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融资租赁_百度百科

_百度百科网页新闻贴吧知道网盘图片视频地图文库资讯采购百科百度首页登录注册进入词条全站搜索帮助首页秒懂百科特色百科知识专题加入百科百科团队权威合作下载百科APP个人中心融资租赁播报讨论上传视频非银行金融形式收藏查看我的收藏0有用+10融资租赁（financial lease）是国际上最普遍、最基本的非银行金融形式。它是指出租人根据承租人（用户）的请求，与第三方（供货商）订立供货合同，根据此合同，出租人出资向供货商购买承租人选定的设备。同时，出租人与承租人订立一项租赁合同，将设备出租给承租人，并向承租人收取一定的租金。 [1]中文名融资租赁外文名Financial Leasing种类直接融资租赁、经营性租赁等分类融资、租赁起源国家美国起源时间20世纪50年代目录1定义2衡量指标▪租赁渗透率▪GDP的渗透率3发展历程▪起源▪中国发展▪发展现状4分类▪租赁▪融资5功能特点▪具体特征▪功能介绍6业务分类▪直接融资租赁▪经营性租赁▪出售回租▪转租赁▪委托租赁▪分成租赁7风险▪产品市场风险▪金融风险▪贸易风险▪技术风险8会计处理9法律解释▪中国法律▪国际公约10申请流程11相关行业12相关课程定义播报编辑融资租赁法律关系融资租赁是指出租人根据承租人对租赁物件的特定要求和对供货人的选择，出资向供货人购买租赁物件，并租给承租人使用，承租人则分期向出租人支付租金，在租赁期内租赁物件的所有权属于出租人所有，承租人拥有租赁物件的使用权。租期届满，租金支付完毕并且承租人根据融资租赁合同的规定履行完全部义务后，对租赁物的归属没有约定的或者约定不明的，可以协议补充；不能达成补充协议的，按照合同有关条款或者交易习惯确定，仍然不能确定的，租赁物件所有权归出租人所有。融资租赁是集融资与融物、贸易与技术更新于一体的新型金融产业。由于其融资与融物相结合的特点，出现问题时租赁公司可以回收、处理租赁物，因而在办理融资时对企业资信和担保的要求不高，所以非常适合中小企业融资。中国的融资租赁是改革开放政策的产物。改革开放后，为扩大国际经济技术合作与交流，开辟利用外资的新渠道，吸收和引进国外的先进技术和设备，1980年中国国际信托投资公司引进租赁方式。1981年4月第一家合资租赁公司中国东方租赁有限公司成立，同年7月，中国租赁公司成立。这些公司的成立，标志着中国融资租赁业的诞生。2007年后，国内融资租赁业进入了几何级数增长的时期。业务总量由2006年的约80亿元增至2011年约9300亿元。2012年底，全国注册运营的融资租赁公司约560家，其中包括金融租赁公司20家，内资租赁公司80家，及外资租赁公司约460家。注册资金总额达1820亿人民币，租赁合同余额约15500亿人民币。2007-2012年我国融资租赁合同余额（亿元）-2007年2008年2009年2010年2011年2012年金融租赁904201700350039006600内资租赁1006301300220032005400外资租赁50500700130022003500行业总量240155037007000930015500融资租赁是现代化大生产条件下产生的实物信用与银行信用相结合的新型金融服务形式，是集金融、贸易、服务为一体的跨领域、跨部门的交叉行业。大力推进融资租赁发展，有利于转变经济发展方式，促进二、三产业融合发展，对于加快商品流通、扩大内需、促进技术更新、缓解中小企业融资困难、提高资源配置效率等方面发挥重要作用。积极发展融资租赁业，是我国现代经济发展的必然选择。未来五年，融资租赁在我国经济发展中的作用和地位将越来越重要，融资租赁业在中国经济中的分量将越来越大。随着中国经济的持续发展，依托越来越强大的中国实体经济，未来融资租赁业必将成为我国服务业中的主流业态。而随着经营水平和能力的不断提升，将有一批租赁公司能够脱颖而出而跻身中国乃至世界企业行列。与传统租赁的区别融资租赁和传统租赁一个本质的区别就是：传统租赁以承租人租赁使用物件的时间计算租金，而融资租赁以承租人占用融资成本的时间计算租金。是市场经济发展到一定阶段而产生的一种适应性较强的融资方式，是20世纪50年代产生于美国的一种新型交易方式，由于它适应了现代经济发展的要求，所以在20世纪60～70年代迅速在全世界发展起来，当今已成为企业更新设备的主要融资手段之一，被誉为“朝阳产业”。我国20世纪80年代初引进这种业务方式后，三十多年来也得到迅速发展，但比起发达国家来，租赁的优势还远未发挥出来，市场潜力很大。与分期付款的区别（1）分期付款是一种买卖交易，买者不仅获得了所交易物品的使用权，而且获得了物品的所有权。而融资租赁则是一种租赁行为，尽管承租人实际上承担了由租赁物引起的成本与风险，但从法律上讲，租赁物所有权名义上仍归出租人所有。（2）融资租赁和分期付款在会计处理上也有所不同。融资租赁中租赁物所有权属出租人所有，租赁物作为长期应收款；承租方计入固定资产，进行计提折旧。分期付款购买的物品归买主所有，因而列入买方的资产负债表并由买方负责摊提折旧。（3）上面两条导致两者在税务待遇上也有区别。融资租赁中的出租人可将摊提的折旧从应计收入中扣除，而承租人则可将摊提的折旧费从应纳税收入中扣除，在分期付款交易中则是买方可将摊提的折旧费从应纳税收入中扣除，买者还能将所花费的利息成本从应纳税收入中扣除，此外，购买某些固定资产在某些西方国家还能享受投资免税优惠。（4）在期限上，分期付款的付款期限往往低于交易物品的经济寿命期限，而融资租赁的租赁期限则往往和租赁物品的经济寿命相当。因此，同样的物品采用融资租赁方式较采用分期付款方式所获得的信贷期限要长。（5）分期付款不是全额信贷，买方通常要即期支付贷款的—部分；而融资租赁则是一种全额信贷，它对租赁物价款的全部甚至运输、保险、安装等附加费用都提供资金融通。虽然融资租赁通常也要在租赁开始时支付一定的保证金，但这笔费用一般较分期付款交易所需的即期付款额要少得多（例如在进出口贸易中买方至少需现款支付15%的货款）。因此，同样一件物品，采用融资租赁方式提供的信贷总额一般比分期付款交易方式所能够提供的要大。（6）融资租赁与分期付款交易在付款时间上也有差别。后者一般在每期期末，通常在分期付款之前还有一宽限期，融资租赁一般没有宽限期，交易开始后就需支付租金，因此，租金支付通常在每期期初。（7）融资租赁期满时租赁物通常留有残值，承租人一般不能对租赁物任意处理，需办理交换手续或购买等手续。而分期付款交易的买者在规定的分期付款后即拥有了所交易物品，可任意处理之。（8）融资租赁的对象一般是寿命较长、价值较高的物品，如机械设备等。衡量指标播报编辑租赁渗透率是衡量一个国家融资租赁行业发展水平的重要指标，也反映了一个国家融资租赁行业的成熟度和接受度。当前，国际上通常采用市场渗透率和GDP的渗透率这两个指标。 [6]租赁渗透率融资租赁的市场渗透率（Market Penetration），也叫投资渗透率（Investment Penetration），是指某国家或地区当年设备融资租赁的新增业务额与该国家或地区当年全社会设备投资总额的比率。用公式表示为：融资租赁的市场渗透率是国际上使用最为普遍的参考指标，主要用于衡量融资租赁在设备投资中所占的比重，也可以理解为设备购置过程中有多少是通过融资租赁实现的。 [6]GDP的渗透率GDP的渗透率（GDP Penetration）是由怀特克拉克集团（White Clarke Group）于1999年开始在《世界租赁年报》中首次使用，是指某国家或地区当年融资租赁全部新增业务额和该国家或地区GDP的比率。用公式表示为：虽然GDP的渗透率计算较为方便，但由于各个国家的GDP差异较大，经济结构和投资结构等方面也存在巨大差异，因此，GDP的渗透率目前在使用范围和接受程度上不如市场渗透率/投资渗透率普遍。 [6]发展历程播报编辑起源现代融资租赁产生于二战之后的美国。二战以后，美国工业化生产出现过剩，生产厂商为了推销自己生产的设备，开始为用户提供金融服务，即：以分期付款、寄售、赊销等方式销售自己的设备。由于所有权和使用权同时转移，资金回收的风险比较大。于是有人开始借用传统租赁的做法，将销售的物件所有权保留在销售方，购买人只享有使用权，直到出租人融通的资金全部以租金的方式收回后，才将所有权以象征性的价格转移给购买人。这种方式被称为“融资租赁”，1952年美国成立了世界第一家融资租赁公司——美国租赁公司（现更名为美国国际租赁公司），开创了现代租赁的先河。中国发展企业数量和注册资金的狂热聚集，使得融资租赁行业成为了2012年最受瞩目的“蒙头赚大钱”的行业，融资租赁将成为未来金融发展的新的亮点，发展空间较大，因为不管是从融资租赁在GDP所占比重还是渗透率来看，我国现阶段和国际社会都有较大的差距，未来提升空间较大。融资租赁在各个国家GDP中占比不断波动，整体来看，发达国家占比都较高，金砖四国的占比在1%左右波动，但是中国的占比一直在1%以下，未来的发展潜力较高。发展现状随着融资租赁行业规模的扩大，各类融资租赁企业间竞争日趋激烈，国内优秀的融资租赁企业愈来愈重视对行业市场的研究，特别是对企业发展环境和客户需求趋势变化的深入研究。正因为如此，一大批国内优秀的融资租赁企业迅速崛起，逐渐成为融资租赁行业中的翘楚！金融机构类的租赁公司在很多国家成为租赁组织体系中的主导。不过 [2]明确指出：“与那些由银行或全能金融机构提供租赁服务的国家相比，在由单独的租赁公司运作大部分业务的国家中，租赁的渗透率（租赁在投资性融资中所占比例）更高。其原因在于，后者的相关技能得到了更大的发挥，对市场更为关注。然而在某些市场中，比起那些有机会获得低成本存款资金的银行，租赁公司可能处于劣势，如果在专业租赁公司的市场渗透率达到5%—10%之前，银行便开始竞争，情况更是如此了。租赁公司是极为有限的银行竞争对手的一个，它与银行的竞争有益于租赁业的发展，而当租赁公司受到银行控制时，这一好处便消失了。”在中国的现行管理体制下，融资租赁公司作为租赁资产的购置、投资和管理机构，可以是金融机构，也可以是非金融机构。融资租赁业务本身确实具有融资服务和贸易服务的两种市场功能。以融资租赁业务具备的市场功能来界定融资租赁公司是从事融资服务的金融机构，还是从事促进租赁物流通销售的非金融的贸易机构，显然都不太合适。融资租赁公司从事的债权投资业务对承租人来说就是融资服务，具有金融服务的性质。但是并不是提供融资租赁服务的机构就一定是金融机构。融资租赁公司本身是否是金融机构完全由公司的股东背景和公司依照市场准入标准的相关法规取得的经营范围来确定。如果其股东背景为银行、保险、信托、证券等金融机构并达到一定的持股比例，或是公司是依据金融主管部门颁布的市场准入的相关法规设立，除从事融资租赁业务以外，还可以从事吸收存款、贷款、同业拆借等其他金融业务，那么这个融资租赁公司就是金融机构性质的租赁资产投资和管理机构。如果其股东背景是制造商或是一般工商企业、非金融的投资机构设立的专门从事融资租赁业务的融资租赁公司，企业经营范围也不介入吸收存款等其他金融业务，那么这个融资租赁公司显然不应界定为金融机构。2015年9月7日，国务院办公厅印发《关于加快融资租赁业发展的指导意见》，全面系统部署加快发展融资租赁业。《意见》提出坚持市场主导与政府支持相结合、发展与规范相结合、融资与融物相结合、国内与国外相结合的基本原则，提出到2020年融资租赁业市场规模和竞争力水平位居世界前列的发展目标。《关于加快融资租赁业发展的指导意见》为更好地发挥融资租赁服务实体经济发展、促进经济转型升级指明了方向。《意见》指出，到2020年，融资租赁业务领域覆盖面不断扩大，融资租赁市场渗透率显著提高，成为企业设备投资和技术更新的重要手段。《意见》明确，建设法治化营商环境，研究出台融资租赁行业专门立法；完善财税政策，加大政府采购支持力度，鼓励地方政府探索通过风险补偿、奖励、贴息等政策工具，引导融资租赁公司加大对中小微企业的融资支持力度；拓宽融资渠道，积极鼓励融资租赁公司通过债券市场募集资金，支持符合条件的融资租赁公司通过发行股票和资产证券化等方式筹措资金。 [3]《2015年前三季度中国融资租赁业发展报告》显示，我国融资租赁业高速增长，截至今年9月末，全国融资租赁合同余额约为39800亿元，比上年底的32000亿元增加7800亿元，增幅为24.4%。今年前三季度，我国融资租赁业的企业数量、注册资金和业务总量都在大幅增长。截至9月底，全国融资租赁企业总数约为3742家，比去年底的2202家增加1540家；行业注册资金统一按人民币计算，约合12167亿元。预测，2015年和整个“十三五”时期，我国融资租赁业有望继续保持高速增长态势，预计到2016年第一季度，全国融资租赁业务总量即可达到或超过5万亿元。2021年，我国融资租赁行业的市场渗透率约为6.48%，GDP的渗透率约为2.25%。 [6]分类播报编辑租赁简单融资租赁简单融资租赁是指由承租人选择需要购买的租赁物件，出租人通过对租赁项目风险评估后出租租赁物件给承租人使用。在整个租赁期间承租人没有所有权但享有使用权，并负责维修和保养租赁物件。出租人对租赁物件的好坏不负任何责任，设备折旧在承租人一方。回租融资租赁回租租赁是指设备的所有者先将设备按市场价格卖给出租人，然后又以租赁的方式租回原来设备的一种方式。回租租赁的优点在于：一是承租人既拥有原来设备的使用权，又能获得一笔资金；二是由于所有权不归承租人，租赁期满后根据需要决定续租还是停租，从而提高承租人对市场的应变能力；三是回租租赁后，使用权没有改变，承租人的设备操作人员、维修人员和技术管理人员对设备很熟悉，可以节省时间和培训费用。设备所有者可将出售设备的资金大部分用于其他投资，把资金用活，而少部分用于缴纳租金。回租租赁业务主要用于已使用过的设备。杠杆融资租赁杠杆租赁的做法类似银团贷款，是一种专门做大型租赁项目的有税收好处的融资租赁，主要是由一家租赁公司牵头作为主干公司，为一个超大型的租赁项目融资。首先成立一个脱离租赁公司主体的操作机构——专为本项目成立资金管理公司提供项目总金额20%以上的资金，其余部分资金来源则主要是吸收银行和社会闲散游资，利用100%享受低税的好处“以二博八”的杠杆方式，为租赁项目取得巨额资金。其余做法与融资租赁基本相同，只不过合同的复杂程度因涉及面广而随之增大。由于可享受税收好处、操作规范、综合效益好、租金回收安全、费用低，一般用于飞机、轮船、通讯设备和大型成套设备的融资租赁。委托融资租赁一种方式是拥有资金或设备的人委托非银行金融机构从事融资租赁，第一出租人同时是委托人，第二出租人同时是受托人。这种委托租赁的一大特点就是让没有租赁经营权的企业，可以“借权”经营。电子商务租赁即依靠委托租赁作为商务租赁平台。第二种方式是出租人委托承租人或第三人购买租赁物，出租人根据合同支付货款，又称委托购买融资租赁。项目融资租赁承租人以项目自身的财产和效益为保证，与出租人签订项目融资租赁合同，出租人对承租人项目以外的财产和收益无追索权，租金的收取也只能以项目的现金流量和效益来确定。出卖人（即租赁物品生产商）通过自己控股的租赁公司采取这种方式推销产品，扩大市场份额。通讯设备、大型医疗设备、运输设备甚至高速公路经营权都可以采用这种方法。其他还包括返还式租赁，又称售后租回融资租赁；融资转租赁，又称转融资租赁等。经营性租赁在融资租赁的基础上计算租金时留有超过10%以上的余值，租期结束时，承租人对租赁物件可以选择续租、退租、留购。出租人对租赁物件可以提供维修保养，也可以不提供，会计上由出租人对租赁物件提取折旧。国际融资转租赁租赁公司若从其他租赁公司融资租入的租赁物件，再转租给下一个承租人，这种业务方式叫融资转租赁，一般在国际间进行。此时业务做法同简单融资租赁无太大区别。出租方从其他租赁公司租赁设备的业务过程，由于是在金融机构间进行的，在实际操作过程中，只是依据购货合同确定融资金额，在购买租赁物件的资金运行方面始终与最终承租人没直接的联系。在做法上可以很灵活，有时租赁公司甚至直接将购货合同做为租赁资产签订转租赁合同。这种做法实际是租赁公司融通资金的一种方式，租赁公司做为第一承租人不是设备的最终用户，因此也不能提取租赁物件的折旧。转租赁的另一功能就是解决跨境租赁的法律和操作程序问题。融资直接融资直接融资是资金供求双方通过一定的金融工具直接形成债权债务关系，没有金融机构作为中介的融通资金的方式。需要融入资金的单位与融出资金单位双方通过直接协议后进行货币资金的转移。直接融资的形式有：买卖有价证券，预付定金和赊销商品，不通过银行等金融机构的货币借贷等。直接融资能最大可能地吸收社会游资，直接投资于企业生产经营之中，从而弥补了间接融资的不足。间接融资间接融资是指拥有暂时闲置货币资金的单位通过存款的形式，或者购买银行、信托、保险等金融机构发行的有价证券，将其暂时闲置的资金先行提供给这些金融中介机构，然后再由这些金融机构以贷款、贴现等形式，或通过购买需要资金的单位发行的有价证券，把资金提供给这些单位使用，从而实现资金融通的过程。功能特点播报编辑融资租赁除了融资方式灵活的特点外，还具备融资期限长，还款方式灵活、压力小的特点。中小企业通过融资租赁所享有资金的期限可达3年，远远高于一般银行贷款期限。在还款方面，中小企业可根据自身条件选择分期还款，极大地减轻了短期资金压力，防止中小企业本身就比较脆弱的资金链发生断裂。融资租赁虽然以其门槛低、形式灵活等特点非常适合中小企业解决自身融资难题，但是它却不适用于所有的中小企业。融资租赁比较适合生产、加工型中小企业。特别是那些有良好销售渠道，市场前景广阔，但是出现暂时困难或者需要及时购买设备扩大生产规模的中小企业。具体特征融资租赁的特征一般归纳为五个方面。一、租赁物由承租人决定，出租人出资购买并租赁给承租人使用，并且在租赁期间内只能租给一个企业使用。二、承租人负责检查验收制造商所提供的租赁物，对该租赁物的质量与技术条件出租人不向承租人做出担保。三、出租人保留租赁物的所有权，承租人在租赁期间支付租金而享有使用权，并负责租赁期间租赁物的管理、维修和保养。四、租赁合同一经签订，在租赁期间任何一方均无权单方面撤销合同。只有租赁物毁坏或被证明为已丧失使用价值的情况下方能中止执行合同，无故毁约则要支付相当重的罚金。五、租期结束后，承租人一般对租赁物有留购和退租两种选择，若要留购，购买价格可由租赁双方协商确定。功能介绍1.融资功能融资租赁从其本质上看是以融通资金为目的的，它是为解决企业资金不足的问题而产生的。需要添置设备的企业只须付少量资金就能使用到所需设备进行生产，相当于为企业提供了一笔中长期贷款。2.促销功能融资租赁可以用“以租代销”的形式，为生产企业提供金融服务。一可避免生产企业存货太多，导致流通环节的不畅通，有利于社会总资金的加速周转和国家整体效益的提高；二可扩大产品销路，加强产品在国内外市场上的竞争能力。3.投资功能租赁业务也是一种投资行为。租赁公司对租赁项目具有选择权，可以挑选一些风险较小、收益较高以及国家产业倾斜的项目给予资金支持。同时一些拥有闲散资金、闲散设备的企业也可以通过融资租赁使其资产增值。而融资租赁作为一种投资手段，使资金既有专用性，又改善了企业的资产质量，使中小企业实现技术、设备的更新改造。4.资产管理功能融资租赁将资金运动与实物运动联系起来。因为租赁物的所有权在租赁公司，所以租赁公司有责任对租赁资产进行管理、监督，控制资产流向。随着融资租赁业务的不断发展，还可利用设备生产者为设备的承租方提供维修、保养和产品升级换代等特别服务，使其经常能使用上先进的设备，降低使用成本和设备淘汰的风险，尤其是对于售价高、技术性强、无形损耗快或利用率不高的设备有较大好处。业务分类播报编辑直接融资租赁由承租人指定设备及生产厂家，委托出租人融通资金购买并提供设备，由承租人使用并支付租金，租赁期满由出租人向承租人转移设备所有权。它以出租人保留租赁物所有权和收取租金为条件，使承租人在租赁期内对租赁物取得占有、使用和收益的权利。这是一种最典型的融资租赁方式。经营性租赁由出租人承担与租赁物相关的风险与收益。使用这种方式的企业不以最终拥有租赁物为目的，在其财务报表中不反映为固定资产。企业为了规避设备风险或者需要表外融资，或需要利用一些税收优惠政策，可以选择经营租赁方式。出售回租出售回租，有时又称售后回租、回租赁等，是指物件的所有权人首先与租赁公司签定《买卖合同》，将物件卖给租赁公司，取得现金。然后，物件的原所有权人作为承租人，与该租赁公司签订《回租合同》，将该物件租回。承租人按《回租合同》还完全部租金，并付清物件的残值以后，重新取得物件的所有权。转租赁以同一物件为标的物的多次融资租赁业务。在转租赁业务中，上一租赁合同的承租人同时又是下一租赁合同的出租人，称为转租人。转租人向其他出租人租入租赁物件再转租给第三人，转租人以收取租金差为目的。租赁物品的所有权归第一出租人。委托租赁出租人接受委托人的资金或租赁标的物，根据委托人的书面委托，向委托人指定的承租人办理融资租赁业务。在租赁期内租赁标的物的所有权归委托人，出租人只收取手续费，不承担风险。分成租赁一种结合投资的某些特点的创新性租赁形式。租赁公司与承租人之间在确定租金水平时，是以租赁设备的生产量与租赁设备相关收益来确定租金，而不是以固定或者浮动的利率来确定租金，设备生产量大或与租赁设备相关的收益高，租金就高，反之则少。风险播报编辑产品市场风险在市场环境下，不论是融资租赁、贷款或是投资，只要把资金用于添置设备或进行技术改造，首先应考虑用租赁设备生产的产品的市场风险，这就需要了解产品的销路、市场占有率和占有能力、产品市场的发展趋势、消费结构以及消费者的心态和消费能力。若对这些因素了解得不充分，调查得不细致，有可能加大市场风险。金融风险因融资租赁具有金融属性，金融方面的风险贯穿于整个业务活动之中。对于出租人来说，最大的风险是承租人还租能力，它直接影响租赁公司的经营和生存，因此，对还租的风险从立项开始，就应该备受关注。货币支付也会有风险，特别是国际支付，支付方式、支付日期、时间、汇款渠道和支付手段选择不当，都会加大风险。贸易风险因融资租赁具有贸易属性，贸易方面的风险从定货谈判到试车验收都存在着风险。由于商品贸易在近代发展得比较完备，社会也相应建立了配套的机构和防范措施，如信用证支付、运输保险、商品检验、商务仲裁和信用咨询都对风险采取了防范和补救措施，但由于人们对风险的认识和理解的程度不同，有些手段又具有商业性质，加上企业管理的经验不足等因素，这些手段未被全部采用，使得贸易风险依然存在。技术风险融资租赁的好处之一就是先于其他企业引进先进的技术和设备。在实际运作过程中，技术的先进与否、先进的技术是否成熟、成熟的技术是否在法律上侵犯他人权益等因素，都是产生技术风险的重要原因。严重时，会因技术问题使设备陷于瘫痪状态。其他还包括经济环境风险、不可抗力等等。此前融资租赁标的物多为大型商品，资金成本较高，租金高，成本大。一般的企业难以承受。现该融资方式逐渐走向中小企业融资领域，广大中小企业应该加大关注力度，了解其特点，为自己的融资路多加一条道。会计处理播报编辑承租人对融资租赁的会计处理1、租赁开始日的会计处理在租赁开始日，承租人通常应当将租赁开始日租赁资产公允价值和最低租赁付款额的现值两者中较低者作为租入资产的入账价值，将最低租赁付款额作为长期应付款的入账价值，并将两者之间的差额记录为未确认融资费用。但是如果该项融资租赁资产占企业资产总额的比例不大，承租人在租赁开始日可按最低租赁付款记录租入资产和长期应付款。这时的“比例不大”通常是指融资租入固定资产总额小于承租人资产总额的30%（含30%）。在这种情况下，对于融资租入资产和长期应付款额的确定，承租人可以自行选择，即可以采用最低租赁付款额，也可以采用租赁资产原账面价值和最低租赁付款额的现值两者中较低者。这时所讲的“租赁资产的原账面价值”是指租赁开始日在出租者账上所反映的该项租赁资产的账面价值。承租人在计算最低租赁付款额的现值时，如果知道出租人的租赁内含利率，应当采用出租人的内含利率作为折现率；否则，应当采用租赁合同中规定的利率作为折现率。如果出租人的租赁内含利率和租赁合同中规定的利率都无法得到，应当采用同期银行贷款利率作为折现率。其中租赁内含利率是指，在租赁开始日，使最低租赁付款额的现值与未担保余值的现值之和等于资产原账面价值的折现率。2、初始直接费用的会计处理初始直接费用是指在租赁谈判和签订租赁合同的过程中发生的可直接归属于租赁项目的费用。承租人发生的初始直接费用通常有印花税、佣金、律师费、差旅费、谈判发生的费用等。承租人发生的初始直接费用，应当计入租入资产的入账价值。其账务处理为：借记“固定资产”，贷记“银行存款”等科目。3、未确认融资费用的分摊在融资租赁下，承租人向出租人支付的租金中，包含了本金和利息两部分。承租人支付租金时，一方面应减少长期应付款，另一方面应同时将未确认的融资租赁费用按一定的方法确认为当期融资费用，在先付租金（即每期起初等额支付租金）的情况下，租赁期第一期支付的租金不含利息，只需减少长期应付款，不必确认当期融资费用。在分摊未确认融资费用时，承租人应采用一定的方法加以计算。按照准则的规定，承租人可以采用实际利率法，也可以采用直线法和年数总和法等。在采用实际利率法时，根据租赁开始是租赁资产和负债的入账价值基础不同，融资费用分摊率的选择也不同。未确认融资费用的分摊具体分为以下几种情况：（1）租赁资产和负债以最低租赁付款额的现值为入账价值，且以出资人的租赁内含利率为折现率。在这种情况下，应以出资人的租赁内含利率为分摊率。