关于融资租赁初步探究.docx

关于融资租赁初步探究.docx

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关于融资租赁初步探究

APRELIMINARYSTUDYONFINANCINGAGREEMENT

Class092

ZhouMingzhang5301109102

ZhangWeiping5301109094

ZhuShuqiao5301109104

LiuBolin5301109070

LiuXudong5301109072

ProfNike

November19,2011

Contents

ⅠTHEFINANCINGANDFINANCINGAGREEMENTS1

AThedefinitionandcharacteristicsoffinancing1

BOverviewoffinancingagreement1

ⅡANOVERVIEWOFLEASINGCONTRACTSANDITSCHARACTERISTICS2

AThedefinitionoffinanceleases2

BThecharacteristicsoffinanceleases2

COverviewoffinancialleasingcontracts3

ⅢTHECLASSIFICATIONOFFINANCELEASES4

ASimplefinancelease4

BLeveragedfinancelease4

CCommissionedfinancelease4

DProjectfinanceleases5

EOperatinglease5

FInternationaltransferringfinancelease5

ⅣTHERIGHTSANDOBLIGATIONSOFTHEPARTIESOFTHEFINANCELEASECONTRACT6

ARightsandobligationsoftheseller6

BRightsandobligationsofthelessor6

CRightsandobligationsofthelessee8

ⅤTHEAPPLICATIONOFFINANCELEASEINCHINAANDSEVERALCOMMONPROBLEMS9

ATheownershipofleasefinancing9

BHowtodealwiththeleasingobjectdefects9

CThestudyoftheproblemsoftheobjectstorage,useanddamage10

ⅠTHEFINANCINGANDFINANCINGAGREEMENTS

AThedefinitionandcharacteristicsoffinancing

Inbroadterms,financing,alsoknownasthefinancialormonetaryintermediationoffunds,isthebehaviorthatpartiestrytoraisemoneyfromfinancialmarketsorlendmoneythroughavarietyofways.Inanarrowsense,thatisthebehaviorandprocessesofabusinessfinancefunding.

Accordingtothefactwhetherithasfinancialintermediationofcorporateornot,financeisdividedintotwoways:

directfinancingandindirectfinancing.

Directfinancingisnotsubjecttoanyfinancialintermediary,butthecorporatelackfundsborrowsmoneydirectlyinconsultationwiththecompaniesownsurplusfundsforlending,orgetmoneythroughjointventuresandothersecuritieslikecorporatebonds,stocksorinternalfinancing.Indirectfinancingisconductedthroughthemediumoffinancialinstitutions,suchasbankcredit,non-bankfinancialinstitutions,credit,entrustedloans,financialleasingorprojectfinanceloansandsoon.

Advantagesofdirectfinancingarethatitcanleadtoarapidflowofcapital,thatitcostslittleandthatitisrestrictedlessbylaw.Itsdefectisthatthedemandsoftransactionfinancingandinvestingskillsofthetwopartiesarebothhigh.Sometimesitrequiresthepartiestomeetforadeal.

Comparedwiththedirectfinancing,indirectfinancingcanmakethemostuseofeconomies,reducecostriskanddiversifydebtthroughfinancialintermediaries.However,itisanecessarywaytoachievethetargettobealargemodernenterpriseandisanessentialmeansoffinancing,sothatthetwokindsoffinancingcannotbeneglected.

BOverviewoffinancingagreement

Financingagreementistheagreementsthatbothsidesoffinancingestablish,changeorterminaterelationoffunding.Atpresent,financingagreementoftenusedinChinaisthefinanceleasecontract,namedthatthelessorpurchasesthegoodsfromtheselleraccordingtothelessee'soptionstothesellerandthelease,thenprovidestothelessee,thelesseepaystherentcontract.

ⅡANOVERVIEWOFLEASINGCONTRACTSANDITSCHARACTERISTICS

AThedefinitionoffinanceleases

Financelease,alsoknownasfinanciallease,isthatthelessorbuysthegoodsfromtheselleraccordingtothelessee'schoicesofthesupplierandthesubjectmatter（thelease）,andthenleasedtothelesseetouse.

BThecharacteristicsoffinanceleases

Accordingtotheapplicationinourlife,Ithinkthatthemainfeaturesofleasingisthatasthelease'sownershipisaformofthelessortocontroltherisksthatthelesseepaystherent,whichcouldeventuallybetransferredtothelesseeintheendofthecontract,thepurchaseofleaseditemsshouldbeselectedbythelessee,andthelesseeshouldberesponsibleformaintenance,whilethelessorprovidesonlyfinancialservices.

Mostpeopleholdstheviewthatfinanceleasescanbegroupedintofivegeneralcharacteristicsofareas:

1.Thelesseecanchoosetheleasefreely;thelessorfinancedthepurchaseandleasedtothelesseewhocanonlybeleasedtoabusinessuseintheleaseperiod.

2.Thelesseeisresponsibleforinspectionandacceptanceofequipmentprovidedbythemanufacturer,thelessordoesnotmakeaguaranteeofthequalityoftheequipmentandtechnicalconditionstothelessee.

3.Thelessorretainsthetitletotheequipmentduringtheperiodwhilethelesseepaysrenttogettherighttouse,andthelesseeisresponsibleforthemanagementofleaseequipment,repairandmaintainit.

