Because the feasibility report of the project has made a detailed analysis of the financial status of the enterprise, the content of the project evaluation mainly includes the following points: risk assessment, economic guarantee, verification of data sources, implementation of undetermined factors and determination of enterprise credit rating.

◆ Assess the risk

Whether the lessor can safely recover the rent depends critically on the lessee's ability to repay. In the finance leasing process, the biggest risk faced by the lessor is that the lessee is unable to repay the rent. At present, the main way for the lessor to assess the risk of the project is to understand the real economic benefits of the project and let the lessee provide effective economic guarantees. In real life, there are many factors that lead to the inability to recover rent, including repayment ability risk, debt risk, interest rate and exchange rate risk, business risk, market changes, environmental pollution, policy adjustment, industrial structure matching and other unpredictable factors. In order to avoid such risks, the lessor should conduct a comprehensive analysis based on the results of the investigation.

◆ Guarantee of support

The level of risk of a lessee is largely determined by its ability to guarantee financial support. According to the degree of risk, the ability to guarantee financial support can be divided into the following levels.

Class A: Bank Guarantee. At present, China's banks are transforming into commercial banks, which can provide economic guarantees for enterprises. For the lessee, obtaining a bank guarantee is the best proof of his financial strength. It is important to note that the level of the bank providing the guarantee should match the size of the lessee's finance lease. The larger the scale of the financial lease, the higher the level of the guarantor bank should be. If the lessee introduces foreign capital, the bank providing the guarantee must not only match the financing scale, but also have the foreign exchange guarantee business approved by the State Administration of Foreign Exchange. Generally speaking, only provincial banks can meet these conditions, and the guarantee amount for a single project is about 300~5 million US dollars.

Class B: Real estate mortgage guarantee. Real estate refers to commercial real estate that can be sold with legal procedures. Real estate refers to the land that is associated with the property, and the real estate alone cannot be mortgaged as an asset. Before the real estate can be mortgaged, it must be appraised by an accounting firm, notarized, and its net asset value must be higher than the total rent.

Class C: Collateral security for securities. Securities here refer to treasury bonds and debts or securities that have the ability to be liquidated after listing. It is important to note that stocks cannot be used as collateral because they are too risky. In addition, securities are used as collateral guarantees, and the amount of collateral is generally calculated at a discount based on their creditworthiness.

Class D: Large Enterprise Guarantee. The guarantee ability of such enterprises must be recognized by the leasing company, and the enterprise has a certain reputation and good credit. Before guaranteeing, the guarantor company should submit financial statements to the leasing company for 3~5 years. The leasing company will not accept its sponsorship eligibility until the report has been diagnosed and analyzed. The procedures for enterprise guarantee are relatively complex, and the scope of business activities is relatively small. No matter what kind of guarantee method is adopted, it is necessary to clearly stipulate in the guarantee letter that "the financial guarantor is the first recourse for the debt" and implement the guarantor's repayment responsibility.

◆ Verify data

The project evaluation must be based on real and objective economic data, and the reliability and authority of the data source must be verified, and the data to be verified mainly include the following types.

(1) The proportion of leasing projects in the total investment.

In order to ensure that the leasing project can be carried out normally, the funds prepared by the lessee for the leased items should be 1~2.5 times higher than the estimated cost of the items. To this end, the lessor should understand the lessee's ability to raise funds and identify the source of resources. If the region implements a loan certificate system, it is also necessary to clarify the size of the loan to the debt ratio of the enterprise.

(2) Enterprise credit capacity.

To verify the credit ability of the enterprise, the following points should be achieved: first, analyze the financial statements and related schedules of the enterprise in recent years to understand the operating conditions of the enterprise; Second, understand the inventory structure and payables of the enterprise, and judge the sales of products and the debt arrears of the enterprise accordingly; Third, analyze what stage the market cycle of the product is, whether it is an upward stage, a development stage or a downward stage; Fourth, the asset-liability ratio and short-term and long-term debt ratio of the enterprise are calculated, and the debt repayment ability of the enterprise is judged accordingly.

In the process of verifying data, the data related to the financial statements should be queried with relevant vouchers, and the source of public data such as social rate of return should be verified, which should come from government departments and authoritative management departments.

◆ Find and convert uncertainties

There are many uncertainties in immature markets, and under the influence of these factors, the workload of project evaluation is relatively high and it is difficult to carry out. In the process of project research, the leasing company should comprehensively collect these uncertainties, adopt methods such as general law theory and mathematical statistics to find the law of uncertainties, discover their changing trends, and transform some uncertainties into deterministic factors by signing written documents, such as signing letters of commitment and letters of intent for some oral commitments.

◆ Determine credit rating

The judgment of the credit rating of the leasing company and the lessee is to judge the risk of the leased project. The leasing company can determine the credit rating of the enterprise through the project evaluation, decide whether to continue to promote the project according to the credit rating, and make an accurate judgment on the range of the project leasing spread.

At present, China's markets at all levels are not very mature, the market mechanism is not sound, there are many uncertain factors will have an impact on financial leasing projects, in this case, the project evaluation must be combined with the actual situation of our country, understand the soft environment and hard environment of local investment, and judge whether the project belongs to the national key support areas; Understand the regional characteristics of the industrial structure; Judge the level of understanding of the project by the existing personnel of the enterprise; Understand the loan status of the guarantee funds of the lease contract, the matching funds, the reliability of the supply of raw materials and the sales market of the products.

If the project is wide-ranging, it is necessary to seek government support; If the lessee appoints a supplier, the leasing company will investigate the supplier's creditworthiness. In addition, because the evaluation of financial leasing projects involves many professions and disciplines, in order to ensure the objectivity and scientificity of the evaluation results, the composition of the appraisers must be professional and reasonable, professional issues should be consulted by professionals, data processing should be carried out by computer, and the mode of combining expert consultation, technical demonstration and scientific management of the company should be adopted to reduce or even eliminate the interference of human factors in project evaluation.