（2）租赁资产和负债以最低租赁付款额的现值为入账价值，且以租赁合同中规定的利率作为折现率。在这种情况下，应以租赁合同中规定的利率作为分摊率。（3）租赁资产和负债以租赁资产原账面价值为入账价值，且不存在承租人担保余值和优惠购买选择权。在这种情况下，应重新计算融资费用分摊率。融资费用分摊率是指，在租赁开始日，使最低租赁付款额的现值等于租赁资产原账面价值的折现率。在承租人或与其有关的第三方对租赁资产余值提供担保的情况下，与上类似，在租赁期满时，未确认融资费用应全部摊完，并且租赁负债也应减为零。（4）租赁资产和负债以租赁资产原账面价值为入账价值，且不存在承租人担保余值，但存在优惠购买选择权。在这种情况下，应重新计算融资费用分摊率。（5）租赁资产和负债以租赁资产原账面价值为入账价值，且存在承租人担保余值。这种情况下，应重新计算融资费用分摊率。在承租人或与其有关的第三方对租赁资产余值提供了担保或由于在租赁期满时没有续租而支付违约金的情况下，在租赁期满时，未确认融资费用应全部摊完，并且租赁负债也应减少至担保余值或该日应支付的违约金。承租人对每期应支付的租金，应按支付的租金金额，借记“长期应付款-应付融资租赁款”科目，贷记“银行存款”科目，如果支付的租金中包含有履约成本，应同时借记“制造费用”、“管理费用”等科目。同时根据当期应确认的融资费用金额，借记“财务费用”科目，贷记“未确认融资费用”科目。4、租赁资产折旧的计提承租人应对融资租入固定资产计提折旧，主要应解决两个问题：（1）折旧政策《企业会计准则21号——租赁》规定，对于融资租入资产，承租人应比照自有固定资产对租赁资产计提折旧，计提租赁资产折旧时，承租人应采用与自有应折旧资产相一致的折旧政策。如果承租人或与其有关的第三方对租赁资产余值提供了担保，则应计折旧总额为租赁期开始日固定资产的入账价值扣除担保余值后的的余额；如果承租人或与其有关的第三方未对租赁资产余值提供担保，且无法合理确定租赁届满后承租人是否能够取得租赁资产所有权，应计折旧总额为租赁期开始日固定资产的入账价值。（2）折旧期间确定租赁资产的折旧期间时，应根据租赁合同规定。如果能够合理确定租赁期满时承租人将会取得租赁资产所有权，即可认定承租人拥有该项资产的全部尚可使用年限，因此应以租赁开始日租赁资产的尚可使用年限作为折旧期间；如果无法合理确定租赁期满时承租人是否能够取得租赁资产所有权，则应以租赁期与租赁资产尚可使用年限两者中较短者作为折旧期间。5、履约成本的会计处理履约成本种类很多，对于融资租入固定资产的改良支出、技术咨询和服务费、人员培训费等应予递增延分摊记入各期费用，借记“长期待摊费用”、“预提费用”、“制造费用”、“管理费用”等科目，对于固定资产的经常性修理费、保险费等可直接计入当期费用，借记“制造费用”、“营业费用”等科目，贷记“银行存款”等科目。6、或有租金的会计处理由于或有租金的金额不确定，无法采用系统合理的方法对其进行分摊，因此在实际发生时，借记“制造费用”、“营业费用”等科目，贷记“银行存款”等科目。7、租赁期满时的会计处理租赁期满时，承租人通常对租赁资产的处理有三种情况：（1）返还租赁资产。借记“长期应付款-应付融资租赁款”、“累计折旧”科目，贷记“固定资产-融资租入固定资产”科目。（2）优惠续租租赁资产。如果承租人行使优惠续租选择权，则应视同该项租赁一直存在而做出相应的会计处理。如果期满没有续租，根据租赁合同要向出租人支付违约金时，借记“营业外支出”科目，贷记“银行存款”等科目。（3）留购租赁资产。在承租人享有优惠购买选择权时，支付购价时，借记“长期应付款-应付融资租赁款”，贷记“银行存款”等科目；同时，将固定资产从“融资租入固定资产”明细科目转入有关其他明细科目。8、相关信息的会计披露。承租人应当在财务报告中披露与融资租赁有关的事项，主要有：（1）每类租入资产在资产负债表日的账面原值、累计折旧及账面净值。（2）资产负债表日后连续三个会计年度每年将支付的最低付款额，以及以后年度内将支付的最低付款总额。（3）未确认融资费用的余额。即未确认融资费用的总额减去已确认融资费用部分后的余额。（4）分摊未确认融资费用所采用的方法。如实际利率法、直线法或年数总和法。出租人对融资租赁的会计处理1、租赁开始日的会计处理出租人应将租赁开始日最低租赁收款额作为应收融资租赁款的入账价值，并同时记录未担保余值，将最低租赁收款额与未担保余值之和与其现值之和的差额记录为未实现融资收益。在租赁开始日，出租人应按最低租赁收款额，借记“应收融资租赁款”科目，按未担保余值的金额，借记“未担保余值”科目，按租赁资产的原账面价值，贷记“融资租赁资产”科目，按上述科目计算后的差额，贷记“未实现融资收益”科目。2、初始直接费用的会计处理出租人发生的初始直接费用，通常包括印花税、佣金、律师费、差旅费、谈判费等。出租人发生的初始直接费用，应当确认为当期费用。借记“管理费用”等科目，贷记“银行存款”等科目。3、未实现融资收益的分配出租人每期收到的租金包括本金和利息两部分。未实现融资收益应当在租赁期内各个期间进行分配，确认为各期的融资收入。分配时，出租人应当采用实际利率法计算当期应确认融资收入，在与实际利率法计算结果无重大变化的情况下，也可以采用直线法和年数总和法。出租人每期收到的租金，借记“银行存款”科目，贷记“应收融资租赁款”科目。同时，每期确认融资租赁收入时，借记“未实现融资收益”科目，贷记“主营业务收入融资收入”科目。当出租人超过一个租金支付期没有收到租金时，应当停止确认收入，其已确认的收入，应予转回，转作表外核算。到实际收到租金时，再将租金中所含融资收入确认为当期收入。4、未担保余值发生变动时的会计处理出租人应当定期对未担保余值进行检查，如果有证据表明未担保余值已经减少，应当重新计算租赁内含利率，并将本期的租赁投资净额的减少确认为当期损失，以后各期根据修正后的投资净额和重新计算的租赁内含利率确定应确认的融资收入。如果已经确认损失的未担保余值得以恢复，应当在原已确认的损失金额内转回，并重新计算租赁内含利率。其中租赁投资净额是指，融资租赁中最低租赁收款额与未担保余值之和与未实现融资收益之间的差额。由于未担保余值的金额决定了租赁内含利率的大小，从而决定着融资未实现收益的分配，因此，为了真实反映企业的资产和经营业绩，根据谨慎性原则的要求，在未担保余值发生减少和已确认损失的未担保余值得以恢复的情况下，都应重新计算租赁内含利率，未担保余值增加时，不做调整。期末，出租人的未担保余值的预计可回收金额低于其账面价值的差额，借记“递延收益-未实现融资收益”科目，贷记“未担保余值”科目。如果已确认的未担保余值得以恢复，应当在原已确认的损失金额内转回，科目与前述相反。5、或有租金的会计处理。或有租金应当在实际发生时确认为收入。借记“应收账款”、“银行存款”等科目，贷记“主营业务收入-融资收入”。6、租赁期满时的会计处理（1）租赁期满时，承租人将租赁资产交还出租人。这时有四种情况：A.存在担保余值，不存在未担保余值。出租人收到承租人交还的资产时，借记“融资租赁资产”科目，贷记“应收融资租赁款”科目。B.存在担保余值，同时存在未担保余值。出租人收到承租人交还的资产时，借记“融资租赁资产”科目，贷记“应收融资租赁款”、“未担保余值”科目。C.不存在担保余值，存在未担保余值。出租人收到承租人交还的资产时，借记“融资租赁资产”科目，贷记“未担保余值”科目。D.担保余值和未担保余值都不存在。出租人无需作处理，只需相应的备查登记。（2）优惠续租租赁资产。如果承租人行使优惠续租选择权，则出租人应视同该项租赁一直存在而作出相应的账务处理。如果承租人没有续租，根据合同规定向承租人收取违约金时，借记“其他应收款”，贷记“营业外收入”科目。同时将收回的资产按上述规定进行处理。（3）留购租赁资产。承租人行使了优惠购买选择权。出租人应该按照收到的承租人支付的购买资产的价款，借记“银行存款”等科目，贷记“应收融资租赁款”等科目。7、相关会计信息的披露。出租人应在财务报告中披露下列事项：（1）资产负债表日后连续三个会计年度每年度将收取的最低收款额，以及以后年度内将收取的最低收款总额。（2）未确认融资收益的余额。即未确认融资收益的总额减去已确认融资收益部分后的余额。（3）分配未确认融资收益所采用的方法。如实际利率法、直线法或年数总和法。法律解释播报编辑中国法律《民法典》第七百三十五条规定，融资租赁合同是出租人根据承租人对出卖人、租赁物的选择，向出卖人购买租赁物，提供给承租人使用，承租人支付租金的合同。 [4]融资租赁通常的做法是出租人出资购买承租人选定的技术设备或其他物资，作为租赁物出租给承租人，承租人按合同约定取得租赁物的长期使用权，在承租期间，按合同约定的期限支付租金，租赁期满按合同约定的方式处置租赁物。融资租赁合同对租赁物的处理有下列三种形式：退租法租赁合同期满，承租人按租赁合同约定的要求将租赁物退还给出租人，由出租人自行处理出租物，由于租赁物在出租期满内一般均已达到使用期限，出租人收回后难以再租或转让，所以，对租赁物期限届满后的处理，一般不采用这种方式法。续租法在租赁合同期间届满前的合理时间内，承租人应通知出租人，就租赁物的继续租用进行协商，确定续租期限﹑租金等内容，在融资租赁合同期间届满时签订续租合同法。留购法承租人支付名义货价后获得出租物的所有权。这种方法对出租人﹑承租人均有利，所以，融资租赁合同期间届满后，对租赁物的处理一般多采用这种方式法。《关于修改〈最高人民法院关于审理非法集资刑事案件具体应用法律若干问题的解释〉的决定》修改后《解释》保留认定非法吸收公众存款罪的四个特征要件不变，即非法性、公开性、利诱性、社会性，结合司法新实践和犯罪新形式，增加网络借贷、虚拟币交易、融资租赁等新型非法吸收资金的行为方式，同时针对养老领域非法集资突出问题，增加“以提供‘养老服务’、投资‘养老项目’、销售‘老年产品’等方式非法吸收资金的”情形，为依法惩治P2P、虚拟币交易、养老领域等非法集资犯罪提供依据。 [5]国际公约总述（1988年5月28日在加拿大渥太华签订）本公约各缔约国：认识到在保持国际融资租赁交易各方当事人之间利益公正平衡的同时，消除设备国际融资租赁的某些法律障碍的重要性；意识到使国际融资租赁更多地得以使用的需要；意识到关于传统的租借合同的法律规则有待于适应融资租赁交易所产生的特有的三方关系的事实；进而认识到制订主要与国际融资租赁民事和商事法律方面有关的某些统一规则的必要性；第一章适用范围和总则第一条1．本公约管辖第2款所指的融资租赁交易，在这种交易中，一方（出租人）：（1）根据另一方（承租人）提供的规格，与第三方（供应商）订立一项协议（供应协议）。根据此协议，出租人按照承租人在与其利益有关的范围内所同意的条款取得工厂、资本货物或其他设备（设备），并且：（2）与承租人订立一项协议（租赁协议），以承租人支付租金为条件授予承租人使用设备的权利。2．前款所指的融资租赁交易系指包括以下特点的交易：（1）承租人指定设备并选择供应商，并不主要依赖出租人的技能和判断；（2）出租人取得的设备与一租赁协议相联系，并且供应商知道这一租赁协议业已或将要在出租人和承租人之间订立；而且（3）租赁协议规定的应付租金的计算特别考虑到了摊提设备的全部或大部分成本。3．无论承租人是否已经取得或者以后取得购买设备或者在更长期间内为租赁而继续持有设备的选择权，亦无论是否支付名义上的价金或租金，本公约均适用。4．本公约适用于与任何设备有关的融资租赁交易，但主要供承租人个人、家人或家庭使用的设备除外。第二条在一次或多次转租交易涉及同一设备的情况下，本公约适用于每一项本应适用本公约的融资租赁交易，如同向第一个出租人（见前条第1款的规定）提供设备的人是供应商，据以取得该设备的协议是供应协议一样。第三条1．在出租人与承租人营业地在不同国家时，本公约适用，而且（1）如果这些国家及供应商营业地所在国均为缔约国；或者（2）供应协议与租赁协议均受某一缔约国法律管辖。2．本公约所指的当事人的营业地，在当事人有一个以上营业地时，系指与有关协议及其履行有最密切联系的营业地，但应考虑到当事人在订立协议之前的任何时候或订立协议之时所知道或所设想的情况。第四条1．本公约不得仅由于设备已成为土地的附着物或已并入土地之中而终止适用。2．任何有关设备是否已成为土地的附着物或已并入土地之中的问题以及如果设备已成为土地的附着物或已并入土地之中其对出租人和对土地享有物权的人之间权利的影响，应由土地所在国法律确定。第五条1．只有在供应协议与租赁协议各方当事人同意时，方可排除适用本公约。2．在未根据前款规定排除适用本公约时，当事人在其相互关系方面可以减损本公约的任何规定或变更其效力，但第八条第3款及第十三条第3款（2）和第4款规定的除外。第六条1．在解释本公约时，应考虑到序言所申明的目标与目的，公约的国际性质以及促进其适用的统一与在国际贸易中遵守诚信的需要。2．凡本公约未明确解决的属于本公约范围内的问题，应按照本公约所依据的一般原则来解决，在没有一般原则的情况下，则应按照国际私法规则确定的适用法律来解决。第二章当事人各方的权利与义务第七条1．（1）出租人对设备的物权应可有效地对抗承租人的破产受托人和债权人，包括已经取得扣押或执行令状的债权人。（2）为本款目的，“破产受托人”包括清算人、管理人或被指定为债权人全体的利益而管理承租人的财产的其他人。2．如根据适用法律规定，只有符合有关公告的规定时出租人对设备的物权才能有效地对抗前款所指的人，则只有在符合上述规定时，这些权利才能有效地对抗该人。3．为前款目的，适用法律应为在第1款所指的人有权授引前款所指的规则时下列国家的法律：（1）如系经注册的船舶，以所有权人名义注册所在国（为本项目的，光船租船人不视为所有权人）；（2）如系根据1944年12月7日在芝加哥制订的《国际民用航空公约》登记的航空器，依此规定登记的所在国；（3）如系通常由一国移至另一国类型的其他设备，包括飞机引擎，承租人主营业地所在国；（4）如系任何其他设备，设备所在国。4．第2款不应影响要求承租人对设备的物权须经承认的任何其他公约的规定。5．本条不应影响享有以下权利的任何债权人的优先权：（1）非由于扣押或执行令状而产生的，双方同意或不同意的对设备的留置权或担保利益，或者（2）根据国际私法规则确定的适用法律特别是在船舶或航空器方面所取得的任何扣留、扣押或处置的权利。第八条1．（1）除本公约或租赁协议另有规定外，出租人不应对承租人承担设备方面的任何责任，除非承担人由于依赖出租人的技能和判断以及出租人干预选择供应商或设备规格而受到损失。（2）出租人不应以其出租人身份而对第三人承担由于设备所造成的死亡，人身伤害或财产损害的责任。（3）本款的上述规定不适用于出租人以任何其他身份，例如所有权人的身份，所负的任何责任。2．出租人保证承租人的平静占有将不受享有优先所有权或权利或者要求优先所有权或权利并根据法院受权行为的人的侵扰，如果这一所有权、权利或要求不是由于承租人的行为或不行为所产生的话。3．如果该优先所有权、权利或要求是因为出租人的故意或严重过失的行为或不行为所造成的，当事人不得减损前款规定或变更其效力。4．第2款和第3款的规定不应影响国际私法规则确定的适用法律所规定的出租人对平静占有的强制性的更广泛的保证义务。第九条1．承租人应适当地保管设备，以合理的方式使用设备并且使之处于其交付的状态。但是合理的损耗及当事人所同意的对设备的改变除外。2．当租赁协议终止时，承租人应将处于前款规定状态的设备退还给出租人，除非承租人行使权力购买设备或继续为租赁而持有设备。第十条1．供应商根据供应协议所承担的义务亦应及于承租人，如同承租人是该协议的当事人而且设备是直接交付给承租人一样。但是，供应商不应因为同一损害同时对出租人和承租人负责。2．本条不应使承租人有权不经出租人同意终止或撤销供应协议。第十一条承租人依据本公约所得自供应协议的权利不应由于供应协议中原来经承租人同意的任何条款的变更而受到影响，除非承租人事先已同意此种变更。第十二条1．在设备未交付、交付迟延或设备与供应协议不符时：（1）对出租人，承租人有权拒收设备或终止租赁协议；而且（2）出租人有权提供符合供应协议规定的设备对违约做出补救，如同承租人已经同意按照与供应协议相同的条款从出租人那里购买设备一样。2．前款规定的权利，应按照与承租人同意根据与供应协议相同的条款向出租人购买设备时相同的方式行使并且在同样的情况上丧失。3．承租人应有权提留根据租赁协议应付的租金，直至出租人对其违约做出补救，提供符合租赁协议规定的设备或者承租人丧失了拒收设备的权利。4．如果承租人已经行使了其终止租赁协议的权利，则承租人应有权收回预付的任何租金及款项，但应减去承租人得自设备的收益的合理金额。5．承租人不应因为不交货、交货迟延或交付不符设备而享有针对出租人的其他请求权，除非这些是由出租人的行为或不行为所造成的。6．本条不应影响承租人根据第十条在对抗供应商方面所享有的权利。第十三条1．在承租人违约时，出租人可以收取未付的到期租金以及利息和损害赔偿。2．如果承租人的违约是实质性的，则在第5款的条件下，出租人在租赁协议有此规定时也可以要求加速支付未到期租金，或者终止租赁协议并在终止协议之后；（1）收回对设备的占有；并且（2）收取将使出租人处于如同承租人根据租赁协议的条款履行协议时出租人本应取得的地位的损害赔偿。3．（1）租赁协议可以说明第2款（2）规定的损害赔偿的计算方式。（2）此种规定在当事人之间应为强制性规定，除非此种规定将导致大大超过第2款（2）所规定的损害赔偿。当事人不得减损本项之规定或变更其效力。4．如果出租人已经终止租赁协议，则出租人无权强制执行租赁协议关于加速支付未到期租金的条款，但未到期租金的价值可以在按照第2款（2）和第3款计算损害赔偿时考虑在内。当事人不得减损本款的规定或变更其效力。5．在违约可以补救的情况下，除非出租人已经通知承租人给予承租人一个对违约做出补救的合理机会，否则出租人不得行使其加速收取租金或终止租赁协议的权利。6．如出租人未能采取一切合理措施减轻其损失，则出租人不得就这部分损失收取损害赔偿。第十四条1．出租人可以转让或以其他方式处置其对设备或在租赁协议中的全部或部分权利。此种转让并不解除出租人根据租赁协议所承担的任何义务，或者改变租赁协议的性质或本公约规定的出租人的法定待遇。2．只有在经出租人同意并不损害第三人利益的情况下，承租人方可转让其对设备的使用权或租赁协议规定的任何其他权利。第三章第十五条1．本公约在通过国际统一私法协会国际保付代理公约草案和国际融资租赁公约草案的外交会议闭幕会议上开放签字，并在渥太华向所有国家继续开放签字，直至1990年12月31日。2．本公约须经签字国批准、接受或核准。3．本公约自开放签字之日起开放给所有非签字国加入。4．批准、接受、核准或加入经向保管人交存具有此等效力的正式文件生效。第十六条1．本公约于第三份批准、接受、核准或加入书交存之日起6个月后的第1个月第1天生效。2．对于在第三份批准书、接受书、核准书或加入书交存后才批准、接受、核准或加入本公约的国家，本公约在该国交存其批准书、接受书、核准书或加入书之日起6个月后的第1个月第1天对该国生效。第十七条本公约并不优于业已缔结或可能缔结的任何条约；尤其不应影响业已缔结的和将来缔结的条约所规定的任何人所应承担的任何责任。第十八条1．如果缔约国具有两个或两个以上的领土单位，而各领土单位对本公约规定的事项适用不同的法律制定，则该国得在签字、批准、接受、核准或加入时声明本公约适用于该国全部领土单位或仅适用于其中一个或数个领土单位，并且可以随时提出另一声明来代替其所做的声明。2．这些声明应通知保管人，并且明确地说明适用本公约的领土单位。3．如果根据按本条做出的声明，本公约适用于缔约国一个或数个但不是全部领土单位，而且一方当事人的营业地位于该缔约国内，则为本公约目的，该营业地除非位于本公约适用的领土单位内，否则视为不在缔约国内。4．如果缔约国没有根据第1款做出声明，则本公约适用于该国所有领土单位。第十九条1．对属于本公约范围内的事项具有相同或密切联系的法律规则的两个或两个以上的缔约国可以随时声明，在供应商、出租人和承租人营业地位于这些缔约国内时，本公约不适用，此种声明可联合做出也可以相互单方面声明的方式做出。2．对属于本公约范围的事项具有与一个或一个以上非缔约国相同或密切联系的法律规则的缔约国可以随时声明，在供应商、出租人和承租人营业地位于这些国家内时，本公约不适用。3．作为根据前款所做声明对象的国家如果后来成为缔约国，则该项声明自本公约对该新缔约国生效之日起，具有根据第1款所做声明的效力，但以该新缔约国加入这项声明或者做出相互单方面声明为限。第二十条如果缔约国国内法不允许出租人排除其违约或过失责任，则该缔约国可以在签字、批准、接受、核准或加入时声明，它将以其国内法取代第八条第3款。第二十一条1．根据本公约在签字时做出的声明，须在批准、接受或核准时加以确认。2．声明和声明的确认，应以书面提出，并应正式通知保管人。3．声明在公约对有关国家生效时同时生效。但是，保管人在本公约对有关国家生效后收到正式通知的声明，应于保管人收到声明之日起6个月后的第1个月第1天生效。根据第十九条做出的相互单方面声明，应于保管人收到最后一份声明之日起6个月后的第1个月第1天生效。4．根据本公约规定做出声明的任何国家可以随时以书面正式通知保管人撤回该项声明。此种撤回应于保管人收到通知之日起6个月后的第1个月第1天生效。5．撤回根据第十九条做出的声明，自撤回生效之日起，将使另一个国家根据该条所做出的任何联合声明或相互单方面声明在与做出此种声明的国家的关系方面失去效力。第二十二条除本公约明文许可的保留外，不得做任何保留。第二十三条在租赁协议和供应协议均于本公约第三条第1款（1）所指的缔约国或者对该条第1款（2）项所指的缔约国或国家生效之日或其后订立时，本公约适用于此种融资租赁交易。第二十四条1．任何缔约国均可以在本公约对该国生效之日后的任何时候声明退出本公约。2．退出声明以向保管人交存具有此等效力的退出文件为准。3．退出于向保管人交存退出文件之后6个月后的第1个月第1天生效，凡退出文件内订明一段退出生效的更长时间，则退出于向保管人交存该退出文件后该段更长时间期满时生效。第二十五条1．本公约应存于加拿大政府。2．加拿大政府应：（1）通知所有业已签署或加入本公约的国家以及国际统一私法协会主席：①每一新的签署或批准书、接受书、核准书或加入书的交存及其日期；②根据第十八条、第十九条及第二十条做出的每一项声明；③根据第二十一条第4款做出的对任何声明的撤回；④本公约生效的日期；⑤退出本公约文件的交存，以及退出文件交存日期和生效日期。（2）将经核对无误的本公约副本转交本公约所有签字国、加入国和国际统一私法协会主席。下列全权代表，经各自政府正式授权，在本公约上签字，以资证明。1988年5月28日订于渥太华，正本一份，其英文与法文文本具有同等效力。申请流程播报编辑第一步企业向××中心提出融资租赁申请，填写项目申请表第二步××中心根据企业提供的资料对其资信、资产及负债状况、经营状况、偿债能力、项目可行性等方面进行调查。第三步××中心调查认为具备可行性的，其项目资料报送金融租赁公司审查。第四步金融租赁公司要求项目提供抵押、质押或履约担保的，企业应提供抵押或质押物清单、权属证明或有处分权的同意抵押、质押的证明，并与担保方就履约保函的出具达成合作协议。第五步经金融租赁公司初步审查未通过的项目，企业应根据金融租赁公司要求及时补充相关资料。补充资料后仍不能满足金融租赁公司要求的，该项目撤销，项目资料退回企业。第六步融资租赁项目经金融租赁公司审批通过的，相关各方应签订合同第七步办理抵押、质押登记、冻结、止付等手续。第八步承租方在交付保证金、服务费、保函费及设备发票后，金融租赁公司开始投放资金。第九步××中心监管项目运行情况，督促承租方按期支付租金。第十步租期结束时，承租方以低价回购。相关行业播报编辑·石油加工、炼焦及核燃料加工业·化学原料及化学制品制造业·设备制造业（飞机、船舶、工程机械、其他设备等）·电力、热力的生产和供应业·水的生产和供应业·房屋和土木工程建筑业·铁路运输业·道路运输业·城市公共交通业·水上运输业·航空运输业·电信和其他信息传输服务业·卫生行业（主要是医院行业）·其他适宜租赁的行业设备租用·铁路运输设备：如机车、动车组等·电网的电力设备：如变压器、变电站等·火电生产行业所用的设备：如汽轮机组、锅炉设备、发电机等·水电生产行业所用的设备：如水轮机、发电机等·核电生产行业所用的设备：如核岛、常规岛、汽轮机、发电机等·新能源发电设备：如风力发电机组、太阳能发电机组等·飞机：包括干线和支线飞机·船舶及其制造行业：如CCS级及以上的船舶，船厂的船坞设备等·机械设备：冶金、矿山、医疗、印刷设备等·机场大型设备、港口大型设备·石油石化开采和炼制设备、化工品生产设备·大型工程建设设备：如铁路架梁机、铁路运梁车、挖掘机、塔吊等·公路维护保养设备·制造业的高价值生产线·其他可租赁的大中型设备相关课程播报编辑微观经济学宏观经济学国际经济学货币银行学社会主义经济理论财政学融资租赁导论融资租赁实务与定价金融与融资租赁公司经营管理租赁与融资租赁法律租赁会计融资租赁税制税收规划企业财务报表分析与投资学国际投资实务与案例项目融资投资银行信用风险控制与资信评级市场营销新手上路成长任务编辑入门编辑规则本人编辑我有疑问内容质疑在线客服官方贴吧意见反馈投诉建议举报不良信息未通过词条申诉投诉侵权信息封禁查询与解封©2024 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融资租赁 - MBA智库百科

