Financial leasing refers to a transaction in which the lessor purchases the leased property from the seller according to the lessee's choice of the seller and the leased property, provides it to the lessee for use, and collects rent from the lessee. It is based on the condition that the lessor retains the ownership, disposal right and rent collection of the leased property, so that the lessee can obtain the right to possess, use and benefit part or all of the leased property during the lease contract. Refers to the lease that substantially transfers all risks and rewards related to asset ownership. Ownership may or may not be transferred in the end. Lease 2 1- that meets one or more of the following criteria shall be recognized as a financial lease:
1. When the lease expires, the ownership of the leased assets is transferred to the lessee.
2. The lessee has the option to purchase the leased assets, and the purchase price is expected to be much lower than the fair value of the leased assets when exercising this option, so it can be reasonably determined that the lessee will exercise this option on the lease start date.
3. Even if the ownership of the assets is not transferred, the lease term accounts for most of the service life of the leased assets.
4. The present value of the lessee's minimum lease payment on the lease start date is almost equal to the fair value of the leased assets on the lease start date; The present value of the lessor's minimum lease payment on the lease start date is almost equal to the fair value of the leased assets on the lease start date. ?
5. The leased assets are special in nature and can only be used by the lessee without major changes.
Advantage cases of financial leasing business and examples of financial leasing
(A) Case analysis of the advantages of financial leasing business
Example 1 (Advantage-Enjoy tax preference): The value of machinery and equipment purchased by enterprise A is 20 million yuan, the original depreciation period is 8 years, and the annual depreciation amount is 2.5 million yuan. The lease term is 4 years, with accelerated depreciation of 2.5 million yuan per year and deferred tax of 250 * 33% = 825,000 yuan per year.
Example 2 (advantage-maintaining liquidity): Enterprise B owns a production equipment with an original value of 60 million yuan. In order to increase liquidity, the enterprise now transfers the ownership of the equipment to the financial leasing company, and then rents it back at 6% of the original value, with a lease amount of 36 million yuan and a term of 3 years. Enterprise B still has the right to use the equipment, and has obtained 36 million yuan of working capital. It will be returned quarterly within three years, and only 3 million yuan of principal and corresponding rental interest will be returned each time, which will not cause great pressure on the future cash flow of enterprise B. ..
(b) Examples of cooperative financing leasing projects between banks and leasing companies.
Example 3 (Bank-Lease Cooperation-Grafting): Enterprise C has a credit line of 80 million yuan in Bank D, and the bank has issued a project loan of 60 million yuan and a working capital loan of 20 million yuan. After the technical transformation project of the enterprise is completed and put into production, the liquidity is insufficient, which affects the benefit. The enterprise will transfer the equipment worth 90 million yuan to the financial leasing company at the price of 50 million yuan, and return the bank project loan of 50 million yuan after obtaining the financial leasing money of 50 million yuan. In order to support the development of enterprises, the bank increased its working capital loan by 50 million yuan. The financial leasing company applied to the bank for a financial leasing loan of 40 million yuan, which was approved by Bank D after examination.
Example 4 (cooperation between banks and leasing-lifting geographical restrictions): Enterprise E, which has always been the key support object of Bank F, requisitioned land in neighboring provinces to set up branch factories and purchased 50 million yuan of equipment for development needs. Because the branch was independently accounted for and in other provinces, Bank F was unable to lend money, so it was introduced to the financial leasing company, which issued a financial lease of 30 million yuan to the branch. The financial leasing company applied for a loan of 25 million yuan, which was approved by Bank F after examination.
Example 5 (Bank-Lease Cooperative Guarantee Loan): Enterprise G applies for a lease project in a financial leasing company, and the financial leasing company applies for a loan from Bank H for this project. G enterprises provide guarantees for loans. At the same time, according to the agreement, enterprise G will return the rent of each installment to the special account opened by the leasing company in H Bank, which will be used exclusively to repay the loan, and the financial leasing company shall not use it for other purposes. For enterprise G, the secured loan did not expand its own risk; For H Bank, the cash return of the project was seized, which increased the security.
Example 6 (Bank-Lease Cooperation-Lease Receivable Pledged Loan): A financial leasing company pledges the lease receivable under a lease project in cooperation with enterprise I to bank J to obtain a loan. Before the signing of the pledge contract, the financial leasing company will inform enterprise I of the pledge of the lease money receivable, and ask enterprise I to transfer the future rental money to the special account of the financial leasing company in J Bank, which will be used to repay the pledged loan. Bank J obtained a stable repayment guarantee, and the financial leasing company revitalized its account assets, while enterprise I did not increase other additional risks due to pledge.
(3) Examples of financial leasing projects in printing industry.
