Two. Trust financing
(1) trust loan model/financial leasing collective trust plan model
Trust companies raise funds by issuing financial leasing collective fund trusts, and then lend the funds to leasing companies, which use the funds to purchase the leased property and lease it to the lessee. The financial leasing company repays the principal and interest of the loan to the trust company on schedule with the rental income generated from the leased assets, so as to realize the trust income of investors.
(B) Trust model for transfer of financial leasing income right with repurchase conditions
The leasing company will package the future rental income of one or more leasing projects together to form the right to return the leased assets, and then transfer them. The trust company will transfer the income right of issuing leased assets to the collective trust plan, and "purchase" the income right of leased assets with trust funds. After the trust expires, the leasing company will repurchase the income right of the leased assets at a premium. Specifically divided into the following two categories:
1. the mode of trust funds to purchase the right to lease income.
2. Financing mode of income right
(c) Channel mode-bank financing+single trust plan+income right of leased assets.
The whole transaction process of this model is dominated by banks, providing projects and sources of funds, and leasing companies are mostly designated by banks. The role of trust is relatively passive, and the source of funds is related wealth management products issued by commercial banks. When a bank issues financial leasing products, it entrusts the raised funds to a trust company to set up a single-fund trust plan, and transfers the income right of leased assets from the financial leasing company.
Three. Securitization of financial leasing assets
Securitization of financial lease assets is asset securitization based on lease receivables. The financial leasing company (sponsor) gathers the leasing creditor's rights with the same or similar use, performance and lease term and can generate stable cash flow in the future, and adopts a series of structural arrangements (credit rating, credit rating, etc. ), which can be transformed into the financing process of leased asset-backed securities that can be sold and circulated in the financial market. Securitization of leased assets is essentially a multi-subject and multi-link operation process of issuing securities and financing supported by rental income rights.
Four. External debt financing
(a) the way to borrow foreign debts from overseas affiliated companies or parent companies
1. Operation mode: the parent company establishes a leasing company in China to handle direct leasing business, and the parent company or affiliated company directly lends the remaining funds to the domestic investment and financing leasing company.
2. Application type: There are real economic backgrounds abroad, and there are real companies engaged in manufacturing both at home and abroad.
(B) overseas financing and loan model
1. mode of operation: domestic companies set up operating platform companies overseas, and overseas companies list overseas or issue bonds for financing before lending to domestic financial leasing companies. By taking advantage of the policy convenience of overseas leasing companies to borrow foreign debts, overseas low-cost funds are used to handle business such as sale and leaseback for China enterprises.
2. Application type: The actual controller of the company is usually a large state-owned enterprise or a private enterprise, which sets up a shell company overseas and then returns to China to set up a foreign-funded financial leasing company.
(C) "guarantee+foreign debt" model
1. Operation mode: Using the credit granted by domestic banks to Chinese-funded enterprises, foreign-funded financial leasing companies are provided with external guarantees in RMB or foreign currency. Foreign leasing companies use RMB foreign debts or foreign currency foreign debts to settle foreign exchange payments to Chinese-funded institutions in China and purchase their second-hand assets.
2. Applicable type: The leasing company handles the sale and leaseback business for Chinese-funded enterprises, medical institutions, schools and other domestic-funded institutions without foreign debt indicators.
This kind of RMB external guarantee is not included in the control of guarantee balance index, and it has credit to domestic enterprises, so domestic banks have no scruples about issuing this kind of guarantee. Some banks also handle cross-currency external guarantees, that is, domestic banks issue RMB external guarantees and overseas institutions provide foreign currency foreign debts. Banks have not yet included such guarantees in the management of external guarantee balance indicators.
(d) Ways to purchase leased assets and borrow foreign debts again.
1. Operation mode: The mode of purchasing leased assets from other domestic leasing companies and borrowing foreign debts refers to a domestic company with leased resources but limited financing conditions or channels. Before starting a new leasing business, it sells leased assets and obtains financing funds from another company with better financing channels.
2. Applicable type: a foreign-funded financial leasing company whose business scope is to purchase leased assets.
(5) Borrowing foreign debts in the name of handling pilot factoring business.
The factoring business carried out by foreign financial leasing companies in Shanghai allows leasing companies to provide trade financing for manufacturing enterprises by purchasing accounts receivable, that is, they can borrow foreign debts in the name of factoring business.