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融资租赁（Financial Leasing）

1 融资租赁的定义

2 融资租赁的主要特征　

3 融资租赁的种类

4 融资租赁的优与缺点[1]

5 融资租赁的风险

6 融资租赁的会计处理

6.1 　　一、承租人对融资租赁的会计处理

6.2 　　二、出租人对融资租赁的会计处理

7 我国法律对融资租赁的解释

8 国际融资租赁公约

8.1 第一章适用范围和总则

8.1.1 第一条

8.1.2 第二条

8.1.3 第三条

8.1.4 第四条

8.1.5 第五条

8.1.6 第六条

8.2 第二章当事人各方的权利与义务

8.2.1 第七条

8.2.2 第八条

8.2.3 第九条

8.2.4 第十条

8.2.5 第十一条

8.2.6 第十二条

8.2.7 第十三条

8.2.8 第十四条

8.3 第三章最后条款

8.3.1 第十五条

8.3.2 第十六条

8.3.3 第十七条

8.3.4 第十八条

8.3.5 第十九条

8.3.6 第二十条

8.3.7 第二十一条

8.3.8 第二十二条

8.3.9 第二十三条

8.3.10 第二十四条

8.3.11 第二十五条

9 参考文献

[编辑] 融资租赁的定义

　　融资租赁（Financial Leasing）又称设备租赁（Equipment Leasing）或现代租赁(Modern Leasing)，是指实质上转移与资产所有权有关的全部或绝大部分风险和报酬的租赁。资产的所有权最终可以转移，也可以不转移。

　　它的具体内容是指出租人根据承租人对租赁物件的特定要求和对供货人的选择，出资向供货人购买租赁物件，并租给承租人使用，承租人则分期向出租人支付租金，在租赁期内租赁物件的所有权属于出租人所有，承租人拥有租赁物件的使用权。租期届满，租金支付完毕并且承租人根据融资租赁合同的规定履行完全部义务后，租赁物件所有权即转归承租人所有。尽管在融资租赁交易中，出租人也有设备购买人的身份，但购买设备的实质性内容如供货人的选择、对设备的特定要求、购买合同条件的谈判等都由承租人享有和行使，承租人是租赁物件实质上的购买人。融资租赁是集融资与融物、贸易与技术更新于一体的新型金融产业。由于其融资与融物相结合的特点，出现问题时租赁公司可以回收、处理租赁物，因而在办理融资时对企业资信和担保的要求不高，所以非常适合中小企业融资。此外，融资租赁属于表内融资（资产负债表），不体现在企业财务报表的负债项目中，不影响企业的资信状况。这对需要多渠道融资的中小企业而言是非常有利的。

