中国融资租赁市场的发展
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摘要
在过去几十年里,中国经济飞速发展。而金融服务市场的发展也是飞速发展经济中重要的一部分。早在20世纪80年代融资租赁的概念已经引入中国,但是直到最近几年人们才开始重视它的经济意义。除了传统的贷款交易外,融资租赁将成为很多企业特别是中小企业日益重要的一种融资方式。由于很多私有企业同样可以享受到租赁的服务,这将极大刺激中国国内市场经济的迅猛发展,减少对出口的依赖,从而可以早日实现中国政府在未来几年扩大内需的目标。融资租赁交易本身常常是关于可移动资产的,合同的一方即租赁物件的合法拥有者也就是所谓的出租人把可移动资产承租给合同另一方即承租人使用,在租赁期内承租人向出租人支付租金。融资租赁的租赁期限往往和租赁物品的经济寿命相当,所以在租期届满时,资产所有权常常自动转移给承租人。表面看来,融资租赁的性质不像是租赁而像融资。但是从技术层面上说,融资租赁和经营租赁根据承租人是否将租赁物品记入其财务报表而有着本质的不同。目前,中国融资租赁市场上估计有220亿美元(2008)左右的交易额。然而这只是那年理论上适合融资租赁投资额的2%。这表明,通过追加投资深入发展该市场将具有巨大潜力。特别是在像汽车或飞机市场等融资租赁将极具发展潜力。同时,政府为了改善国内市场经济出台了一系列积极的政策支持,这些政策也将出现在接下来的第十二个五年计划中,充分体现了政府希望迅速发展融资租赁的强烈愿望。另外,简单的手工制造转向高科技生产的战略转换,人口老龄化很可能带来的可用劳动力的减少及技术创新周期越来越短的趋势产生对先进的基础设施和机械投资的需求从而间接地带来了金融租赁业的乐观前景.自2005年外商独资金融租赁公司获准进入中国以来,过去几年里中国的法律和监管环境及租赁行业的不断改善使外商在该行业的直接投资显著增加,大量资金及重要相关知识流入中国市场。中国租赁的会计准则与国际财务报告准则大部分一致,而中国合同法有涵盖金融租赁交易的部分法律。但是关于租赁的专门法律仍在准备中还未实施。目前出台时间还不明晰,但是一旦落实即将进一步推动金融租赁市场的发展。五力分析一方面揭示了中国金融租赁市场没有替代产品的重大威胁,只有电力供应商讨价还价的小小影响。另一方面,购买者特别是有良好信誉的购买者有更多的权力。目前的竞争总的来说不是特别激烈。但是尽管现在市场上有较高的准入壁垒在接下来的几年里我们仍会在市场上看到大量的新品种。本论文在比较德国和中国上市公司融资租赁的使用情况专门进行了一次实证研究。很多人认为德国上市公司比中国上市公司更容易接受融资租赁。该研究结果验证了此观点。
The concept of financial leasing was already introduced to China in the 1980s but did not gain economic significance until recent years. By providing an alternative source of financing apart from classical loan transactions especially for small and medium companies leasing will be of growing importance. As leasing can also be made available to private consumers it is also instrumental to the growth and development of the domestic Chinese market which is one of the main goals of the government for the next years in order to reduce the country's dependence on exports. A financial leasing transaction itself is always bound to a movable asset which one contract party, the legal owner and so called lessor, leaves to a second party, the lessee, for usage against the payment of a fee. The character of financial leasing is more similar to a financing than a renting transaction, as what it might look at first glance.
Currently the Chinese market for financial leasing is estimated to have a volume of around 22 bln. US$ (2008). This represents a percentage of only 2% of the investment volume of that year that theoretically would have been eligible for lease financing. This suggests a huge potential for growth both by increasing penetration and by growing investments themselves. Especially some important subsectors like the market for cars or airplanes exhibit immense growth potential. This is supported by a strong political will to improve the domestic Chinese market which translates into an active strategy of support mapped out in the forthcoming 12th five year plan. Other trends like the shift from simple manual manufacturing to high tech productions, the aging Chinese population and the likely decrease of available workforce as well as the tendency to ever shorter technological innovation cycles drive the need for investments in advanced infrastructure and machinery in thereby indirectly support the positive outlook for the financial leasing industry.
