Among the current types of debt financing, financial leasing (Fi

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cial lease) is considered to be a basic and universal form of non-bank finance. Financial leasing refers to a form of finance in which the lessor selects a suitable supplier according to the specific requirements of the lessee for the required equipment, purchases the corresponding equipment from the supplier, and leases it to the lessee for use.

The financial leasing model involves three parties, namely the lessor, the lessee and the supplier. The financial leasing activities in which these three parties jointly participate need to sign two kinds of contracts, one is the supply contract signed between the lessor and the supplier, and the other is the lease contract signed between the lessor and the lessee. According to the provisions of the supply contract, the lessor purchases the equipment designated by the lessee from the supplier; According to the lease contract, after the lessee pays the equipment rent to the lessor, the lessee has the right to use the equipment during the lease period, and the lessor enjoys the ownership of the equipment.

At the end of the lease period, if the lessee has paid the rent in accordance with the contract and fulfilled all obligations, the ownership of the equipment that has not been clarified by the agreement can be agreed upon through a supplementary agreement; If no supplementary agreement can be reached, and it cannot be clarified by trade customs or the terms of the contract, ownership of the equipment remains with the lessor.

From the above introduction to financial leasing, it is not difficult to see that financial leasing, as a new type of financial industry, integrates financing, financing, technology upgrading and trade. Because finance leasing combines financing with financing, the lessor can recycle and dispose of the equipment that has already been leased as needed in certain circumstances. Therefore, financial leasing is a very suitable form of financing for small and medium-sized enterprises. Compared with other financing methods, financial leasing not only has a more flexible financing method, but also can last for a longer period of time, and the repayment method will not bring too much pressure. Small and medium-sized enterprises can obtain disposable funds with a tenure of up to three years using financial leasing, which is more advantageous than general bank loans. In terms of repayment, enterprises can repay in installments according to their own affordability, and will not break the capital chain due to short-term financial pressure.

However, this does not mean that the financial leasing method is suitable for all SMEs. Relatively speaking, financial leasing is ideal for two types of production and processing SMEs: first, enterprises need to purchase equipment to expand production scale in order to expand sales channels; Second, the market prospects of enterprises are good, but temporary difficulties have emerged.

◆ The main characteristics of financial leasing

The characteristics of financial leasing are mainly reflected in the following five aspects, as shown in Table 3-15.

◆ Classification of types of financial leases

Theoretically, financial leasing models can be classified in the following three ways.

(1) It is divided according to the purpose of leasing and the way of return on investment.

According to the purpose of leasing and the way of return on investment, financial leasing can be divided into two modes: financial leasing and operating leasing.

Financial leasing can be referred to as financial leasing, which refers to the agreement of the parties that the lessee selects a third-party supplier, and the lessor purchases the designated equipment from the third-party supplier in accordance with the requirements of the lessee. The lessee pays rent to a third-party supplier and obtains the right to use the equipment. In the course of a long-term lease, the lessee receives all or most of the investment by collecting rent.

An operating lease refers to the lessor's leasing of equipment to the lessee in a short period of time and the provision of equipment maintenance and repair services to the lessee. During this process, the tenant can terminate the contract at any time. Under this model, if the lessor wants to recoup the investment in the leased equipment, it needs to continuously lease the equipment to different lessees.

(2) Divide from the perspective of taxation.

From the perspective of taxation, financial leasing can be divided into two modes: tax-efficient leasing and non-tax-efficient (sales) leasing.

A tax-efficient lease is a lease that can enjoy tax benefits, also known as a real lease. A non-tax-efficient lease is a lease that is not eligible for tax benefits. This financial lease model is based on tax-saving conditions set by the government, and is currently mainly used in the United States.

(3) Divide according to the proportion of capital contribution.

According to the proportion of capital contribution, financial leasing can be divided into single investment leasing and leveraged leasing.

Single investment leasing is a more traditional leasing method, which means that the lessor bears all the investment amount for the purchase of leased equipment alone.

Leveraged leasing means that the lessor can obtain the ownership of the equipment by contributing 20%~40% of the total equipment amount, enjoy 100% of the equipment investment discount, and the remaining funds can be borrowed from banks and other financial institutions by way of equipment mortgage. The loan needs to be secured by the equipment and lease fee, and the lessor needs to be secured by the first mortgage of the equipment and the transferee of the equipment rent. With the advantages of low cost, good comprehensive benefits, tax dividends, and safe rent recovery, this model has been widely used in the financial leasing of aircraft, ships, communication equipment and large complete sets of equipment.