　　融资租赁和传统租赁一个本质的区别就是：传统租赁以承租人租赁使用物件的时间计算租金，而融资租赁以承租人占用融资成本的时间计算租金。是市场经济发展到一定阶段而产生的一种适应性较强的融资方式，是五十年代产生于美国的一种新型交易方式，由于它适应了现代经济发展的要求，所以在六、七十年代迅速在全世界发展起来，当今已成为企业更新设备的主要融资手段之一，被誉为“朝阳产业”。我国80年代初引进这种业务方式后，十多年来也得到迅速发展，但比起发达国家来，租赁的优势还远未发挥出来，市场潜力很大。

[编辑] 融资租赁的主要特征　

　　融资租赁的主要特征是：由于租赁物件的所有权只是出租人为了控制承租人偿还租金的风险而采取的一种形式所有权，在合同结束时最终有可能转移给承租人，因此租赁物件的购买由承租人负责，维修保养也由承租人负责，出租人只提供金融服务。租金计算原则是：出租人以租赁物件的购买价格为基础，按承租人占用出租人资金的时间为计算依据，根据双方商定的利率计算租金。它实质是依附于传统租赁上的金融交易，是一种特殊的金融工具。　　

[编辑] 融资租赁的种类

　　1.简单融资租赁

　　简单融资租赁是指，由承租人选择需要购买的租赁物件，出租人通过对租赁项目风险评估后出租租赁物件给承租人使用。在整个租赁期间承租人没有所有权但享有使用权，并负责维修和保养租赁物件。出租人对租赁物件的好坏不负任何责任，设备折旧在承租人一方。

　　2.杠杆融资租赁

　　杠杆租赁的做法类似银团贷款，是一种专门做大型租赁项目的有税收好处的融资租赁，主要是由一家租赁公司牵头作为主干公司，为一个超大型的租赁项目融资。首先成立一个脱离租赁公司主体的操作机构——专为本项目成立资金管理公司提供项目总金额20％以上的资金，其余部分资金来源则主要是吸收银行和社会闲散游资，利用100％享受低税的好处“以二博八”的杠杆方式，为租赁项目取得巨额资金。其余做法与融资租赁基本相同，只不过合同的复杂程度因涉及面广而随之增大。由于可享受税收好处、操作规范、综合效益好、租金回收安全、费用低，一般用于飞机、轮船、通讯设备和大型成套设备的融资租赁。

　　3.委托融资租赁

　　一种方式是拥有资金或设备的人委托非银行金融机构从事融资租赁，第一出租人同时是委托人，第二出租人同时是受托人。出租人接受委托人的资金或租赁标的物，根据委托人的书面委托，向委托人指定的承租人办理融资租赁业务。在租赁期内租赁标的物的所有权归委托人，出租人只收取手续费，不承担风险。这种委托租赁的一大特点就是让没有租赁经营权的企业，可以“借权”经营。电子商务租赁即依靠委托租赁作为商务租赁平台。

　　第二种方式是出租人委托承租人或第三人购买租赁物，出租人根据合同支付货款，又称委托购买融资租赁。

　　4.项目融资租赁

　　承租人以项目自身的财产和效益为保证，与出租人签订项目融资租赁合同，出租人对承租人项目以外的财产和收益无追索权，租金的收取也只能以项目的现金流量和效益来确定。出卖人（即租赁物品生产商）通过自己控股的租赁公司采取这种方式推销产品，扩大市场份额。通讯设备、大型医疗设备、运输设备甚至高速公路经营权都可以采用这种方法。其他还包括返还式租赁，又称售后租回融资租赁；融资转租赁，又称转融资租赁等。

[编辑] 融资租赁的优与缺点[1]

　　(1)融资租赁的优点

　　①筹资速度较快。租赁会比借款更快获得企业所需设备。

　　②限制条款较少。相比其他长期负债筹资形式，融资租赁所受限制的条款较少。

　　③设备淘汰风险较小。融资租赁期限一般为设备使用年限的75％。

　　④财务风险较小。分期负担租金，不用到期归还大量资金。

　　⑤税收负担较轻。租金可在税前扣除。

　　(2)融资租赁的缺点

　　①资金成本较高。租金较高，成本较大。

　　②筹资弹性较小。当租金支付期限和金额固定时，增加企业资金调度难度。

[编辑]融资租赁的风险

　　融资租赁的风险来源于许多不确定因素，是多方面并且相互关联的，在业务活动中充分了解各种风险的特点，才能全面、科学地对风险进行分析，制定相应的对策。融资租赁的风险种类主要有以下几种：

　　（1）产品市场风险。在市场环境下，不论是融资租赁、贷款或是投资，只要把资金用于添置设备或进行技术改造，首先应考虑用租赁设备生产的产品的市场风险，这就需要了解产品的销路、市场占有率和占有能力、产品市场的发展趋势、消费结构以及消费者的心态和消费能力。若对这些因素了解得不充分，调查得不细致，有可能加大市场风险。

　　（2）金融风险。因融资租赁具有金融属性，金融方面的风险贯穿于整个业务活动之中。对于出租人来说，最大的风险是承租人还租能力，它直接影响租赁公司的经营和生存，因此，对还租的风险从立项开始，就应该备受关注。

　　货币支付也会有风险，特别是国际支付，支付方式、支付日期、时间、汇款渠道和支付手段选择不当，都会加大风险。

　　（3）贸易风险。因融资租赁具有贸易属性，贸易方面的风险从定货谈判到试车验收都存在着风险。由于商品贸易在近代发展得比较完备，社会也相应建立了配套的机构和防范措施，如信用证支付、运输保险、商品检验、商务仲裁和信用咨询都对风险采取了防范和补救措施，但由于人们对风险的认识和理解的程度不同，有些手段又具有商业性质，加上企业管理的经验不足等因素，这些手段未被全部采用，使得贸易风险依然存在。

　　（4）技术风险。融资租赁的好处之一就是先于其他企业引进先进的技术和设备。在实际运作过程中，技术的先进与否、先进的技术是否成熟、成熟的技术是否在法律上侵犯他人权益等因素，都是产生技术风险的重要原因。严重时，会因技术问题使设备陷于瘫痪状态。其他还包括经济环境风险、不可抗力等等。

[编辑] 融资租赁的会计处理

[编辑] 　　一、承租人对融资租赁的会计处理

　　1、租赁开始日的会计处理

　　在租赁开始日，承租人通常应当将租赁开始日租赁资产原账面价值和最低租赁付款额的现值两者中较低者作为租入资产的入账价值，将最低租赁付款额作为长期应付款的入账价值，并将两者之间的差额记录为未确认融资费用。但是如果该项融资租赁资产占企业资产总额的比例不大，承租人在租赁开始日可按最低租赁付款记录租入资产和长期应付款。这时的“比例不大”通常是指融资租入固定资产总额小于承租人资产总额的30%（含30%）。在这种情况下，对于融资租入资产和长期应付款额的确定，承租人可以自行选择，即可以采用最低租赁付款额，也可以采用租赁资产原账面价值和最低租赁付款额的现值两者中较低者。这时所讲的 “租赁资产的原账面价值”是指租赁开始日在出租者账上所反映的该项租赁资产的账面价值。

　　承租人在计算最低租赁付款额的现值时，如果知道出租人的租赁内含利率，应当采用出租人的内含利率作为折现率；否则，应当采用租赁合同中规定的利率作为折现率。如果出租人的租赁内含利率和租赁合同中规定的利率都无法得到，应当采用同期银行贷款利率作为折现率。其中租赁内含利率是指，在租赁开始日，使最低租赁付款额的现值与未担保余值的现值之和等于资产原帐面价值的折现率。

　　2、初始直接费用的会计处理

　　初始直接费用是指在租赁谈判和签订租赁合同的过程中发生的可直接归属于租赁项目的费用。承租人发生的初始直接费用通常有印花税、佣金、律师费、差旅费、谈判发生的费用等。承租人发生的初始直接费用，应当计入租入资产的价值。其帐务处理为：借记“固定资产-融资租入固定资产”科目，贷记“银行存款”等科目。

　　3、未确认融资费用的分摊

　　在融资租赁下，承租人向出租人支付的租金中，包含了本金和利息两部分。承租人支付租金时，一方面应减少长期应付款，另一方面应同时将未确认的融资租赁费用按一定的方法确认为当期融资费用，在先付租金（即每期起初等额支付租金）的情况下，租赁期第一期支付的租金不含利息，只需减少长期应付款，不必确认当期融资费用。

　　在分摊未确认融资费用时，承租人应采用一定的方法加以计算。按照准则的规定，承租人可以采用实际利率法，也可以采用直线法和年数总和法等。在采用实际利率法时，根据租赁开始是租赁资产和负债的入账价值基础不同，融资费用分摊率的选择也不同。未确认融资费用的分摊具体分为以下几种情况：

　　（1）、租赁资产和负债以最低租赁付款额的现值为入账价值，且以出资人的租赁内含利率为折现率。在这种情况下，应以出资人的租赁内含利率为分摊率。

　　（2）、租赁资产和负债以最低租赁付款额的现值为入账价值，且以租赁合同中规定的利率作为折现率。在这种情况下，应以租赁合同中规定的利率作为分摊率。

　　（3）、租赁资产和负债以租赁资产原账面价值为入账价值，且不存在承租人担保余值和优惠购买选择权。在这种情况下，应重新计算融资费用分摊率。融资费用分摊率是指，在租赁开始日，使最低租赁付款额的现值等于租赁资产原账面价值的折现率。在承租人或与其有关的第三方对租赁资产余值提供担保的情况下，与上类似，在租赁期满时，未确认融资费用应全部摊完，并且租赁负债也应减为零。

　　（4）、租赁资产和负债以租赁资产原账面价值为入账价值，且不存在承租人担保余值，但存在优惠购买选择权。在这种情况下，应重新计算融资费用分摊率。在租赁期满时，未确认融资费用应全部摊完，并且租赁负债也应减为零。

　　（5）、租赁资产和负债以租赁资产原账面价值为入账价值，且存在承租人担保余值。

　　这种情况下，应重新融资费用分摊率。在承租人或与其有关的第三方对租赁资产余值提供了担保或由于在租赁期满时没有续租而支付违约金的情况下，在租赁期满时，未确认融资费用应全部摊完，并且租赁负债也应减少至担保余值或该日应支付的违约金。

　　承租人对每期应支付的租金，应按支付的租金金额，，借记“长期应付款-应付融资租赁款”科目，贷记“银行存款”科目，如果支付的租金中包含有履约成本，应同时借记“制造费用”、“管理费用”等科目。同时根据当期应确认的融资费用金额，借记“财务费用”科目，贷记“未确认融资费用”科目。

　　4、租赁资产折旧的计提

　　承租人应对融资租入固定资产计提折旧，主要应解决两个问题：

　　（1）、折旧政策

　　计提租赁资产折旧时，承租人应与自有资产计提折旧方法相一致。如果承租人或与其有关的第三方对租赁资产提供了担保，则应记折旧总额为租赁开始日固定资产的入账价值扣除余值后的余额。如果承租人或与其有关的第三方对租赁资产余值提供了担保，则应记折旧总额为租赁开始日固定资产的入账价值。

　　（2）、折旧期间

　　确定租赁资产的折旧期间时，应根据租赁合同规定。如果能够合理确定租赁期满时承租人将会取得租赁资产所有权，即可认定承租人拥有该项资产的全部尚可使用年限，因此应以租赁开始日租赁资产的尚可使用年限作为折旧期间；如果无法合理确定租赁期满时承租人是否能够取得租赁资产所有权，则应以租赁期与租赁资产尚可使用年限两者中较短者作为折旧期间。

　　5、履约成本的会计处理

　　履约成本种类很多，对于融资租入固定资产的改良支出、技术咨询和服务费、人员培训费等应予递增延分摊记入各期费用，借记“长期待摊费用”、“预提费用”、“制造费用”、“管理费用”等科目，对于固定资产的经常性修理费、保险费等可直接计入当期费用，借记“制造费用”、“营业费用”等科目，贷记 “银行存款”等到科目。

　　6、或有租金的会计处理

　　由于或有租金的金额不确定，无法采用系统合理的方法对其进行分摊，因此在实际发生时，借记“制造费用”、“营业费用”等科目，贷记“银行存款”等科目。

　　7、租赁期满时的会计处理

　　租赁期满时，承租人通常对租赁资产的处理有三种情况：

　　（1）、返还租赁资产。借记“长期应付款-应付融资租赁款”、“累计折旧”科目，贷记“固定资产-融资租入固定资产”科目。

　　（2）、优惠续租租赁资产。如果承租人行使优惠续租选择权，则应视同该项租赁一直存在而做出相应的会计处理。如果期满没有续租，根据租赁合同要向出租人支付违约金时，借记“营业外支出”科目，贷记“银行存款”等科目。

　　（3）、留购租赁资产。在承租人享有优惠购买选择权时，支付购价时，借记“长期应付款-应付融资租赁款”，贷记“银行存款”等科目；同时，将固定资产从“融资租入固定资产”明细科目转入有关其他明细科目。

　　8、相关信息的会计披露。

　　承租人应当在财务报告中披露与融资租赁有关的事项，主要有：

　　（1）、每类租入资产在资产负债表日的账面原值、累计折旧及账面净值。

　　（2）、资产负债表日后连续三个会计年度每年将支付的最低付款额，以及以后年度内将支付的最低付款总额。

　　（3）、未确认融资费用的余额。即未确认融资费用的总额减去已确认融资费用部分后的余额。

　　（4）、分摊未确认融资费用所采用的方法。如实际利率法、直线法或年数总和法。

[编辑] 　　二、出租人对融资租赁的会计处理

　　1、租赁开始日的会计处理

　　出租人应将租赁开始日最低租赁收款额作为应收融资租赁款的入账价值，并同时记录未担保余值，将最低租赁收款额与担保余值之和与其现值之和的差额记录为未实现融资收益。

　　在租赁开始日，出租人应按最低租赁收款额，借记“应收融资租赁款”科目，按未担保余值的金额，借记“未担保余值”科目，按租赁资产的原账面价值，贷记“融资租赁资产”科目，按上述科目计算后的差额，贷记“未实现融资收益”科目。

　　2、初始直接费用的会计处理

　　出租人发生的初始直接费用，通常包括印花税、佣金、律师费、差旅费、谈判费等。出租人发生的初始直接费用，应当确认为当期费用。借记“管理费用”等科目，贷记“银行存款”等科目。

　　3、未实现融资收益的分配

　　出租人每期收到的租金包括本金和利息两部分。未实现融资收益应当在租赁期内各个期间进行分配，确认为各期的融资收入。分配时，出租人应当采用实际利率法计算当期应确认融资收入，在与实际利率法计算结果无重大变化的情况下，也可以采用直线法和年数总和法。

　　出租人每期收到的租金，借记“银行存款”科目，贷记“应收融资租赁款”科目。同时，每期确认融资租赁收入时，借记“递延收益-未实现融资收益”科目，贷记“主营业务收入融资收入”科目。

　　当出租人超过一个租金支付期没有收到租金时，应当停止确认收入，其已确认的收入，应予转回，转作表外核算。到实际收到租金时，再将租金中所含融资收入确认为当期收入。

　　4、未担保余值发生变动时的会计处理

　　出租人应当定期对未担保余值进行检查，如果有证据表明未担保余值已经减少，应当重新计算租赁内含利率，并将本期的租赁投资净额的减少确认为当期损失，以后各期根据修正后的投资净额和重新计算的租赁内含利率确定应确认的融资收入。如果已经确认损失的未担保余值得以恢复，应当在原已确认的损失金额内转回，并重新计算租赁内含利率，以后各期根据修正后的投资净额和重新计算的租赁内含利率确定应确认的融资收入。未担保余值增加时，不做调整。其中租赁投资净额是指，融资租赁中最低租赁收款额与未担保余值之和与未实现融资收益之间的差额。

　　由于未担保余值的金额决定了租赁内含利率的大小，从而决定着融资未实现收益的分配，因此，为了真实反映企业的资产和经营业绩，根据谨慎性原则的要求，在未担保余值发生减少和已确认损失的未担保余值得以恢复的情况下，都应重新计算租赁内含利率，以后各期根据修正后的投资净额和重新计算的租赁内含利率确定应确认的融资收入。未担保余值增加时，不做调整。

　　期末，出租人的未担保余值的预计可回收金额低于其账面价值的差额，借记“递延收益-未实现融资收益”科目，贷记“未担保余值”科目。如果已确认的未担保余值得以恢复，应当在原已确认的损失金额内转回，科目与前述相反。

　　5、或有租金的会计处理。

　　或有租金应当在实际发生时确认为收入。借记“应收账款”、“银行存款”等科目，贷记“主营业务收入-融资收入”

　　6、租赁期满时的会计处理

　　（1）、租赁期满时，承租人将租赁资产交还出租人。这时有四种情况：

　　A.存在担保余值，不存在未担保余值。

　　出租人收到承租人交还的资产时，借记“融资租赁资产”科目，贷记“应收融资租赁款”科目。

　　B.存在担保余值，同时存在未担保余值。

　　出租人收到承租人交还的资产时，借记“融资租赁资产”科目，贷记“应收融资租赁款”、“未担保余值”科目。

　　C.存在未担保余值，不存在未担保余值。

　　出租人收到承租人交还的资产时，借记“融资租赁资产”科目，贷记“未担保余值”科目。

　　D.担保余值和未担保余值都不存在。

　　出租人无需作处理，只需相应的备查登记。

　　（2）、优惠续租租赁资产。

　　如果承租人行使优惠续租选择权，则出租人应视同该项租赁一直存在而作出相应的账务处理。如果承租人没有续租，根据合同规定向承租人收取违约金时，借记“其他应收款”，贷记“营业外收入”科目。同时将收回的资产按上述规定进行处理。

　　（3）、留购租赁资产。

　　承租人行使了优惠购买选择权。出租人应该按照收到的承租人支付的购买资产的价款，借记“银行存款”等科目，贷记“应收融资租赁款”等科目。

　　7、相关会计信息的披露。

　　出租人应在财务报告中披露下列事项：

　　（1）资产负债表日后连续三个会计年度每年度将收取的最低收款额，以及以后年度内将收取的最低收款总额。

　　（2）未确认融资收益的余额。即未确认融资收益的总额减去已确认融资收益部分后的余额。

　　（3）分配未确认融资收益所采用的方法。如实际利率法、直线法或年数总和法。

[编辑] 我国法律对融资租赁的解释

　　《合同法》第二百三十七条规定，融资租赁合同是出租人根据承租人对出卖人﹑租赁物的选择，向出卖人购买租赁物，提供给承租人使用，承租人支付租金的合同。

　　融资租赁通常的做法是出租人出资购买承租人选定的技术设备或其他物资，作为租赁物出租给承租人，承租人按合同约定取得租赁物的长期使用权，在承租期间，按合同约定的期限支付租金，租赁期满按合同约定的方式处置租赁物法。