The legal and regulatory environment or the leasing industry has improved constantly in the past years. Since 2005 wholly foreign owned financial leasing companies are allowed which lead to increasing FDI in this sector and an important inflow of funds and relevant related know-how. The accounting rules for leasing in China are in large parts in line with the International Financial Reporting Standards and financial leasing transactions are covered by a section of the Contract Law of China. A special law for leasing is in preparation but has not been enacted yet. The current timing is unclear but once in place it will further spur the development of the financial leasing market.
The Five Forces Analysis reveals the Chinese financial leasing market to be with no significant threat of substitute products and only little influenced by bargaining power of suppliers. Buyers on the other hand have more power, especially if they have good credit worthiness. Although the current competition is not too fierce overall, a multitude of market entries will be observed in the coming years, despite the relatively high market entry barriers.
An empirical study especially conducted for this thesis compared the use of leasing among German and Chinese listed companies. The assumption was that German companies have a much higher acceptance of leasing as a means of financing than Chinese companies. This could be verified by the results of the study.
The concept of financial leasing was already introduced to China in the 1980s but did not gain economic significance until recent years. By providing an alternative source of financing apart from classical loan transactions especially for small and medium companies leasing will be of growing importance. As leasing can also be made available to private consumers it is also instrumental to the growth and development of the domestic Chinese market which is one of the main goals of the government for the next years in order to reduce the country's dependence on exports. A financial leasing transaction itself is always bound to a movable asset which one contract party, the legal owner and so called lessor, leaves to a second party, the lessee, for usage against the payment of a fee. The character of financial leasing is more similar to a financing than a renting transaction, as what it might look at first glance.
Currently the Chinese market for financial leasing is estimated to have a volume of around 22 bln. US$ (2008). This represents a percentage of only 2% of the investment volume of that year that theoretically would have been eligible for lease financing. This suggests a huge potential for growth both by increasing penetration and by growing investments themselves. Especially some important subsectors like the market for cars or airplanes exhibit immense growth potential. This is supported by a strong political will to improve the domestic Chinese market which translates into an active strategy of support mapped out in the forthcoming 12th five year plan. Other trends like the shift from simple manual manufacturing to high tech productions, the aging Chinese population and the likely decrease of available workforce as well as the tendency to ever shorter technological innovation cycles drive the need for investments in advanced infrastructure and machinery in thereby indirectly support the positive outlook for the financial leasing industry.
The legal and regulatory environment or the leasing industry has improved constantly in the past years. Since 2005 wholly foreign owned financial leasing companies are allowed which lead to increasing FDI in this sector and an important inflow of funds and relevant related know-how. The accounting rules for leasing in China are in large parts in line with the International Financial Reporting Standards and financial leasing transactions are covered by a section of the Contract Law of China. A special law for leasing is in preparation but has not been enacted yet. The current timing is unclear but once in place it will further spur the development of the financial leasing market.
The Five Forces Analysis reveals the Chinese financial leasing market to be with no significant threat of substitute products and only little influenced by bargaining power of suppliers. Buyers on the other hand have more power, especially if they have good credit worthiness. Although the current competition is not too fierce overall, a multitude of market entries will be observed in the coming years, despite the relatively high market entry barriers.
An empirical study especially conducted for this thesis compared the use of leasing among German and Chinese listed companies. The assumption was that German companies have a much higher acceptance of leasing as a means of financing than Chinese companies. This could be verified by the results of the study.
引文
2 The useful economic life of an asset is usually defined by the valid account rules, describing the period over which it has to be depreciated.
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