1, China's financial leasing industry and the development of
Chinese financial leasing is at the beginning of the reform and opening up by the introduction of foreign countries. 1980, China International Trust and Investment Corporation (hereinafter referred to as the CITIC Company) tried to run the first batch of financial leasing business, and achieved good economic benefits, which include the introduction of textile machines for Hebei Zhuozhou Textile Factory, the introduction of 200 Nissan sedans for the Beijing Capital Rental Car Company, and the introduction of 200 Nissan sedans for the Beijing Capital Rental Car Company. In April 1981, CITIC entered into a joint venture with Oriental Leasing Co. of Japan to form China's first Sino-foreign joint venture leasing company, China Oriental International Leasing Co. -In April 1981, CITIC and Japan Oriental Leasing Company jointly established China's first Sino-foreign joint venture leasing company - China Oriental International Leasing Company, and in July of the same year, China Leasing Company Limited was established in cooperation with domestic organizations, the establishment of which marked the creation of China's financial leasing industry and the establishment of the modern leasing system. The establishment of these two financial leasing companies marked the creation of China's financial leasing industry and the establishment of modern leasing system. In the initial stage of the development of China's financial leasing industry, the relevant departments of finance, taxation, customs, industry and commerce, foreign trade and foreign exchange management and other relevant departments successively formulated policies and regulations to encourage the development of the financial leasing industry, and the financial leasing industry developed rapidly in the mid- to late-80s, and as of 2000, there were 16 financial leasing companies approved by the People's Bank of China, 4 of which went bankrupt or closed down due to operational problems. There are 12 financial leasing companies belonging to non-bank financial institutions, and there are 42 sino-foreign joint venture financial leasing companies approved by the Ministry of Foreign Trade and Economic Cooperation. In addition, there are more than 2,130 trust and investment companies, 80 finance companies and 4 asset management companies operating financial leasing business.
From the early 80s after the birth of the 20 years, the financial leasing industry in China's economic development has played a positive role in the following aspects. (1) the use of financial leasing from abroad to introduce equipment and funds to support the technological transformation of China's enterprises. According to the statistics of the Leasing Industry Committee of China Association of Enterprises with Foreign Investment, as of the end of 2000, nearly 7,000 enterprises have carried out technological transformation through the financial leasing transactions of joint venture leasing companies in the fields of civil aviation, urban rental cars, textile, tobacco, petrochemicals, electric power, postal and telecommunication and mobile communication industries. (2) Utilizing financial leasing for asset management and expanding product sales. For example, Anshan Iron and Steel Company adopts the sale and leaseback method to sell the imported rolling mill to the leasing company and then lease it back to use it, which solves the need for liquidity, Shenzhen Huawei Company uses financial leasing as a means of promoting its products and achieves good economic benefits, and Zhejiang Provincial Financial Leasing Company combines the leasing financing with the government's financial expenditures, which not only supports the construction of the infrastructure of the urban public transportation system but also enhances the multiplier effect of the financial investment to stimulate the social investment. In addition, the development of financial leasing industry plays a special role in promoting foreign investment in China and introducing new investment and financing concepts and advanced project evaluation and risk management experience.
2, China's financial leasing industry development problems after 20 years of development, China's financial leasing industry from scratch, from small to large, the importance of the national economy continues to grow. But there are many problems in the development of the financial leasing industry, mainly manifested as follows: (1) the small scale of financial leasing transactions, low leasing penetration rate, leasing equipment penetration rate is only low. (2) Financial leasing is basically a way of corporate fundraising, and the asset management function and promotional function are far from being able to play a role. (3) Part of the leasing company asset quality deterioration, capital turnover difficulties, unsustainable operations. The reasons for these problems are multifaceted, both the macroeconomic environment and the leasing industry itself. From the macroeconomic environment, in the financial leasing industry after the development of a considerable period of time there is no legal provisions on financial leasing business, the lessor's economic interests are not legally guaranteed; at the same time, there is no accounting system on the accounting norms of the financial leasing business, there is a lack of corresponding preferential tax policies, the source of funds on the leasing company less funding channels, these problems not only affects the use of enterprise These problems not only affect the enthusiasm of enterprises to utilize financial leasing, but also inhibit the business expansion and innovation ability of leasing companies. In addition, the deterioration of the credit environment of the whole society, the lessee trust or even refuse to pay rent, resulting in leasing companies can not recover the investment, the operation is in trouble. From the leasing industry's own factors, the main problem is that the leasing company leasing business is not prominent, operation is not standardized, risk prevention awareness is weak, low management level and so on.
3, the development prospects of China's financial leasing industry
Although China's financial leasing industry in the development of many problems, but financial leasing in China still has broad prospects for development. In the field of production, the use of financial leasing can expand substantial investment to promote employment growth, accelerate the technological transformation of enterprises and equipment upgrading, and promote the use of high-tech and equipment; in the circulation area, the use of financial leasing can change the original production, transportation, sales and other sectors of the traditional circulation of the division of each other, the establishment of production, supply and sales of a one-stop production and marketing system, to promote the sale of domestically produced equipment to expand the market share of domestically produced equipment. In the financial field, the use of financial leasing can change the single loan financing mode, improve the structure of bank assets, low business risk, and expand the scale of financing for small and medium-sized enterprises; in the financial field, the financial leasing and financial policy to cooperate with each other, and can change the original financial and investment mode, give full play to the leverage of financial funds; in the field of state-owned assets management, the use of financial leasing, can reduce the occupation of fixed assets, and improve the capital of the company. In the field of state-owned assets management, the use of financial leasing can reduce the occupation of fixed assets, improve the liquidity of funds and revitalize state-owned assets. The macro environment for the development of China's financial leasing is constantly improving, from 1999 onwards, the development of China's financial leasing industry has an important impact on the promulgation of the three laws and regulations. 1999 March 15, the National People's Congress passed the "Chinese People's **** and the State Contract Law", which the "financial leasing contract" on the nature of the financial leasing transactions, the rights and responsibilities of the parties involved in the transaction for the comprehensive provisions, greatly improving the development of China's financial leasing industry, and the development of China's financial leasing industry. It greatly improved the legal environment for the development of China's financial leasing industry; on June 30, 2000, the People's Bank of China promulgated the Measures for the Administration of Financial Leasing Companies, which stipulated the institutional setup, business operation and supervision of financial leasing companies, highlighting the main business of financial leasing companies, and playing an important role in regulating the operation of financial leasing companies; on January 1, 2001, the Ministry of Finance issued the Corporate Accounting Standards - Enterprise Accounting Standards (EAS) for Financial Leasing Companies (FLCs). On January 1, 2001, "Enterprise Accounting Standards - Leasing" issued by the Ministry of Finance came into effect. This accounting standard refers to the international practice and divides the leasing program into accounting for finance leases and accounting for operating leases, and determines the basic principles and methods of accounting and disclosure of information for the lessor and the lessee under different transaction conditions, which provides a good basis for China's operating leasing accounting and disclosure. methods, creating conditions for the development of operating leases and the innovation of transaction forms in China.
Meanwhile, many enterprises have recognized the unique role of financial leasing in investment, financing, promotion and asset management, and started to use various ways to intervene in the financial leasing industry. After joining the WTO, China will open up the leasing market to the outside world, the entry of foreign leasing companies and manufacturers is bound to intensify the competition in China's financial leasing market, but at the same time it will also bring advanced management and management concepts, the domestic leasing institutions should seize the opportunity to learn from the advanced experience of developed countries, combined with China's actual efforts to innovate, so that the financial leasing industry to play a greater role in the national economy.
Reprinted for reference only.