　　融资租赁合同对租赁物的处理有下列三种形式：

　　一﹑退租法。商租赁合同期满，承租人按租赁合同约定的要求将租赁物退还给出租人，由出租人自行处理出租物，由于租赁物在出租期满内一般均已达到使用期限，出租人收回后难以再租或转让，所以，对租赁物期限届满后的处理，一般不采用这种方式法。

　　二﹑续租法。商在租赁合同期间届满前的合理时间内，承租人应通知出租人，就租赁物的继续租用进行协商，确定续租期限﹑租金等内容，在融资租赁合同期间届满时签订续租合同法。

　　三﹑留购法。商承租人支付名义货价后获得出租物的所有权，承租人获得租赁物的所有权，进行固定资产投资，这种方法对出租人﹑承租人均有利，所以，融资租赁合同期间届满后，对租赁物的处理一般多采用这种方法。

[编辑] 国际融资租赁公约

　　（1988年5月28日在加拿大渥太华签订）

　　本公约各缔约国：

　　认识到在保持国际融资租赁交易各方当事人之间利益公正平衡的同时，消除设备国际融资租赁的某些法律障碍的重要性；

　　意识到使国际融资租赁更多地得以使用的需要；

　　意识到关于传统的租借合同的法律规则有待于适应融资租赁交易所产生的特有的三方关系的事实；

　　进而认识到制订主要与国际融资租赁民事和商事法律方面有关的某些统一规则的必要性；

　　兹协议如下：

[编辑]第一章适用范围和总则

[编辑]第一条

　　1．本公约管辖第2款所指的融资租赁交易，在这种交易中，一方（出租人）：

　　（1）根据另一方（承租人）提供的规格，与第三方（供应商）订立一项协议（供应协议）。根据此协议，出租人按照承租人在与其利益有关的范围内所同意的条款取得工厂、资本货物或其他设备（设备），并且：

　　（2）与承租人订立一项协议（租赁协议），以承租人支付租金为条件授予承租人使用设备的权利。

　　2．前款所指的融资租赁交易系指包括以下特点的交易：

　　（1）承租人指定设备并选择供应商，并不主要依赖出租人的技能和判断；

　　（2）出租人取得的设备与一租赁协议相联系，并且供应商知道这一租赁协议业已或将要在出租人和承租人之间订立；而且

　　（3）租赁协议规定的应付租金的计算特别考虑到了摊提设备的全部或大部分成本。

　　3．无论承租人是否已经取得或者以后取得购买设备或者在更长期间内为租赁而继续持有设备的选择权，亦无论是否支付名义上的价金或租金，本公约均适用。

　　4．本公约适用于与任何设备有关的融资租赁交易，但主要供承租人个人、家人或家庭使用的设备除外。

[编辑]第二条

　　在一次或多次转租交易涉及同一设备的情况下，本公约适用于每一项本应适用本公约的融资租赁交易，如同向第一个出租人（见前条第1款的规定）提供设备的人是供应商，据以取得该设备的协议是供应协议一样。

[编辑]第三条

　　1．在出租人与承租人营业地在不同国家时，本公约适用，而且

　　（1）如果这些国家及供应商营业地所在国均为缔约国；或者

　　（2）供应协议与租赁协议均受某一缔约国法律管辖。

　　2．本公约所指的当事人的营业地，在当事人有一个以上营业地时，系指与有关协议及其履行有最密切联系的营业地，但应考虑到当事人在订立协议之前的任何时候或订立协议之时所知道或所设想的情况。

[编辑]第四条

　　1．本公约不得仅由于设备已成为土地的附着物或已并入土地之中而终止适用。

　　2．任何有关设备是否已成为土地的附着物或已并入土地之中的问题以及如果设备已成为土地的附着物或已并入土地之中其对出租人和对土地享有物权的人之间权利的影响，应由土地所在国法律确定。

[编辑]第五条

　　1．只有在供应协议与租赁协议各方当事人同意时，方可排除适用本公约。

　　2．在未根据前款规定排除适用本公约时，当事人在其相互关系方面可以减损本公约的任何规定或变更其效力，但第八条第3款及第十三条第3款（2）和第4款规定的除外。

[编辑]第六条

　　1．在解释本公约时，应考虑到序言所申明的目标与目的，公约的国际性质以及促进其适用的统一与在国际贸易中遵守诚信的需要。

　　2．凡本公约未明确解决的属于本公约范围内的问题，应按照本公约所依据的一般原则来解决，在没有一般原则的情况下，则应按照国际私法规则确定的适用法律来解决。

[编辑]第二章当事人各方的权利与义务

[编辑]第七条

　　1．（1）出租人对设备的物权应可有效地对抗承租人的破产受托人和债权人，包括已经取得扣押或执行令状的债权人。

　　（2）为本款目的，“破产受托人”包括清算人、管理人或被指定为债权人全体的利益而管理承租人的财产的其他人。

　　2．如根据适用法律规定，只有符合有关公告的规定时出租人对设备的物权才能有效地对抗前款所指的人，则只有在符合上述规定时，这些权利才能有效地对抗该人。

　　3．为前款目的，适用法律应为在第1款所指的人有权授引前款所指的规则时下列国家的法律：

　　（1）如系经注册的船舶，以所有权人名义注册所在国（为本项目的，光船租船人不视为所有权人）；

　　（2）如系根据1944年12月7日在芝加哥制订的《国际民用航空公约》登记的航空器，依此规定登记的所在国；

　　（3）如系通常由一国移至另一国类型的其他设备，包括飞机引擎，承租人主营业地所在国；

　　（4）如系任何其他设备，设备所在国。

　　4．第2款不应影响要求承租人对设备的物权须经承认的任何其他公约的规定。

　　5．本条不应影响享有以下权利的任何债权人的优先权：

　　（1）非由于扣押或执行令状而产生的，双方同意或不同意的对设备的留置权或担保利益，或者

　　（2）根据国际私法规则确定的适用法律特别是在船舶或航空器方面所取得的任何扣留、扣押或处置的权利。

[编辑]第八条

　　1．（1）除本公约或租赁协议另有规定外，出租人不应对承租人承担设备方面的任何责任，除非承担人由于依赖出租人的技能和判断以及出租人干预选择供应商或设备规格而受到损失。

　　（2）出租人不应以其出租人身份而对第三人承担由于设备所造成的死亡，人身伤害或财产损害的责任。

　　（3）本款的上述规定不适用于出租人以任何其他身份，例如所有权人的身份，所负的任何责任。

　　2．出租人保证承租人的平静占有将不受享有优先所有权或权利或者要求优先所有权或权利并根据法院受权行为的人的侵扰，如果这一所有权、权利或要求不是由于承租人的行为或不行为所产生的话。

　　3．如果该优先所有权、权利或要求是因为出租人的故意或严重过失的行为或不行为所造成的，当事人不得减损前款规定或变更其效力。

　　4．第2款和第3款的规定不应影响国际私法规则确定的适用法律所规定的出租人对平静占有的强制性的更广泛的保证义务。

[编辑]第九条

　　1．承租人应适当地保管设备，以合理的方式使用设备并且使之处于其交付的状态。但是合理的损耗及当事人所同意的对设备的改变除外。

　　2．当租赁协议终止时，承租人应将处于前款规定状态的设备退还给出租人，除非承租人行使权力购买设备或继续为租赁而持有设备。

[编辑]第十条

　　1．供应商根据供应协议所承担的义务亦应及于承租人，如同承租人是该协议的当事人而且设备是直接交付给承租人一样。但是，供应商不应因为同一损害同时对出租人和承租人负责。

　　2．本条不应使承租人有权不经出租人同意终止或撤销供应协议。

[编辑]第十一条

　　承租人依据本公约所得自供应协议的权利不应由于供应协议中原来经承租人同意的任何条款的变更而受到影响，除非承租人事先已同意此种变更。

[编辑]第十二条

　　1．在设备未交付、交付迟延或设备与供应协议不符时：

　　（1）对出租人，承租人有权拒收设备或终止租赁协议；而且

　　（2）出租人有权提供符合供应协议规定的设备对违约做出补救，如同承租人已经同意按照与供应协议相同的条款从出租人那里购买设备一样。

　　2．前款规定的权利，应按照与承租人同意根据与供应协议相同的条款向出租人购买设备时相同的方式行使并且在同样的情况上丧失。

　　3．承租人应有权提留根据租赁协议应付的租金，直至出租人对其违约做出补救，提供符合租赁协议规定的设备或者承租人丧失了拒收设备的权利。

　　4．如果承租人已经行使了其终止租赁协议的权利，则承租人应有权收回预付的任何租金及款项，但应减去承租人得自设备的收益的合理金额。

　　5．承租人不应因为不交货、交货迟延或交付不符设备而享有针对出租人的其他请求权，除非这些是由出租人的行为或不行为所造成的。

　　6．本条不应影响承租人根据第十条在对抗供应商方面所享有的权利。

[编辑]第十三条

　　1．在承租人违约时，出租人可以收取未付的到期租金以及利息和损害赔偿。

　　2．如果承租人的违约是实质性的，则在第5款的条件下，出租人在租赁协议有此规定时也可以要求加速支付未到期租金，或者终止租赁协议并在终止协议之后；

　　（1）收回对设备的占有；并且

　　（2）收取将使出租人处于如同承租人根据租赁协议的条款履行协议时出租人本应取得的地位的损害赔偿。

　　3．（1）租赁协议可以说明第2款（2）规定的损害赔偿的计算方式。

　　（2）此种规定在当事人之间应为强制性规定，除非此种规定将导致大大超过第2款（2）所规定的损害赔偿。当事人不得减损本项之规定或变更其效力。

　　4．如果出租人已经终止租赁协议，则出租人无权强制执行租赁协议关于加速支付未到期租金的条款，但未到期租金的价值可以在按照第2款（2）和第3款计算损害赔偿时考虑在内。当事人不得减损本款的规定或变更其效力。

　　5．在违约可以补救的情况下，除非出租人已经通知承租人给予承租人一个对违约做出补救的合理机会，否则出租人不得行使其加速收取租金或终止租赁协议的权利。

　　6．如出租人未能采取一切合理措施减轻其损失，则出租人不得就这部分损失收取损害赔偿。

[编辑]第十四条

　　1．出租人可以转让或以其他方式处置其对设备或在租赁协议中的全部或部分权利。此种转让并不解除出租人根据租赁协议所承担的任何义务，或者改变租赁协议的性质或本公约规定的出租人的法定待遇。

　　2．只有在经出租人同意并不损害第三人利益的情况下，承租人方可转让其对设备的使用权或租赁协议规定的任何其他权利。

[编辑]第三章最后条款

[编辑]第十五条

　　1．本公约在通过国际统一私法协会国际保付代理公约草案和国际融资租赁公约草案的外交会议闭幕会议上开放签字，并在渥太华向所有国家继续开放签字，直至1990年12月31日。

　　2．本公约须经签字国批准、接受或核准。

　　3．本公约自开放签字之日起开放给所有非签字国加入。

　　4．批准、接受、核准或加入经向保管人交存具有此等效力的正式文件生效。

[编辑]第十六条

　　1．本公约于第三份批准、接受、核准或加入书交存之日起6个月后的第1个月第1天生效。

　　2．对于在第三份批准书、接受书、核准书或加入书交存后才批准、接受、核准或加入本公约的国家，本公约在该国交存其批准书、接受书、核准书或加入书之日起6个月后的第1个月第1天对该国生效。

[编辑]第十七条

　　本公约并不优于业已缔结或可能缔结的任何条约；尤其不应影响业已缔结的和将来缔结的条约所规定的任何人所应承担的任何责任。

[编辑]第十八条

　　1．如果缔约国具有两个或两个以上的领土单位，而各领土单位对本公约规定的事项适用不同的法律制定，则该国得在签字、批准、接受、核准或加入时声明本公约适用于该国全部领土单位或仅适用于其中一个或数个领土单位，并且可以随时提出另一声明来代替其所做的声明。

　　2．这些声明应通知保管人，并且明确地说明适用本公约的领土单位。

　　3．如果根据按本条做出的声明，本公约适用于缔约国一个或数个但不是全部领土单位，而且一方当事人的营业地位于该缔约国内，则为本公约目的，该营业地除非位于本公约适用的领土单位内，否则视为不在缔约国内。

　　4．如果缔约国没有根据第1款做出声明，则本公约适用于该国所有领土单位。

[编辑]第十九条

　　1．对属于本公约范围内的事项具有相同或密切联系的法律规则的两个或两个以上的缔约国可以随时声明，在供应商、出租人和承租人营业地位于这些缔约国内时，本公约不适用，此种声明可联合做出也可以相互单方面声明的方式做出。

　　2．对属于本公约范围的事项具有与一个或一个以上非缔约国相同或密切联系的法律规则的缔约国可以随时声明，在供应商、出租人和承租人营业地位于这些国家内时，本公约不适用。

　　3．作为根据前款所做声明对象的国家如果后来成为缔约国，则该项声明自本公约对该新缔约国生效之日起，具有根据第1款所做声明的效力，但以该新缔约国加入这项声明或者做出相互单方面声明为限。

[编辑]第二十条

　　如果缔约国国内法不允许出租人排除其违约或过失责任，则该缔约国可以在签字、批准、接受、核准或加入时声明，它将以其国内法取代第八条第3款。

[编辑]第二十一条

　　1．根据本公约在签字时做出的声明，须在批准、接受或核准时加以确认。

　　2．声明和声明的确认，应以书面提出，并应正式通知保管人。

　　3．声明在公约对有关国家生效时同时生效。但是，保管人在本公约对有关国家生效后收到正式通知的声明，应于保管人收到声明之日起6个月后的第1个月第1天生效。根据第十九条做出的相互单方面声明，应于保管人收到最后一份声明之日起6个月后的第1个月第1天生效。

　　4．根据本公约规定做出声明的任何国家可以随时以书面正式通知保管人撤回该项声明。此种撤回应于保管人收到通知之日起6个月后的第1个月第1天生效。

　　5．撤回根据第十九条做出的声明，自撤回生效之日起，将使另一个国家根据该条所做出的任何联合声明或相互单方面声明在与做出此种声明的国家的关系方面失去效力。

[编辑]第二十二条

　　除本公约明文许可的保留外，不得做任何保留。

[编辑]第二十三条

　　在租赁协议和供应协议均于本公约第三条第1款（1）所指的缔约国或者对该条第1款（2）项所指的缔约国或国家生效之日或其后订立时，本公约适用于此种融资租赁交易。

[编辑]第二十四条

　　1．任何缔约国均可以在本公约对该国生效之日后的任何时候声明退出本公约。

　　2．退出声明以向保管人交存具有此等效力的退出文件为准。

　　3．退出于向保管人交存退出文件之后6个月后的第1个月第1天生效，凡退出文件内订明一段退出生效的更长时间，则退出于向保管人交存该退出文件后该段更长时间期满时生效。

[编辑]第二十五条

　　1．本公约应存于加拿大政府。

　　2．加拿大政府应：

　　（1）通知所有业已签署或加入本公约的国家以及国际统一私法协会主席：

　　①每一新的签署或批准书、接受书、核准书或加入书的交存及其日期；

　　②根据第十八条、第十九条及第二十条做出的每一项声明；

　　③根据第二十一条第4款做出的对任何声明的撤回；

　　④本公约生效的日期；

　　⑤退出本公约文件的交存，以及退出文件交存日期和生效日期。

　　（2）将经核对无误的本公约副本转交本公约所有签字国、加入国和国际统一私法协会主席。

　　下列全权代表，经各自政府正式授权，在本公约上签字，以资证明。

　　1988年5月28日订于渥太华，正本一份，其英文与法文文本具有同等效力。

[编辑]参考文献

↑ 黄艳华主编.财务管理.华中师范大学出版社,2009.08.

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评论(共46条)提示:评论内容为网友针对条目"融资租赁"展开的讨论，与本站观点立场无关。

曹因斯坦 (Talk | 贡献) 在 2009年8月23日 21:05 发表

看晕了+_+

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118.249.214.* 在 2009年9月24日 10:35 发表

赞！

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202.110.224.* 在 2010年3月10日 10:20 发表

晕死

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123.119.77.* 在 2010年3月12日 21:18 发表

赞，需要的链接都有~~

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114.243.224.* 在 2010年5月14日 14:49 发表

这个网很好

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125.39.160.* 在 2010年5月29日 18:45 发表

希望这个网越办越好

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121.10.68.* 在 2010年6月22日 11:39 发表

很好

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114.249.148.* 在 2010年6月30日 14:35 发表

怎么这么复杂，英文版上没有这么复杂。。。

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111.120.98.* 在 2010年8月10日 14:00 发表

谁有系统的课件？

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114.222.65.* 在 2010年8月28日 22:16 发表

超好。

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112.95.178.* 在 2010年10月19日 15:54 发表

很有帮助

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113.118.113.* 在 2010年11月6日 10:52 发表

誰有系統的英文版課件？希望這個網越辦越好

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119.86.190.* 在 2011年3月3日 20:46 发表

感觉可以

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Jiangqian (Talk | 贡献) 在 2011年3月10日 13:06 发表

为什么是表外融资？？？

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123.184.138.* 在 2011年5月22日 20:10 发表

我是在银行做信货工作三十余年，期间又做银行不良货款清收管理工作，同时又自学法律知识。现深感知识重要，特别是我国为适应经济发展，为更好的服务企业，急需创建投资银行，开拓金融产品种类，融资租赁业务资科介绍，此网起了很好作用，希望这个网越办越好！谢谢！！

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Yixi (Talk | 贡献) 在 2011年5月23日 12:53 发表

123.184.138.* 在 2011年5月22日 20:10 发表

感谢您对MBA智库百科的支持！！

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112.65.166.* 在 2011年6月3日 15:21 发表

很不错

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222.134.130.* 在 2011年6月21日 13:53 发表

很好

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221.201.218.* 在 2011年6月23日 09:08 发表

很好

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123.6.42.* 在 2011年6月24日 17:02 发表

Jiangqian (Talk | 贡献) 在 2011年3月10日 13:06 发表

为什么是表外融资？？？

表外指得是不体现在财报之内

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Pclza (Talk | 贡献) 在 2011年7月21日 18:37 发表

不错！有用！

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万官儒 (Talk | 贡献) 在 2011年10月2日 15:24 发表

仔细看了这个网站很多文章后，两个感觉，一是称之为智库，相当成功，毫不为过。另外一个感觉就是对自己来说，路漫漫其修远兮。

衷心希望越办越好，为中国培养更多的商界奇才。

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221.207.12.* 在 2011年10月14日 12:40 发表

不错，受益匪浅

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王维力 (Talk | 贡献) 在 2012年1月8日 11:08 发表