4.Leasecontractoncesigned,eitherpartyshalln'tbeentitledtorescindthecontractunilaterallyduringtheleaseperiod.Onlyequipmentdamageorlossofusevaluehasbeenproventobethecaseonecansuspendexecutionofthecontract.Hewhobreachescontractwithnoreasonwillhavetopayveryheavyfine.

5.Attheendofthelease,thelesseeusuallyhasthreeoptionstostayontheequipment,purchase,renewalorsurrender,ifhedecidestostaypurchase,theleasepurchasepricecanbenegotiated.

Whilesomescholarshavealsoadvocatedthatfinancingisthecorebutmaterialisameansoffinancinginafinancelease,thatthesubjectofafinancingleasingisparticular,thattheparticularityoftheobjectmatterofleasingandthatfullsettlementandthatotherlegalcharacteristics.

COverviewoffinancialleasingcontracts

Ibelievethattherearethreemainpartiesforfinanceleasecontract,whoarethelessor（thebuyer）,thelesseeandtheseller（supplier）.Thelesseerequiresthelessortobuyhimthenecessaryequipmentfor,andhewillgettheequipmentdirectlyfromthesupplier.

Comparedwithothercontracts,financeleasecontracthasthefollowingcharacteristics:

1.Differentfromthecontractforthesale,thesellerinthefinancingcontracthastodeliverthesubjectmatterandfulfillobligationofassuranceliabilityinflawtotheleasee,nottothebuyer（lessor）,namedthatthelesseeenjoystherightsofthebuyerbutdoesnotundertakehisobligation.

2.Withtheleasecontractisdifferentfromfinanceleasecontract,thelessordoesnotpaythemaintenanceandwarrantyobligationsforthelesseebutthelesseeshallfulfilltheobligationofrent.

3.Accordingtotheagreedpaymentamountandpaymentoftheprice,financingleasecontractpermitsthelesseetochoosetoacquireitsownershiporreturntheleasetothelessee,namedthatifthelesseeiswillingtopayforthelease,hecangetownershipofthelease,butifonlypaidrentduringthecontractperiodtheleaseshallreturnedtothelessorwhenthetimeexpires.

ⅢTHECLASSIFICATIONOFFINANCELEASES

Asthefinanceleaseisaleasetransferringallormostoftherisksandrewardsoftheownershipofanasset,theultimateownershipofassetscanbetransferredornot.Accordingtothecharacteristicsofafinancelease,Ithinkthatitcanbedividedintothefollowingcategories:

ASimplefinancelease

Simpelfinanceleasemeansthatthelesseechoosestheleaseditemstopurchase,thenthelessorleasethemtothelesseeafterariskassessmentoftheobject.Throughouttheleaseperiodthelesseeownstherighttousebutnotitsownership,andthelesseeisresponsibleforthemaintenanceandrepairofrentalitems.Thelessorassumesnoresponsibilityforthequalityoftheobjectoflease,butresponsibilityofequipmentdepreciationstandsbythelesseeside.

BLeveragedfinancelease

Similartobankloans,thepracticeleveragedleasesareledbyaleasingcompanyasthebackboneprimarily,thenfinancingforalargeproject.Becauseoftheadvantagesoftaxbenefits,operatingnormative,prettyefficiency,securityrentrecoveryandlowcost,thisleaseisgenerallyusedinaircraft,ships,communicationsequipmentandlargecompletesetsofequipmentleasing.

CCommissionedfinancelease

Inourreallife,entrustedfinancingmainlyshowedintwoways,oneistohavemoneyorequipmentwhichisentrustedtonon-bankfinancialinstitutionsengagedinfinancialleasing,sothatthelessorisalsothefirstclient,andthesecondisalsoatrusteeofthelessor.Thelessoracceptstheclient'sfundsorleaseofthesubjectmatter,andtrytodosomefinancialleasingbusinessforaspecifiedprincipalaccordingtotheclient'swrittenauthorizationofthelessee.Thesubjectmatteroftheleasetermbelongstotheclient,thelessoronlychargeafee,nottotakerisks.Amajorfeatureofthiscommissionisthatthebusinesswhichdoesnotgettherightcan"borrowpower"tooperation.Thee-commercejustregardscommissionleaseasabusinessplatform.

Thesecondapproachisthatthelessororathirdpersoniscommissionedtobythelesseethelease,andthenthelessorpayforthepurchaseunderthecontract,whichalsoknownascommissionedpurchasefinancelease.

DProjectfinanceleases

Projectfinancing,alsoknownasprojectloans,whichpointstotheloansprovidedforaspecificproject.Projectfinanceleaseisthatthelesseeensureitbytheirownpropertyandcompanyefficiencyinordertosignedaleasingcontractwiththelessor,whilethelessorownsnorecourseoutsidethelessee'spropertyandtheprojectproceeds,thentherentchargedtotheprojectonlycashflowandtodeterminetheeffectivenessofthelease.Sellerstaketheirownwaytopromotetheirproductsbytheirholdingcompanies,evenexpandtheirmarketshare.Communicationsequipment,medicalequipment,transportequipmentandeventhepowertooperatingthehighwaycanusethisform.Othersalsoincludethereturntypelease,alsoknownassaleandleaseba