Example 7: XX printing enterprise, established in 1999, has a registered capital of 3 million yuan, total assets of130,000 yuan, net assets of about 8 million yuan, annual sales of120,000 yuan and profit of180,000 yuan. The enterprise plans to introduce a four-color quarto offset press produced by Mitsubishi, Japan, with a value of about 3.6 million yuan, and plans to invest its own capital of 65,438+0/30,000. From the perspective of enterprise scale, it is difficult for the project to obtain local bank loan support, so it turned to financial leasing. After the enterprise provided all the necessary information, the company, through data analysis and on-the-spot investigation, concluded that the enterprise foundation was good, the printing business source was stable, the asset quality was good, and there was no major defect in the financial situation. At present, the cash flow could pay off the rent in full, which met the leasing company's selection criteria for printing enterprises, so it signed a contract with the enterprise to implement the project. In the early stage, the enterprise finally used its own funds of 6.5438+0.4 million yuan, and accumulated interest costs of 739.7 million yuan in three years, and introduced printing equipment of 3.6 million yuan by paying monthly rent.
(4) Examples of technical renovation equipment leasing projects
Example 8: ××× Gas Co., Ltd. encountered financial problems in the process of building "gasification station". After that, the enterprise adopted the financing lease mode, and leased the equipment of residential gasification station to Gold Coast Enterprise Development Co., Ltd. for 2 years, and paid the rent quarterly. In this way, the company only paid a lease deposit of 240,000 yuan, which brought 6.5438+0.2 million yuan of equipment, ensuring the development of the enterprise with little investment. After the lease expires, the enterprise pays the "transfer fee" 100 yuan to acquire the property rights of the equipment.
Ex. 9: XX Technology Co., Ltd. is engaged in the sales and production of advertising equipment and consumables. Due to the expansion of the scale, it is urgent to acquire equipment, but it is difficult to realize it. It is decided to revitalize the company's operation through financial leasing. The company leased 2.4 million yuan of assembly line production equipment to "Gold Coast" for three years, and paid 1 time every six months, and raised 20% of the financing amount as the lease guarantee. It not only ensures the development of the enterprise, but also has no "bone injury" on the issue of funds.
Example: 10:××× Basic information of the enterprise: the company was established in 199 1 with a registered capital of 5180,000 yuan. At present, local industrial enterprises rank 20th, with total assets of 654.38+0.5 billion yuan and asset-liability ratio of 46%. In 2005, the industrial output value was 65.438+0.5 billion yuan, specializing in the production of various types of automobile shock absorbers. Products are mainly exported, accounting for 65% of sales. Established a cooperative relationship with Iran's FS Company, completed 80 million yuan in 2005, and signed a project of 3 million shock absorbers (150,000 USD) in 2006. The market prospect is very promising. With the multiplication of production scale and the number of employees, the previous management mode can no longer meet the development requirements of enterprises. The company decided to carry out IE engineering design and lean production transformation on the original production line, with a capital of150,000 yuan.
The reasons why XX enterprise chose financial leasing in this technical transformation are as follows: First, the production capacity increased after the project was put into production, and the export-oriented sales increased the turnover time of accounts receivable and inventory, which led to an increase in the demand for working capital. Second, the enterprise's technological transformation equipment has been purchased by itself, and the funds occupied by the equipment cannot be solved from the bank, which leads to a further shortage of working capital of the enterprise; Third, through the integration of long-term funds through leaseback, the liquidity gap is solved, and the problem of short-term borrowing and long-term use is solved. Enterprises can use new projects to generate benefits and pay back in stages, with little repayment pressure. Fourthly, financial leasing can enjoy a preferential tax policy of accelerated depreciation for three years for the introduction of technical transformation equipment, so as to achieve the purpose of digesting profits and increasing enterprise capital accumulation, which is conducive to further expanding production.
After evaluation, the technical transformation project of this enterprise operates according to the mode of "saving one and renting three". The total leasing scale is 20 million yuan, the enterprise saves 5 million yuan, and the net leasing investment is 6.5438+0.5 million yuan. Through leasing, the technological transformation project of the enterprise not only updated the equipment, expanded the production scale, enhanced the market competitiveness, but also solved the liquidity. At the same time, according to the preferential tax policy for leasing, the annual accelerated depreciation amount is 5 million yuan, which can absorb the annual increase of 4 million yuan.
(5) Examples of medical equipment rental projects
Example11:×××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××× On the recommendation of the equipment supplier, apply for financial leasing to the leasing company.
After on-the-spot investigation, discussion and inquiry with relevant personnel, the leasing company put forward a leasing plan, which was discussed and passed by the hospital. After going through the relevant formalities, the leasing company signed a "lease contract" with the hospital, stipulating that the hospital should pay part of the deposit to the leasing company first, and then pay the rent monthly during the lease period. After the lease contract ends, the ownership of the equipment can be transferred to the hospital. At the same time, the leasing company signed a sales contract with the equipment supplier, stipulating that the leasing company would pay according to the equipment installation process and the manufacturer would undertake after-sales service.
This is a typical financial leasing case of medical equipment involving three parties. How to lease can be grasped through the following six points:
1. What is the source of the medical equipment rental project?
Only by buying and selling equipment can rental services be provided. Most of the medical equipment rental projects are recommended by equipment suppliers, and a few are recommended by old customers. As a manufacturer, we hope to receive all the equipment payment as soon as possible. If the hospital can't meet its payment conditions and wants to use the equipment as soon as possible, there will be a demand for financial leasing.