希望智库越办越好！为了考CIFA，智库的资源帮了很多忙

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116.55.229.* 在 2012年3月27日 21:47 发表

123.6.42.* 在 2011年6月24日 17:02 发表

表外指得是不体现在财报之内

要看租赁合同是否满足会计上对融资租赁的界定，因为我国现阶段企业所得税法关于融资租赁无特别的规定，具体处理时要参照企业会计准则-租赁准则。以至于符合会计上定义的融资租赁，租赁资产是要记入承租人的资产负债表的。但是广义上的融资租赁并不局限于此，为了获取租金抵税的好处，租赁合同有可能会制作成不符合会计的融资租赁，所以成为一种表外融资的手段。

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14.202.9.* 在 2012年4月23日 12:20 发表

表外指的是不体现在资产负债表内

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75.157.33.* 在 2012年4月24日 17:59 发表

融资租赁(Finanical lease)应表现在财务报表中，而经营租赁（Operating lease)则是表外融资。实际操作中很多企业因要追求好的债权比率而采用经营租赁。IASB和FASB从2009年开始就企业融资租赁和经营租赁的会计厘定，新的准则很大程度要求所有租赁都需要在报表上呈现，同时采用资产折旧形式而非租赁成本。

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文人墨客 (Talk | 贡献) 在 2013年4月3日 17:14 发表

说得太好了，支持。

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218.18.57.* 在 2013年6月8日 19:18 发表

Jiangqian (Talk | 贡献) 在 2011年3月10日 13:06 发表

为什么是表外融资？？？

不纳入资产负债表。不纳入账务核算

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1.193.121.* 在 2014年2月12日 14:25 发表

hao好的文章

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61.127.110.* 在 2014年7月16日 16:20 发表

不错，讲的很全面！

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www (Talk | 贡献) 在 2015年1月14日 16:12 发表

融资租赁的定义一章第三节第一句中：“而融资租赁以承租人占用融资成本的时间计算租金。”

请教一下大家，这里写做“融资成本”，是否不妥？我觉得应该是用占用资金本身的时间去计算租金啊。

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116.24.219.* 在 2015年8月29日 11:19 发表

请问有医疗设备融资租赁的相关内容吗？望指教

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99.225.194.* 在 2015年10月14日 09:38 发表

75.157.33.* 在 2012年4月24日 17:59 发表

是啊，上面文章刚好写反了吧？

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119.39.32.* 在 2016年6月13日 17:01 发表

啊啊啊啊啊

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Richard Lam (Talk | 贡献) 在 2016年7月14日 22:28 发表

www (Talk | 贡献) 在 2015年1月14日 16:12 发表

融资租赁的定义一章第三节第一句中：“而融资租赁以承租人占用融资成本的时间计算租金。”

请教一下大家，这里写做“融资成本”，是否不妥？我觉得应该是用占用资金本身的时间去计算租金啊。

这意思应该没错啊，占用“融资成本“。出租人为承租人购买的设备成本最终是由承租人承担的，也就是承租人的”融资成本“，实质上是出租人先行购买支出的资金。

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Richard Lam (Talk | 贡献) 在 2016年7月14日 22:57 发表

99.225.194.* 在 2015年10月14日 09:38 发表

是啊，上面文章刚好写反了吧？

“融资租赁属于表内融资（资产负债表），不体现在企业财务报表的负债项目中”

结合以上评论”融资租赁(Finanical lease)应表现在财务报表中，而经营租赁（Operating lease)则是表外融资。实际操作中很多企业因要追求好的债权比率而采用经营租赁。IASB和FASB从2009年开始就企业融资租赁和经营租赁的会计厘定，新的准则很大程度要求所有租赁都需要在报表上呈现，同时采用资产折旧形式而非租赁成本。“

是否有所错误呢？既是表内融资，又怎么不体现在报表中呢？

是表外融资正确吧？为什么没有人进行修改呢？

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110.84.36.* 在 2016年7月15日 11:52 发表

Richard Lam (Talk | 贡献) 在 2016年7月14日 22:57 发表

“融资租赁属于表内融资（资产负债表），不体现在企业财务报表的负债项目中”

是否有所错误呢？既是表内融资，又怎么不体现在报表中呢？

是表外融资正确吧？为什么没有人进行修改呢？

对承租人采用租赁融资不存在表外一说，肯定是确认为固定资产；对于租赁公司而言表外融资就是纯租赁应收账款的无追索转让，无论是理论上的表外还是实际操作都比较难！租赁应收账款的买断可以视为表外融资，但也仅限于部分场景。针对承租人而言，能实现表外融资的是经营性租赁，融资租赁能实现的是延迟纳税。

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218.90.177.* 在 2016年7月19日 12:30 发表

很不错的网站，希望越来越好！！

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Richard Lam (Talk | 贡献) 在 2016年7月21日 10:16 发表

110.84.36.* 在 2016年7月15日 11:52 发表

实在抱歉，没能跟上您的逻辑，虽然暂时看不太懂，但有一点是肯定的。

表达上面是否能够简明和通顺些？

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183.192.9.* 在 2017年12月25日 23:53 发表

这个定义搞错吧 financial leasing 和equitment leasing 明明是两种租赁方式，怎么能混为一谈

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121.69.37.* 在 2019年3月11日 11:14 发表

“此外，融资租赁属于表内融资（资产负债表），不体现在企业财务报表的负债项目中，不影响企业的资信状况。这对需要多渠道融资的中小企业而言是非常有利的。”这段表述和后面“承租人会计处理”这块相互矛盾！！

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M id f661db7df1568335b63d164b64054bde (Talk | 贡献) 在 2019年12月14日 21:24 发表

“租赁物件所有权即转归承租人所有”这个说法是不是有点问题・_・?

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119.180.26.* 在 2021年2月4日 14:07 发表

www (Talk | 贡献) 在 2015年1月14日 16:12 发表

融资租赁的定义一章第三节第一句中：“而融资租赁以承租人占用融资成本的时间计算租金。”

请教一下大家，这里写做“融资成本”，是否不妥？我觉得应该是用占用资金本身的时间去计算租金啊。

融资成本，即融资本金，就是指占用资金本身

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M id d1437068a58853f76856adbf07c62e16 (Talk | 贡献) 在 2022年12月18日 11:12 · 河南发表

我趣，十多年了啊

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M id 9ee6f047598335d190f773e6d2218b68 (Talk | 贡献) 在 2023年11月4日 11:38 · 山西发表

打卡

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CFA一级笔记：经营租赁（operating lease）金融租赁（financial lease） - 知乎

CFA一级笔记：经营租赁（operating lease）金融租赁（financial lease） - 知乎首发于特许金融分析师CFA切换模式写文章登录/注册CFA一级笔记：经营租赁（operating lease）金融租赁（financial lease）谢润程CFA持证人什么是租赁？从一个财务报表分析的角度来说，其实公司在进行租赁的时候，其本质是和个人进行租赁是没有什么太多区别的。我们作为个人有时候也会租赁一些物品，比如像是共享单车，就是一种典型的租赁行为。之所以在财务报表里面会把它单独拿出来进行讲解，是因为租赁行为是一个很有趣的一个话题。因为我们在考虑租赁行为的话，你可以分为两种类型。这个类型的区分，实际上你需要问一个问题也就是，租赁这个物品对于承租人来说（也就是借了物品并使用这项事物的这一方），他是否有所有权？能不能把租赁的这个资产算为是公司的资产负债表中的一部分而对于“可以”和“不可以”两个答案，我们会有相对应的两个专用名词来称呼。一般来说，我们在一级里面接触到的租赁分为两种类型：“算作是承租人的资产”，金融租赁（finance lease）：租期结束的时候拥有该资产。相当于借钱买资产“不算做是承租人的资产”，经营租赁（operating lease）：租期结束的时候不拥有该资产，相当于支付租金在财务报表里面的理解是，对于金融租赁呢，实际上更像是分期付款。比如像是按揭买房这样，我们可以把它粗糙的理解为是一种金融租赁。虽然是有一个租金的存在，但是实际上我们相当于是已经在合同形成的那一刻就已经是成为了该资产的所有者，所以对于提供金融租赁的人来说，他们就是相当于是非常善良的做了两件事情，第一是把资产直接就交给我们了，第二还给了我们一个贷款。贷款的金额是相当于资产的价值。为什么要租赁？实际上这里应该更加特指的是经营租赁（operating lease）。经营租赁更像是我们传统意义上面理解的租赁，金融租赁只是贷款而已。对于经营租赁，英国出版商人菲尼克斯丹尼斯（Felix Dennis）对于这一点的话，在他的那本《如何致富（how to get rich）》给了一个非常好的解释（真是一个糟糕的书名呀）。出版商丹尼斯在生前是全英国排名第88的富豪，他对租赁和所有权是这么解释的：任何可以在天空飞的资产，会浮在水面上的资产，用来享乐（消音）的资产，最好选择租而不是拥有，因为从长期来看对你会更便宜一些：If it flies, floats or forni**cates, always rent it—it’s cheaper in the long run.租赁的资产如果不包括所有权的话，对你的财务报表来说是不存在折旧成本的，那么这样的话，整个公司会显得更加轻资产。在其他条件不变的情况下，投资人和股东一般喜欢看到的是轻资产的公司。因为这意味着公司似乎是以更小的资产来带动一个更大的营业收入和收益。财务报表的处理从承租人（lessee）的角度来看金融租赁被认为是相当于是借钱买资产。所以承租的公司在公司的资产增加相应的价值，负债的话也会增加相对应的应付租赁账款（lease payable）。在利润表上面公司会通报相对应的贷款利息支出（interest expense）如果资产存在折旧的情况，那么也会通报折旧成本（depreciation expense）。在现金流量表上，涉及到利息的部分会出现在经营性现金流（operating cash flow），涉及到资产的应付部分（lease liability）会出现在融资性现金流（financing activities）经营租赁相当于是租借资产，所以在利润表上面会通报一个租赁成本（lease expense）。但是对于公司的资产和负债是没有影响的。在现金流量表，所有的租赁支出（lease payment）都会体现为经营现金流（operating cash flow）因为金融租赁会带来更大的资产，因此会降低资本回报率（return on assets），一般来说承租方更加偏好于经营租赁从出租方（Lessor）的角度来看如果出租方使用的是经营租赁的话，那么出租方会在利润表记录租赁收入（lease revenue）和折旧成本（depreciation expense），因为被租赁的资产依然留在出租方的资产负债表上，记录相对应的资产如果是金融租赁，那么出租方会记录一个应收租赁收入（lease receivable），这个数字是所有未来的租赁金额的现金流折现（present value of future lease payments），同时被租赁的资产也将从出租方的资产负债表移除。在出租方的利润表会有利息收入（interest revenue）此外US GAAP将非经营性租赁（non-operating leases）分为两种类型直接金融租赁（direct financing leases）：租赁的租金的现金流折现等于该资产目前的账面价值。那么出租方相当于是没有盈利销售型租赁（sales-type leases ）：如果超过账面价值，那么就属于是销售型租赁。那么会在出租房的利润表记录一笔利润（平摊到整个租赁租期）例题For a lessor, which type of lease will have the leased asset appear on the balance sheet and continue to be depreciated:A. an operating lease.B. a financing leaseC. a sales-type lease.解析如果对于从出租方来说，被出租的资产依然在出租方的资产负债表里面记为是资产，而且会出现折旧，那么就意味着资产的所有人还是属于出租方，这一种资产还是属于出租方的租赁方式，就是经营性租赁（operating lease）了答案A编辑于 2019-10-25 01:12租赁特许金融分析师协会（CFA Institute）CFA考试赞同 441 条评论分享喜欢收藏申请转载文章被以下专栏收录特许金融分析师

金融租赁公司_百度百科

公司_百度百科网页新闻贴吧知道网盘图片视频地图文库资讯采购百科百度首页登录注册进入词条全站搜索帮助首页秒懂百科特色百科知识专题加入百科百科团队权威合作下载百科APP个人中心收藏查看我的收藏0有用+10金融租赁公司播报讨论上传视频经营融资租赁业务的金融机构金融租赁公司（Financial leasing companies）是指经中国银行业监督管理委员会批准，以经营融资租赁业务为主的非银行金融机构（详见《金融租赁公司管理办法》。未经中国银监会批准，任何单位和个人不得经营融资租赁业务或在其名称中使用“金融租赁”字样，但法律法规另有规定的除外。公司名称金融租赁公司外文名Financial leasing companies成立时间1981年经营范围经营融资租赁业务公司类型私营企业目录1留购2业务范围3主营业务4中国发展▪起源▪发展▪完善▪前景留购播报编辑相关书籍租赁物件即正式归承租人所有，称为“留购”；或者办理续租手续，继续租赁。由于租赁业具有投资大、周期长的特点，在负债方面我国允许金融租赁公司发行金融债券、向金融机构借款、外汇借款等，作为长期资金来源渠道；在资金运用方面，限定主要从事金融租赁及其相关业务。这样，金融租赁公司成为兼有融资、投资和促销多种功能，以金融租赁业务为主的非银行金融机构。金融租赁在发达国家已经成为设备投资中仅次于银行信贷的第二大融资方式，从长远来看，金融租赁公司在中国同样有着广阔前景。业务范围播报编辑经银监会批准，金融租赁公司可以经营下列部分或全部本外币业务： [1]（一）融资租赁业务；（二）转让和受让融资租赁资产；（三）固定收益类证券投资业务；（四）接受承租人的租赁保证金；（五）吸收非银行股东3个月（含）以上定期存款；（六）同业拆借；（七）向金融机构借款；（八）境外借款；（九）租赁物变卖及处理业务；（十）经济咨询。经银监会批准，经营状况良好、符合条件的金融租赁公司可以开办下列部分或全部本外币业务：（一）发行债券；（二）在境内保税地区设立项目公司开展融资租赁业务；（三）资产证券化；（四）为控股子公司、项目公司对外融资提供担保；（五）银监会批准的其他业务。主营业务播报编辑融资租赁业务公司自担风险的融资租赁业务包括典型的融资租赁业务（简称"直租"）、转租式融资租赁业务（简称"转租赁"）和售后回租式融资租赁业务（简称"回租"）三个类别。金融租赁公司（1）直租是指金融租赁公司以收取租金为条件按照用户企业确认的具体要求、向该用户企业指定的出卖人购买固定资产并出租给该用户企业使用的业务。直租分直接购买式和委托购买式两类。（a）在直接购买式直租中，金融租赁公司以买受人的身份按照用户企业确认的条件同出卖人订立以用户企业指定的货物为标的物的买卖合同，同时，金融租赁公司以出租人的身份同作为承租人的用户企业订立以相关买卖合同的货物为租赁物的融资租赁合同。同融资租赁合同关联的买卖合同可以是一个，也可以是多个。在相关的买卖合同中应该考虑列入以下内容的条款："出卖人知悉买受人的购买本合同货物，是为了以融资租赁方式向本合同货物的最终用户出租"；"出卖人同意，本合同的货物装运单证及发票的正本在向买受人提交的同时，还应向本合同货物的最终用户提交"；"出卖人同意，本合同货物的最终用户同买受人一样，有在交付不符时向出卖人追索的权利。双方约定，买受人与本合同货物的最终用户不得同时行使上述对出卖人的追索权。"（b）在委托购买式直租中，用户企业所指定的标的物不是由金融租赁公司自行购买、而是由金融租赁公司委托别的法人企业购买。这时，金融租赁公司以委托人的身份同作为其代理人的该法人机构订立委托代理合同。该法人机构则以买受人的身份按照用户企业确认的条件同出卖人订立以用户企业指定的货物为标的物的买卖合同。该法人机构可以由金融租赁公司指定，也可以由用户企业指定。融资租赁合同的订立同直接购买式直租相同。（2）转租赁是指以同一固定资产为租赁物的多层次的融资租赁业务。在转租赁中，上一层次的融资租赁合同的承租人同时是下一层次的融资租赁合同的出租人，在整个交易中称转租人。第一层次的融资租赁合同的出租人称第一出租人，末一层次的融资租赁合同的承租人称最终承租人。各个层次的融资租赁合同的租赁物和租赁期限必须完全一致。在转租赁中，租赁物由第一出租人按照最终承租人的具体要求、向最终承租人指定的出卖人购买。购买方式同直租一样，既可以是直接购买，也可以是委托购买。金融租赁公司可以是转租赁中的第一出租人。这时，作为转租人的法人机构无须具备经营融资租赁的资质。金融租赁公司也可以是转租赁中的转租人。这时，如果第一出租人是境内法人机构，则后者必须具备经营融资租赁的资质。在上一层次的融资租赁合同中必须约定，承租人有以出租人的身份向下一层次的融资租赁合同的承租人转让自己对租赁物的占有、使用和收益权的权利。（3）回租是指出卖人和承租人是同一人的融资租赁。在回租中，金融租赁公司以买受人的身份同作为出卖人的用户企业订立以用户企业的自有固定资产为标的物的买卖合同或所有权转让协议。同时，金融租赁公司又以出租人的身份同作为承租人的该用户企业订立融资租赁合同。（4）回转租是回租和转租赁的结合，即，金融租赁公司购买了用户企业自有的固定资产后不是直接出租给该用户企业，而是通过融资租赁合同出租给另一企业法人，由后者通过同该用户企业之间的融资租赁合同将该固定资产作为租赁物出租给该用户企业使用。联合租赁和杠杆租赁公司同其它机构分担风险的融资租赁业务有联合租赁和杠杆租赁两类。（1）联合租赁是指多家有融资租赁资质的租赁公司对同一个融资租赁项目提供租赁融资，由其中一家租赁公司作为牵头人。无论是相关的买卖合同还是融资租赁合同都由牵头人出面订立。各家租赁公司按照所提供的租赁融资额的比例承担该融资租赁项目的风险和享有该融资租赁项目的收益。各家租赁公司同作为牵头人的租赁公司订立体现资金信托关系的联合租赁协议。牵头人同出卖人之间的买卖合同以及同用户企业之间的融资租赁合同同自担风险的融资租赁业务中的同类合同毫无差别。（2）杠杆租赁是指某融资租赁项目中的大部分租赁融资是由其它金融机构以银团贷款的形式提供的，但是，这些金融机构对承办该融资租赁项目的租赁公司无追索权，同时，这些金融机构则按所提供的资金在该项目的租赁融资额中的比例直接享有回收租金中所含的租赁收益。租赁公司同这些金融机构订立无追索权的银团贷款协议。租赁公司同出卖人之间的买卖合同以及同用户企业之间的融资租赁合同同自担风险的融资租赁业务中的同类合同毫无差别。委托租赁公司不担风险的融资租赁业务是委托租赁。委托租赁是指融资租赁项目中的租赁物或用于购买租赁物的资金是一个或多个法人机构提供的信托财产。租赁公司以受托人的身份同作为委托人的这些法人机构订立由后者将自己的财产作为信托财产委托给租赁公司以融资租赁方式运用和处分的信托合同。该融资租赁项目的风险和收益全部归委托人，租赁公司则依据该信托合同的约定收取由委托人支付的报酬。该信托合同受《中华人民共和国信托法》管辖。租赁公司同出卖人之间的买卖合同以及同用户企业之间的融资租赁合同同自担风险的融资租赁业务中的同类合同毫无差别。中国发展播报编辑起源我国的融资租赁业起源于1981年4月，最早的租赁公司以中外合资企业的形式出现，其原始动机是引进外资。自1981年7月成立的首家由中资组成的非银行金融机构"中国租赁有限公司"到1997年经原中国人民银行批准的金融租赁公司共16家。1997年后，海南国际租赁有限公司、广东国际租赁有限公司、武汉国际租赁公司和中国华阳金融租赁有限公司(2000年关闭)先后退出市场。经过增资扩股后正常经营的金融租赁公司有18家，它们主要从事公交、城建、医疗、航空、IT等产业。发展融资租赁是不同资本市场之间进行资源传导和资本形态转化的有效机制。由于融资租赁具有其他筹资方式所不可比拟的优点，所以国际上已普遍使用之，其发展速度也首屈一指。八十年代初，作为改革开放的产物被引进中国，在近20年来中国租赁业有了长足的发展，但因各种原因，金融租赁公司普遍存在着经营范围较为混乱、在高风险领域投资规模过多过大又疏于风险控制与资产管理，加之中国市场经济体制的不健全，租赁业发展的四大支柱（法律、监督、会计准则和税收）不配套，导致了一些金融租赁公司面临着资产质量恶化，出现严重的支付困难、正常的业务经营已难以为继的状况。完善随着中国市场经济体制的不断完善，中国资本市场的进一步发育完善，法律、监督、会计准则和税收环境对租赁业的支持力度越来越大，根据十届全国人大常委会立法规划要求，十届全国人大财经委员会组织商务部、中国银监会等部门在充分调查研究、广泛听取各方意见，结合国情借鉴国外经验的基础上，数易其稿，形成了《中华人民共和国融资租赁法（草案）》（二次征求意见稿）。融资租赁立法将推进融资租赁业市场化进程，盘活固定资产、优化资源配置，满足企业技术改造的要求，提高企业技术水平，促进中小企业发展，引导消费，增加行业等方面发挥积极作用，融资租赁的立法将促进融资租赁业的快速发展，在加快折旧、呆帐准备，流转税缴纳、关税缴纳、外汇结算资金来源等方面给予了重大政策扶持，宏观政治环境十分有利于中国租赁业的发展。前景未来的几十年是中国经济发展上台阶的时期，国家将继续对能源交通和基础设施大力投资，中国企业经过几十年市场化运作和积累后急需产业更新和技术改造，这些都会带来大量的成套设备，交通工具，专用机械的需求，而发达国家的成功经验已经证明了租赁是解决这些需求的最有效途径。今后市场的巨大需求是租赁业务发展的最好时机。新手上路成长任务编辑入门编辑规则本人编辑我有疑问内容质疑在线客服官方贴吧意见反馈投诉建议举报不良信息未通过词条申诉投诉侵权信息封禁查询与解封©2024 Baidu 使用百度前必读 | 百科协议 | 隐私政策 | 百度百科合作平台 | 京ICP证030173号京公网安备110000020000

