the financial leasing, but also sees the great economic benefits of the financial leasing, and takes an active part in getting involved in the 2, accelerate the speed of enterprise equipment renewal, reduce the ratio of enterprise assets and liabilities. Financial leasing not only allows the lessee to purchase equipment without completing capital accumulation, but also because the lease period is generally shorter than the statutory depreciation period, so that enterprises using this financing method can accelerate depreciation and promote technological progress. At the same time, financial leasing is generally not included in the balance sheet, effectively reducing the enterprise's gearing ratio, providing the enterprise according to the needs of other financing facilities. 3, the use of funds is clear. Financial leasing by the lessor directly purchased equipment, the use of funds is clear, the lessee can not divert the money for other purposes, to help the project completed as planned. Moreover, financial leasing is more flexible and convenient compared to bank loans. From the above comparison, we can see that financial leasing has its unique advantages compared with bank loans. This is also why Zhejian leasing company with the main business of leasing in the financial market is relatively developed in Zhejiang Province can still occupy an important reason.
Since the reform and opening up, in order to expand international economic cooperation and technological exchanges, open up new channels for the utilization of foreign capital, the introduction and absorption of foreign advanced technology and equipment. In October 1979, China International Trust and Investment Corporation was established in Beijing and carry out international leasing business. In April 1981, China's first leasing company, China Leasing Co., Ltd. was established, after more than a decade of development, China's leasing industry has become increasingly wide-ranging business scope, leasing methods more flexible, convenient and diversified to the development of the leasing objects from small single machine to complete sets of equipment, from new equipment to second-hand goods, from a variety of means of transportation to various types of facilities, leasing users throughout the country in all walks of life. By the end of 1996, China's existing various types of leasing companies 1 (KM3 more than one, can be divided into four categories. The first category is by the People's Bank of China is responsible for the approval, management, the main business scope is financial business and leasing business of the financial leasing company ( *** 16 ) and also leasing business of non-bank financial institutions, such as trust and investment companies, enterprise group finance companies, *** 329. The second category is by the Ministry of Foreign Trade and Economic Cooperation is responsible for the approval and management of Sino-foreign joint venture leasing companies, there are 36, by domestic financial institutions, large enterprise groups, foreign trade companies and foreign banks to invest in the establishment of a reflection of the
" silver " combination of the characteristics of the enterprise to operate the leasing business of imported equipment, i.e., according to the user's needs to purchase equipment from abroad and lease it to the domestic
"Silver" combination of features. The third category is approved by the local government. The third category is approved by the local government, management of production enterprises and distribution companies set up leasing companies, there are more than 1,000. The fourth category by the former Ministry of Internal Trade (now the Bureau of Internal Trade) approved the management of the rental market, *** four.
In 1995, the former Ministry of Internal Trade according to Vice Premier Li Lanqing " in the commodity market but also the development of the leasing market " instructions, in accordance with the " first easy and then difficult, the principle of gradual development ", purposeful, selective successively in Yuan Xi, Jinan, Beijing, Shenyang, four pilot cities, the preparation of the rental market. This year, Shanghai invested 1.2 billion to prepare for the construction of the Shanghai Gold Coast Leasing Center market.
Two, the main factors restricting the healthy development of China's leasing industry
China as a developing country, economic underdevelopment, shortage of funds, for specific production enterprises and consumers, leasing is more economical than buying, more convenient, more affordable, more tempting, which, although the development of leasing industry provides an unprecedented opportunity, but China's leasing industry relies on the survival and development of the environment there are many constraints. There are many constraints.
1. Backward consumer concepts, poor credit foundation, insufficient understanding of the leasing industry
Under the influence of traditional concepts and lifestyles, consumers only focus on ownership, but there is no concept of the separation of ownership and use of consumer goods, "emphasis on buying rather than renting", consumers, enterprises and the leasing industry's degree of trust and reliance on the degree of not yet able to adapt to the development needs of the modern market economy. The degree of trust and reliance of consumers and enterprises on the leasing industry cannot meet the development needs of the modern market economy. Various types of media reports on leasing activities and publicity is also extremely rare, consumer credit has not been y rooted in people's hearts, these limitations in understanding and concepts, invariably weakened the basis for the development of the leasing industry. In addition, China's market economic system is not perfect, the characteristics of the market disorder is more obvious, the phenomenon of rent arrears is serious, poor credit.
2. Chaotic management, unsound regulations, the status of the leasing industry is difficult to establish
The state of the leasing industry in the national economy has never been a clear definition of the status of the leasing industry, in particular, the physical leasing industry has not been by the attention of the relevant administrative departments, that the leasing industry is a dispensable industry, did not recognize the importance of it. At present, the leasing industry, there are multiple management situation, so that three different types of domestic leasing companies, respectively, under three different management departments. Multiple administrations, multiple departments, it is difficult to formulate a unified policy to coordinate the difficulties and problems encountered in the development of the leasing industry, is not conducive to the leasing industry's policy support.
3. Fragmentation, tax non-uniformity, lack of necessary policy support
From the perspective of the development process of China's leasing industry, the government lacks the necessary and powerful support for the industry, and the relevant policies are not enough support. The national financial leasing industry has not given the necessary support, the bank credit funds have not set up a special loan on the leasing industry, so that China's leasing industry lack of domestic financial support. The three types of leasing companies in the country in the business tax levy is not a unified standard, the tax base is not uniform, the leasing industry in general the phenomenon of tax advances seriously affect the rapid development of the leasing industry.
4. Leasing business scope is narrow, low-grade, no economic scale.
The existing leasing enterprises and leasing market is mostly small and scattered, small-scale operation, poor efficiency. From the local government approval and management of more than 1,000 leasing companies, before 1995, due to the relatively small scale of operation, most of the leasing projects are local small and medium-sized enterprises and township enterprises, the lessee's business situation is better understood, so the rental recovery is better, generally more than 85%, relative to the financial leasing and leasing of Sino-foreign joint venture some good. After 1995, due to tax and other reasons, its business situation has gradually deteriorated, the enterprise rent arrears more, so that most of the leasing enterprises in trouble.
5. Lagging theoretical research, insufficient talents, lack of development
Modern leasing business as a special transaction mode, the practitioners put forward higher requirements. Need a large number of both economic, management, legal, financial, foreign trade and other knowledge, but also to understand the performance of leased items, technical and other specialized knowledge of the integrated high-quality personnel. At present, China's leasing industry, most of the managers did not go through the necessary business training, do not have systematic professional knowledge, resulting in a lack of talent is particularly prominent.