Financial leasing is a financial intermediary service, which does not have the function of product marketing.
2, the needs of the hospital
The income of ××××× 3A hospitals is good, why is there a demand for renting houses?
As we all know, competition and development are the biggest problems faced by hospitals. For tertiary hospitals, although talent is not a problem, it needs a lot of money to improve the medical environment, increase beds and introduce new equipment. The main sources and uses of hospital funds are: 1, business income. Due to the high cost of the hospital, the balance of income and expenditure of the hospital is less than 1% of its total income, which is mainly used for personnel expenses and part of working capital; 2, financial allocation, the state investment is very small, only enough to supplement the wages of retirees; 3, bank credit, mainly to solve the short-term liquidity, medium and long-term mainly used for infrastructure, with quota control; 4. Equipment renewal financing lease.
Advantages of introducing equipment for hospital financial leasing: 1, without occupying credit line; 2. The down payment pressure is light and the opportunity cost is low; 3. Apply new equipment in advance, carry out new projects and increase the comprehensive income of the hospital; 4. Strengthen the supervision of functional departments and improve the management incentive mechanism through the benefit evaluation of new equipment (through leasing).
3, the basic judgment of medical equipment rental project?
Not all medical equipment can be rented, and not all hospitals can rent it. The leased property should choose medical equipment with well-known brand, high value, good after-sales service, no consumption, long service life and metering and charging. The lessee should choose a local hospital with high grade, great influence and radiation, high reputation, less debt and strong comprehensive strength. In addition, the strength of the department, technical support, professional needs and new income of specific projects are also the basis for investigation.
4. Lease scheme design?
It should not only meet the standards of the leasing company, but also meet the requirements of the hospital as far as possible. Different lease terms and flexible payment arrangements can reduce the repayment pressure of hospitals and ensure the performance of hospitals to the greatest extent. In addition, there should be an agreement on the insurance clauses of the leased property. ?
5. What are the main contents of risk prevention of medical leasing projects?
(1) Tenant risk, does the hospital have sufficient solvency? Is there any motive for intentional breach of contract? And whether the project financing amount matches the size of the hospital.
(2) Project risk. Does the leased equipment meet SDA standards? Is there any recognition? Can the comprehensive benefits of the hospital be improved? Can you get the expected income?
(3) Interest rate risk is mainly to prevent the change of our rent caused by the interest rate adjustment of the People's Bank of China during the lease period, which is generally stipulated in the lease contract.
6. Exit mechanism settings
Once the project fails or other disputes cause the leasing company to withdraw from the contract, it should be protected by law. ?
(vi) Examples of bus rental projects
Case12: XXX bus company applied for a financing lease of 30 million yuan from the leasing company in 2003 for a four-year lease due to the need of bus renewal. In 2002, the total assets of XXX bus company were182.58 million yuan, the fixed assets were11940,000 yuan, and the liabilities were 861200,000 yuan. 200 1 annual income 88140,000 yuan, profit-250,000 yuan. According to the requirements of overall development, XXX bus company opened five new bus lines in 2002, equipped with 160 clean dual-fuel environmental protection vehicles; According to the existing vehicle condition, update 100 clean dual-fuel environment-friendly vehicles. ?
Project analysis: Although the local economy is underdeveloped, bus companies can get more support from the local government. The bus industry is a stable industry, and the operation of bus companies is monopolistic in the local area, with relatively few uncertain factors; The bus company's vehicle renewal is continuous, but its one-time purchase ability is weak, and it is generally paid in installments, and its cash flow is stable, which is more suitable for the operation of financial leasing. By analyzing the debt ratio, debt structure, profit and cost composition of XXX bus company, it is found that XXX bus company is a normal bus company.
Analysis of the solvency of enterprises According to the analysis, a. The annual profit of new cars is about 6.5438+0.8 million yuan; B, according to the price ratio of gasoline and natural gas at that time, replacing oil with gas through vehicle renewal can save about 5 million yuan; C. Calculate the annual depreciation of the project of 3.2 million yuan. From the above analysis, it can be seen that the monthly cash inflow of the new project is about 830,000 yuan, the lease amount is 30 million yuan, and the monthly repayment amount is about 7 1 10,000 yuan, so the bus company has the repayment ability. ?
At the same time, the lease analyzes and calculates its current cash flow. Even if there are no new projects, the monthly net cash inflow of XX Bus Company is 6.5438+0.27 million yuan, which is enough to bear the repayment of 30 million yuan.
Project Operation According to the above analysis, the leasing company agrees to provide a financial lease of RMB 30 million for the bus company for a period of four years. As XXX bus company cannot provide other guarantee units, XXX bus company agrees to use its 15 bus line management right as a guarantee. So far, the project has recovered 42 rents normally and ended successfully in June 2006. Xxxx Bus Company accelerated vehicle renewal through financial leasing, and 80% of buses changed from oil to gas. With the recent sharp rise in oil prices, XXX bus company has made preparations in advance, saved a lot of costs, kept its good operation without significantly increasing bus fares, and produced good economic and social benefits.