Finance Lease: What Are They? Differences & How They Work

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Finance lease - Wikipedia

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1Impact on accounting

2Accounting treatment by country

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2.1International Financial Reporting Standards (IFRS)

2.2US Generally Accepted Accounting Principles (US GAAP)

2.3Australia

2.4India

2.5United States

2.5.1Special Case: Finance Leases under UCC Article 2A

3See also

4References

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Finance lease

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From Wikipedia, the free encyclopedia

Type of lease; asset is owned by a finance company

A finance lease (also known as a capital lease or a sales lease) is a type of lease in which a finance company is typically the legal owner of the asset for the duration of the lease, while the lessee not only has operating control over the asset but also some share of the economic risks and returns from the change in the valuation of the underlying asset.[1]

More specifically, it is a commercial arrangement where:

the lessee (customer or borrower) will select an asset (equipment, software);

the lessor (finance company) will purchase that asset;

the lessee will have use of that asset during the lease;

the lessee will pay a series of rentals or installments for the use of that asset;

the lessor will recover a large part or all of the cost of the asset plus earn interest from the rentals paid by the lessee;

the lessee has the option to acquire ownership of the asset (e.g. paying the last rental, or bargain option purchase price).

A finance lease has similar financial characteristics to hire purchase agreements and closed-end leasing as the usual outcome is that the lessee will become the owner of the asset at the end of the lease, but has different accounting treatments and tax implications. There may be tax benefits for the lessee to lease an asset rather than purchase it and this may be the motivation to obtain a finance lease.

Impact on accounting[edit]

Since a finance lease is capitalized, both assets and liabilities in the balance sheet increase. As a consequence, working capital stays the same, but the debt/equity ratio increases, creating additional leverage.

Finance lease expenses are allocated between interest expense and principal value much like a bond or loan; therefore, in a statement of cash flows, part of the lease payments are reported under operating cash flow but part under financing cash flow. Therefore, operating cash flow increases.

Under operating lease conditions, lease obligations are not recognized; therefore, leverage ratios are understated and ratios of return (ROE and ROA) are overstated.

The key IFRS criterion is:

If "substantially all the risks and rewards" of ownership are transferred to the lessee then it is a finance lease.

If it is not a finance lease then it is an operating lease.

The transfer of risk to the lessee may be shown by lease terms such as an option for the lessee to buy the asset at a low price (typically the residual value) at the end of the lease. The nature of the asset (whether it is likely to be used by anyone other than the lessee), the length of the lease term (whether it covers most of the useful life of the asset), and the present value of lease payments (whether they cover the cost of the asset) may also be factors.

IFRS does not provide a rigid set of rules for classifying leases and there will always be borderline cases. It is also still sometimes possible to use leases to make balance sheets look better, provided that the lessee can justify treating them as operating leases.

The classification of large transactions, such as sale and leasebacks of property, may have a significant effect on the accounts and on measures of financial stability such as gearing. However, it is worth remembering that an improvement in financial gearing may be offset by a worsening of operational gearing and vice versa.

Accounting treatment by country[edit]

International Financial Reporting Standards (IFRS)[edit]

In the over 100 countries that govern accounting using International Financial Reporting Standards, the controlling standard is IFRS 16, "Leases" which an entity shall apply for annual reporting periods beginning on or after 1 January 2019.

IFRS 16, phased out the previous test for lessees. Lessors continue to apply this test. For a lessor, a lease is financed if any of the following five criteria (IFRS 16.63) are met:

(a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term;

(b) the lessee has the option to purchase the underlying asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception date, that the option will be exercised;

(c) the lease term is for the major part of the economic life of the underlying asset even if the title is not transferred;

(d) at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset; and

(e) the underlying asset is of such a specialised nature that only the lessee can use it without major modifications.

IFRS 16.22 requires all lessees to recognize all leases as finance leases (a right-of-use asset and a lease liability) however a lessee may elect (IFRS 16.5) not to apply this requirement to:

(a) short-term leases; and

(b) leases for which the underlying asset is of low value.

IAS 17 is now transitioning to IFRS 16, as a joint project with the U.S. lease accounting standard. The standard was published in 2016, with companies required to have implemented it by 2019 or earlier. The criteria for being classified as a finance lease are similar to the above, but judgment is required - simply meeting one requirement may not be enough.

US Generally Accepted Accounting Principles (US GAAP)[edit]

As part of the convergence project with IFRS, The FASB replaced topic ASC 840 with topic ASC 842 (from December 15, 2018, for SEC-registered companies and December 15, 2021, for all remaining entities).

Similarly to IFRS 15, ASC 842 requires lessees to recognize a right-of-use asset and a lease liability for all leases except short-term leases (ASC 842 does not include an exception for low-value assets).

Unlike IFRS 16, ASC 842 retains the test to determine if a lease is operating or financial (it adopted the same 5 criteria IFRS 16 applies to lessors). However, an operating lease under ASC 842 is significantly different from an operating lease under ASC 840. As a result, the only practical difference between a financial and operating lease under ASC 842 is that the liability is amortized using an effective interest rate (financial lease) or straight-line (operating lease).

ASC 842 also simplified the guidance For lessors by eliminating "leveraged type" leases.

Australia[edit]

In Australia, the accounting standard pertaining to leases is AASB 117 'Leases'. AASB 117 was released in July 2004. AASB 117 'Leases' applies to accounting for leases other than (a) leases to explore for or use minerals, oil, natural gas, and similar non-regenerative resources; and (b) licensing agreements for such items as motion picture films, video recordings, plays, manuscripts, patents, and copyrights.

According to AASB 117, paragraph 4, a lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.[2]

A lease is classified as a finance lease if it "transfers substantially all the risks and rewards incidental to ownership of an asset." (AASB 117, p8) There are no strict guidelines as to what constitutes a finance lease, however, guidelines are provided within the standard.[3]

India[edit]

A finance lease is one in which risks and rewards incidental to the ownership of the leased asset are transferred to the lessee but not the actual owner. Thus, in the case of a finance lease, we can say that notional ownership is passed to the lessee. The amount paid as interest during the lease period is shown on the Proprietary Limited DR side of the lessee.

Features:

It's not cancelable.

The lessor may or may not bear the cost of insurance, repairs, maintenance, etc. Usually, the lessee has to bear all the costs.

The lessor may transfer ownership of the asset to the lessee by the end of the lease term.

The lessee has the option to purchase the asset at a price that is expected to be sufficiently lower than its value at the end of the lease period.

United States[edit]

Main article: Accounting for leases in the United States

Under US accounting standards, a finance (capital) lease is a lease that meets at least one of the following criteria:

ownership of the asset is transferred to the lessee at the end of the lease term;

the lease grants the lessee an option to purchase the asset and the lessee is reasonably certain to exercise the option;

the lease term is for the major part of the remaining economic life of the underlying asset (75% of the asset's estimated useful life or greater);

the present value of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the asset (90% of the total original cost of the equipment);

The asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

Following the GAAP accounting point of view, such a lease is classified as essentially equivalent to a purchase by the lessee and is capitalized on the lessee's balance sheet. See Statement of Financial Accounting Standards No. 13 (FAS 13) for more details on classification and accounting.

Special Case: Finance Leases under UCC Article 2A[edit]

The term sometimes means a special case of lease defined by Article 2A of the Uniform Commercial Code (specifically, Sec. 2A-103(1) (g)). Such a finance lease recognizes that some lessors are financial institutions or other business organizations that lease the goods in question purely as a financial accommodation and do not want to have the warranty and other entanglements that are usually associated with leases by companies that are manufacturers or merchants of such goods. Under a UCC 2A finance lease, the lessee pays the payments to the lessor (and indeed must do so, regardless of any defect in the leased goods – this obligation usually being contained in a "hell or high water" clause), but any claims related to defects in the leased goods may be brought only against the actual supplier of the goods. UCC 2A finance leases are usually easy to identify because they commonly contain a clause specifically declaring that the lease is to be considered a finance lease under UCC 2A.

谁能通俗的一句话解释什么叫金融租赁？ - 知乎

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Open AccessArticle

A Study on the Development of China’s Financial Leasing Industry Based on Principal Component Analysis and ARIMA Model

Weiwei LinWeiwei Lin

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1,* and Yanping ShiYanping Shi

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College of Civil Aviation, Nanjing University of Aeronautics and Astronautics, Nanjing 211106, China

School of International Trade and Economics, University of International Business and Economics, Beijing 100029, China

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Sustainability 2023, 15(13), 9913; https://doi.org/10.3390/su15139913

Submission received: 28 February 2023

Revised: 24 May 2023

Accepted: 6 June 2023

Published: 21 June 2023

(This article belongs to the Section Economic and Business Aspects of Sustainability)

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Abstract:

The sustainable development of China’s financial leasing industry is a growing concern among scholars. This paper analyzes the development data of China’s financial leasing industry from 2008–2021, using the dimensions of scale, speed, efficiency, structure, and quality. By employing principal component analysis, we construct the development index of China’s financial leasing industry and analyze the reasons for changes in the development level of the industry from the internal structure of the index. The study finds that scale serves as a key factor in the development of China’s financial leasing industry. While the contribution value of the structure factor shows fluctuations, the contribution values of the return and risk factors remain relatively stable. Using the ARIMA (Auto Regressive Integrated Moving Average) prediction model based on the principal component analysis, we establish the prediction model of the financial leasing industry change in the coming years. The study reveals that the financial leasing industry has entered a period of transformation, where the growth rate of its scale has dropped. Furthermore, this paper offers proposals to address the increasingly prominent asset-liability maturity mismatch problem, promote business structure optimization, enhance the contribution value of the structure factor and the income factor, and facilitate sustainable, higher-quality industry development.

Keywords: financial leasing; level index; principal component analysis; ARIMA; prediction model; evaluation index system; structural analysis

1. IntroductionLeasing equipment instead of purchasing it outright is a viable option to consider in the finance industry [1]. The financial leasing industry began to rapidly evolve worldwide during the 1960s as it adjusted itself to meet the demands of economic growth. In the 1980s, China implemented reforms and introduced foreign investment, technology, and equipment, thus paving the way for the country’s first financial leasing company to be established in 1981. Initially, the Chinese people had little knowledge of the financial leasing industry. Due to the lack of proper regulation, legal guidance, tax policies, and other supporting measures, China’s financial leasing sector developed slowly and inconsistently. By the end of 1999, the combined assets of all financial leasing companies in China totaled only RMB 18.2 billion, placing the country 21st globally in terms of annual lease transaction volume [1].In 2001, China joined the World Trade Organization, thereby agreeing to uphold the General Agreement for Trade of Services (GATS). According to GATS, China opened its financial market to member countries, granting foreign commercial banks and leasing companies’ national treatment, and the ability to participate in financial leasing activities in China. Following the WTO Protocol, after five years of entering into the WTO, non-prudential measures that restrict the operation and establishment of foreign banks will be eliminated. Foreign commercial banks and leasing companies may then apply for permission to establish financial leasing firms in China and engage in financial leasing activities.To accommodate the opening up of the financial industry, the China Banking Regulatory Commission revised their Measures for the Administration of Financial Leasing Companies in 2007, again allowing Chinese commercial banks to enter the financial leasing field. Financial leasing firms controlled by commercial banks possess significant registered capital, with an operating leverage ratio that can reach up to 12 times. With strong support from their shareholders, the assets of these financial leasing companies increased exponentially in just a few years, spurring the industry to experience rapid development. By the end of 2021, the number of financial leasing firms operating in China rose from 12 in 2008 to 68 in 2021, with 47 of these companies established by banks holding or participating, accounting for nearly 70% of the total. The total assets of China’s financial leasing industry expanded from CNY 80.2 billion in 2008 to approximately CNY 3.5 trillion in 2021, with an average annual asset growth rate of over 33%. Financial leasing firms under the control of banks drove China’s development into the world’s second-largest leasing market.The robust development of China’s financial leasing sector has garnered significant attention from Chinese scholars and experts. They have tracked and analyzed the sector’s evolution, discovered some peculiar phenomena, and discussed the issues hidden behind it. Using 2021 as an example, among the new leasing volume in the same year, leaseback accounted for 90.15%, with direct leasing comprising only 9.85%. Finance leasing accounted for 92.95%, while operating leasing made up only 8.95%, of which nearly half was in Building-type fixed asset leasing, while equipment leasing accounted for a relatively low percentage. Is this style of leasing “true leasing”? Is it sustainable? These phenomena and questions have also drawn the attention of regulatory authorities. The China Banking Regulatory Commission believes that the Building-type fixed asset leaseback business is more akin to bank mortgage activities, rather than a genuine leasing business, and has begun to demand that financial leasing firms reduce their balance of leased assets for Building-type fixed assets incrementally.In response to these phenomena and concerns, we have conducted an analysis of the global mature leasing markets, comparing them to the development of China’s financial leasing industry.Firstly, the lease penetration ratio is an essential indicator for measuring a country’s financial leasing industry development. It serves as a reflection of the industry’s maturity and acceptance level within a country. Currently, there are two commonly used metrics to evaluate this ratio: market penetration and GDP penetration. We collected data on China’s GDP penetration ratio for comparison with developed countries such as the US and UK, as shown in Table 1 from the 44th edition of the World Leasing Yearbook [2]. In 2021, China’s market penetration and GDP penetration ratio were 9.9% and 1.92%, respectively, while in the US, it was 22% and 2.06%, and in the UK, it was 35.2% and 2.89%. Despite total assets in China’s financial leasing industry surpassing CNY 3.5 trillion, there is still a considerable gap compared to developed countries.However, the COVID-19 pandemic in 2020 had a severe impact on the economy, which led to further volatility in the development of the financial leasing industry. To analyze this development further, we assumed no COVID-19 epidemic in 2020 and 2021, and that the growth rates of China’s GDP and annual leasing volume remained constant with the average growth rates from 2015 to 2019 or 2019 itself, defined as scenarios 1 and 2. We found that the GDP penetration ratio in 2020 would decrease to 1.60 and 1.85, while in 2021, it would fall to 1.40 and 1.87, as shown in Table 2. Figure 1 demonstrates that the rapid development of China’s financial leasing industry has aided in increasing the leasing penetration ratio. However, since 2018, the GDP penetration ratio of China’s financial leasing industry has experienced fluctuation and decline, regardless of the scenario considered. The sustainable development of the leasing industry has encountered challenges, and the increase in the GDP penetration ratio has encountered difficulties.The second dimension concerns the proportion of equipment leasing. According to a survey report released by the Equipment Leasing and Finance Association (ELFA) in 2021, equipment leasing dominates the U.S. financial leasing industry, comprising over 90% of the total. The top five financed equipment types in the U.S. are transportation equipment, IT and related technical services, construction equipment, agricultural equipment, and industrial and manufacturing equipment. Meanwhile, data from the European Leasing Association indicates that combined vehicle and equipment leasing accounted for an average of 96.2% of new business from 2016 to 2021, with real estate leasing accounting for an average of 3.8%. On the other hand, in China, as per data from the China Banking Association, special and transportation equipment leasing constitutes approximately 55% of financial leasing companies’ overall portfolio, while infrastructure leases such as water supply, heating, and sewage comprise around 30%, with other types of leases representing approximately 15%. It is worth highlighting that the percentage of equipment leasing business in mature leasing markets in Europe and America far surpasses that of equipment leasing assets in China.The third aspect refers to the proportion of direct leasing. In mature leasing markets, where legal and tax policies are relatively robust, equipment is primarily leased through direct leasing, with leasebacks accounting for a minor proportion as they belong to capital financing. Meanwhile, in China, large and medium-sized enterprises use leasebacks as an alternative financing method to credit due to insufficient financial development and limited financial resources. Additionally, the leaseback business requires less professional capacity, which favors financial leasing companies seeking to expand their operations. Furthermore, the leasing policies in certain sectors such as vehicles, special equipment, and medical equipment are not entirely perfect, causing financial leasing companies to opt for the leaseback mode. As a result of these factors, leaseback has emerged as the primary driving force behind the growth of China’s financial leasing industry.The fourth aspect pertains to the classification of leases. As per a survey sample conducted by the China Banking Association among financial leasing companies, a whopping 55% of the leases served by China’s financial leasing companies are large enterprises, followed by 28% for medium-sized enterprises, 15% for small-sized enterprises, and 2% for micro-enterprises. In contrast, in Europe, approximately two-thirds of the leases are private enterprises, with end customers accounting for roughly 30%, and public institutions making up only 3% of the lease composition. On the other hand, in the United States, the primary focus of new business revolves around serving small and medium-sized enterprises, with 39% of orders being small, 47% medium, and only 14% large.After conducting a comparative analysis of the aforementioned dimensions, we have discovered discernible disparities between China’s financial leasing industry and the evolution of established leasing markets in the United States and Europe. As such, the sustainability of China’s financial leasing industry, along with other pertinent issues such as lingering complications, future action items, strategies to enhance leasing penetration, and the efficacy of proposed regulatory policies, are all imperative questions that demand careful consideration from esteemed experts and scholars.To address this issue, we conducted a comprehensive review of current domestic and foreign research and attempted to uncover potential solutions. Financial leasing scholars have focused on several key areas, including:Firstly, they carefully examine the structure and development trends of the financial leasing market. They provide an introduction to the origin and evolution of lease financing as a critical tool for asset financing [3,4]. Additionally, they discuss in detail the operation of leasing and the essential factors and policies that affect its development [5]. The authors stress the importance of regulation, accounting, taxation, and law in fostering the growth of the financial leasing industry. Furthermore, they identify the following five factors as drivers of development: economic environment, financing, policy, technology, and competition. After conducting a comprehensive comparison of the financial leasing industry’s development across various countries, the authors identified six phases of the leasing cycle: rentals, simple finance lease, creative finance lease, operating lease, new products, and maturity [6]. They then examine the peculiarities and problems of international leasing, viewing it as an integral part of the world economy’s development and stabilization [7]. In addition, the authors discuss new outlooks and characteristics shown by the financial leasing industry in recent years. They analyze new opportunities and challenges facing the industry’s growth and point out the direction of innovation and transformation for the industry [8,9,10,11]. Secondly, the authors investigate leasing product design and pricing strategies, which encompass the leasing mode of special equipment and conventional medium- to long-term equipment. They formulate leasing rates and conduct cash flow analyses, evaluations, and other related activities [12,13,14,15,16]. Thirdly, the authors explore the effects of financial leasing on enterprise financial decision-making and risk management. This includes making comparisons between leasing and direct purchasing, examining the substitution effect of leasing and debt or equity financing, and assessing the impacts on financial leverage and profitability [17,18,19,20,21]. Fourthly, the authors conduct comparative analyses of the international financial leasing market. They examine discrepancies in legislative environments, tax policies, and industry norms across different countries. They also discuss cross-cultural communication and risk control issues involved in leasing transactions [22,23,24,25]. Lastly, the authors engage in investigations and analyses of the regulations and policies of the financial leasing industry. This includes evaluating the roles and responsibilities of regulatory agencies, formulating and implementing regulatory rules, and assessing the impact of policy stimulation measures [26,27,28].Scholars have established a general theoretical framework for examining the sustainable development of China’s financial leasing industry. However, custom analysis is necessary to identify specific issues. The existing research primarily involves qualitative analyses with no measurable support for proposed solutions. This paper aims to address these gaps by constructing a development-level index and analyzing quantitative data. By assessing key drivers and potential structural problems in the financial leasing industry, regulators can craft guiding policies while financial leasing firms can make informed business decisions. To further guarantee stability and sustainability, an ARIMA model is utilized to predict future industry developments; this feature is of great practical importance.The structure of this paper is as follows: Section 2 introduces the study area and outlines the analysis methods used. In Section 3, we present the principal component and industry development index, along with our predictions. Section 4 discusses the main findings, limitations, and potential directions for future research. Section 5 contains concluding remarks and policy recommendations. 2. Materials and Methods 2.1. Study AreaPrior to 2018, the Chinese financial leasing industry was divided into two categories of three institutions, as per different regulatory bodies. The first category comprised financial leasing companies established with the approval of the China Banking and Insurance Regulatory Commission, which belong to non-bank financial institutions. The second category belongs to general industrial and commercial enterprises and includes foreign-funded financial leasing companies and domestic pilot financial leasing companies. Foreign-funded leasing companies record their business operations with the former, while the latter need to gain approval for their establishment from the Ministry of Commerce and the State Administration of Taxation or their authorized institutions.In 2018, the Chinese government unified the financial leasing business under the supervision of the China Banking and Insurance Regulatory Commission. This paper primarily focuses on the financial leasing industry, which includes financial leasing companies approved and established by the China Banking and Insurance Regulatory Commission. As part of the financial industry, there are currently 68 financial leasing companies that have received approval from the commission. 2.2. Data AnalysisThe financial leasing industry is an integral part of the economic system, evaluated through quantitative and qualitative measures. Quantitative factors include scale, speed, and operational efficiency, while qualitative factors include market structure and development quality. To assess China’s financial leasing industry systematically, this paper uses indicators from five dimensions—scale, speed, efficiency, structure, and quality—to create a composite level index (Table 3).Financial leasing companies play a crucial role in stimulating economic growth by providing financing options to real economy businesses. The size of their total assets not only shows the scale but also indicates the market impact of the industry and reflects its development and evolution. Furthermore, the growth rate of new leasing showcases its pace of development.To ensure efficient operations in the financial leasing industry, two critical factors come into play—quantity and rate. The industry’s overall effectiveness is demonstrated by its total profit, with higher profits indicating better industry operation. Return on assets is an essential metric that measures operational efficiency, profitability, and management, and can also help identify areas of improvement. Additionally, a higher support rate for the financial leasing industry signifies greater economic significance.The financial leasing industry includes operating and financial leasing. The six phases of Sudhir Amembal’s leasing cycle suggest that the initial stages have a relatively higher proportion of financial leasing assets than operating leasing assets. As the industry matures, the proportion of operating leasing assets increases, highlighting the development of the industry. The ratio of operating leasing assets and CR5, reflecting the top-five companies’ market share, helps determine market competition and structure.Asset quality is crucial in determining the financial leasing industry’s performance, with non-performing loans ratio measuring risk management abilities. Industries with higher non-performing loan ratios are generally at high risk, whereas a higher total impairment allowance indicates better resistance against risks. 2.3. Data NormalizationBased on the indicators chosen in Table 3, we collected data from the National Bureau of Statistics and the Financial Leasing Professional Committee of the China Banking Association to study the development of China’s financial leasing industry from 2008 to 2021. To ensure comparability and eliminate dimensionality, we normalized the selected indicator scores using Z-Score normalization method through SPSS. Please refer to Table 4 for further details on the normalized data.Subsequently, in the second stage, we conducted KMO (Kaiser–Meyer–Olkin) and Bartlett’s tests to determine if the insights in Table 4 were appropriate for PCA. Based on our results, with KMO value at 0.717 as displayed in Table 5, and a p-value deemed extremely small calculated from Bartlett’s test of sphericity close to 0, it is apparent that our indicators and data passed the adequacy tests and are suitable for further PCA analysis. 2.4. Principal Component Analysis (PCA)Principal component analysis (PCA) is a statistical technique that transforms and combines original variables into several new uncorrelated composite variables to capture as much information about the data as possible [29]. Scholars commonly use PCA to study complex systems, particularly in the context of economic and social development. For example, scholars have constructed China’s financial development index using PCA to measure financial development [30,31] and evaluated the indices of the insurance and logistics industries through PCA [32,33]. In this paper, we apply PCA to reduce the dimensionality of indicators reflecting the development of China’s financial leasing industry. By creating unrelated composite variables, we construct a comprehensive development index of the financial leasing industry. In general, the construction of the development index through principal component analysis includes the following steps:The first step is to construct the sample matrix and normalize the data. Based on the data in Table 3, we construct an n × p matrix X, where n = 14, p = 9. Then the data are normalized to ensure that all variables are measured in the same units.

⋯

(1)

The second step is to calculate the correlation matrix R. The correlation coefficient matrix of matrix X is the covariance matrix of X, as follows:

⋯

(2)

Among them:

∑

−

(

−

)

∑

−

∑

(

−

)

(3)

The third step is to calculate λ which is the eigenvalues of the matrix R and the eigenvectors associated with λ. Since R is a positive semi-definite matrix, its eigenvalues are all positive. We sort the eigenvalues from largest to smallest.

≥

⋯

≥

(4)

The fourth step is to calculate the principal component contribution rate and select the appropriate principal component. In general, the mathematical criterion for selecting principal components is determined by the cumulative contribution rate of the principal components. For the principal component i, its contribution is as follows.

∑

(5)

The cumulative contribution rate of the first m principal components is as follows.

∑

(6)

When the cumulative contribution rate reaches 85% to 95%, the associated principal component has reflected sufficient information. Therefore, it can be used to solve specific problems.The fifth step is to calculate the level index. Each principal component represents one or several variables. We need to construct a function to illustrate the relationship between the principal components and the variables, such as

⋯

(7)

The coefficients in the function

are obtained by dividing the loading matrix by the square root of the eigenvalues of the principal components. Suppose we select m principal components, the composite variable

is as follows.

∑

(

∑

)

(

∑

)

(8)

Based on the composite variable, we can derive the level index FLDI as follows.

−

(9)

2.5. ARIMA ModelARIMA is a highly effective statistical model used in univariate time series forecasting. It integrates three techniques: auto-regression, stationary differencing, and moving averages [34,35]. Auto-regression models the relationship between the dependent variable and its lagged values. Stationary differencing takes the difference of consecutive observations to eliminate any trend or seasonality in the data. Finally, the moving average utilizes past forecast errors to estimate future values. Together, these techniques create dynamic and accurate models that can capture trends, patterns, and relationships in complex time series data. It has the advantages of a small sample size, reliance on endogenous variables without the need for other exogenous variables (i.e., relying only on the data itself), and simplicity of the model [36]. The mathematical representation of the ARIMA model is as follows

(

)

(

−

)

(

−

)

…

(

−

)

(

−

)

(

−

)

…

(

−

)

Among them, p represents the order of auto-regression, d represents the degree of differencing, q represents the order of moving average,

(

)

is the time series data at time t, c is a constant term,

is an error term,

…

are autoregressive coefficient,

…

are moving average coefficients.This formula represents the general expression for ARIMA models. In particular, the autoregressive integrated moving average (ARIMA) model is a popular time series forecasting method, which combines auto-regression (AR), integration (I), and moving average (MA) components to produce forecasts. Due to its maturity and effectiveness, ARIMA is widely used in finance [37], economics [38], medicine [39], and other fields [40,41,42] where time series analysis plays a critical role in predicting future outcomes and understanding past behavior. To use ARIMA, follow these steps as shown in Figure 2:The first step in using ARIMA is to analyze the time series data to determine its characteristics such as patterns, trends, and seasonality. This can be conducted using various tools such as visualizations, autocorrelation functions, and other statistical tests. The next step is to choose the appropriate order of differencing (d), which involves transforming the data by taking the differences of consecutive observations until it becomes stationary. A stationary time series has constant mean, variance, and covariance over time. Once the differenced data is stationary, the next step is to identify the parameters of the ARIMA model. The parameters are p, d, and q. p refers to the number of autoregressive terms, d is the order of differencing, and q is the number of moving-average terms. After identifying the parameters, the next step is to fit the ARIMA model on the data. This can be conducted using various algorithms such as maximum likelihood estimation (MLE), which estimates the parameters that maximize the likelihood of observing the data. Once the model is fit, the next step is to evaluate its performance by measuring its accuracy using metrics such as mean absolute error (MAE), root-mean-square error (RMSE), and others. After evaluating the model, it can be used for future predictions of the time series data. This involves forecasting future values of the dependent variable based on past observations and estimated parameters of the ARIMA model. 3. Results 3.1. Principal ComponentsWe apply PCA to reduce the dimensionality of the normalized data in Table 4. After that, we extract the principal components. Since there are nine indicators in Table 3, the PCA can generate nine components. However, only those with a high eigenvalue are selected as principal components (PCs) and the others can be ignored. We derived the total variance and the eigenvalue scree plot by SPSS software, as shown in Table 6 and Figure 3. It can be seen from Table 6 and Figure 3 that the cumulative variance contribution of the first four variables reached 96.605%. The first variable has the largest eigenvalue, explaining 62.517% of the total variance, and variables from the fourth to the ninth have smaller eigenvalues. Therefore, we extract the first four variables as principal components.We rotated the principal components through SPSS to give a better interpretation of the extracted variables. Table 7 shows the loading matrix. It can be seen that the variable F1 is significantly and positively associated with the three indicators of asset size, total profit, and economic support rate. Therefore, we define F1 as the Scale-variable of the financial leasing industry. Similarly, F2 is positively associated with the operating lease asset ratio, F3 is positively associated with the non-performing asset ratio of the industry, and F4 is positively associated with the return on assets, so we define F2, F3, and F4 as the Structural-variable, the Risk-variable, and the Return-variable of the financial leasing industry. 3.2. Development IndexWe obtained the component matrix and component score coefficient matrix through SPSS, as shown in Table 6 and Table 7. Based on the Equation (7), we multiply the coefficients in Table 8 with the original data to obtain F1, F2, F3, and F4 as shown in Table 9.

0.42

−

0.35

0.41

−

0.14

0.40

0.16

−

0.40

0.09

0.40

(10)

0.03

0.35

−

0.001

−

0.30

−

0.14

0.60

0.15

0.61

0.09

(11)

0.08

0.06

0.17

0.91

−

0.09

0.03

0.05

0.31

0.17

(12)

0.03

0.04

0.07

0.14

−

0.14

0.65

0.15

−

0.69

0.18

(13)

Based on the Equation (8), we construct the composite variable

for the development of China’s financial leasing industry as follows.

(

62.517

20.285

9.580

4.223

)

96.605

(14)

According to Equations (9) and (14), we calculate the development score of China’s financial leasing industry from 2008 to 2021 get the development index FLDI of China’s financial leasing industry, as shown in Table 10, and the index changes as shown in Figure 4. As we can see in Figure 4, the development of China’s financial leasing industry has steadily increased since 2008, with the development index rising from 1.13 in 2008 to 5.53 in 2021, and the development of China’s financial leasing industry in this period can be divided into three stages.In the first stage, from 2008 to 2013, the number of financial leasing companies increased from 12 to 23, and the asset amount of the industry exceeded CNY 1 trillion for the first time. Nevertheless, the industry was still in the recovery stage.In the second stage, from 2014 to 2018, with the strong support of national macro policies, the number of financial leasing companies increased from 23 to 66, and the asset amount approached CNY 3 trillion, with a growth rate is more than 200% in just five years. Therefore, the industry development tended to mature, gradually moving from the recovery stage to the maturity stage.In the third stage, from 2019 to 2021, the competition among financial leasing companies is more and more fierce, and the growth rate of the financial leasing industry is only 9.1%. At the end of 2021, the asset amount approached CNY 3.5 trillion. In this context, financial leasing companies try to explore new models and new areas of leasing services for the development of the real economy, and the industry begins to step into the stage of transformation. 3.3. Structural AnalysisTo analyze the development of China’s financial leasing industry, we used structural analysis to find the factors during its development. The index of the development level of China’s financial leasing industry is a combination of four variables: scale, structure, risk, and return. We multiplied the values of the four variables by their weights to obtain the contribution value of each one to the composite variable score, as shown in Table 11 and Figure 5.The contribution value of Scale-variable shows a visible rising trend and is the main factor influencing the development of China’s financial leasing industry. From 2008 to 2014, the contribution value of Scale-variable showed a negative value which turned positive and increased after 2015, indicating that during the recovery stage of the financial leasing industry, the scale limited its development. With the development of China’s economy and the continuous improvement of macro policies, the scale of the financial leasing industry continues to expand, and the scale contribution value curve gradually changes in line with the trend of the industry development index curve, indicating that the scale factor has driven the industry development index.The contribution value of the Structural-variable first declined and then rebounded. Before 2014, the contribution value of Structural-variable turned from positive to negative, indicating that during the recovery phase of the financial leasing industry, the newly established financial leasing companies were still not specialized enough, and their operating leasing business did not account for a high proportion, and they mainly carried out financial leasing business to control business risks. After 2014, the financial leasing companies established in the early stage improved their professional capabilities after a period of exploration. With the encouragement and support of related policies, financial leasing companies have vigorously expanded their operating leasing business in aviation and shipping. Therefore, the proportion of operating leasing businesses has continued to rise, and the value of structural contribution to the financial leasing industry has changed from negative to positive. Between 2014 and 2018, there were more than 45 new companies in the financial leasing industry. Their business was mainly financial leasing, making the structural contribution value rebound very limited and fluctuating. In 2019 and 2020, due to the economic downturn and the impact of COVID-19, the risk appetite of financial leasing companies decreased, the share of the finance leasing business increased, and the structural contribution turned negative again. In 2021, with COVID-19 under control and the rapid rebound of the economy, the structural contribution value rebounded rapidly.There are fluctuations in the contribution value of the Risk-variable, while they are small. From 2008 to 2021, the average non-performing rate of China’s financial leasing industry is 0.75%. It is worth mentioning that after 2014, the industry entered a mature period, and the average non-performing rate of the industry has been maintained at around 0.7%, indicating that the risks of China’s financial leasing industry are generally controllable, and the asset quality remains stable.The contribution value of the Return-variable remains stable. The curve of the contribution value stays around 0, and the curve deviation is not significant, indicating that the influence of the return factor on the financial leasing industry development index is small. 3.4. ARIMA Model ResultAccording to Figure 2, first, we use SPSS to analyze the original time series of FLDI. The original time series is shown in Figure 4. The ACF and PACF graphs were tested, and the results are shown in Figure 6 and Figure 7.From Figure 6 and Figure 7, we can see that the original time series is non-stationary. So, the difference algorithm is applied to obtain the stationary time series. The significance of stationary is to make the fundamental characteristics of time series unchangeable with time. We perform first-order differencing on the original time series, and the results are shown in Figure 8. ACF and PACF tests were performed again, and the results are shown in Figure 9 and Figure 10.From Figure 9 and Figure 10, it can be seen that the time series after the first-order differencing is a stationary time series. Through the expert modeler of SPSS, the ARIMA model is identified as ARIMA (0, 1, 0). According to SPSS analysis results, R squared reaches 0.941, which is well fitted, as shown in Table 12:Figure 11 shows the autocorrelation function graph (ACF) and partial autocorrelation function graph (PACF) after first-order difference. It can be seen from Figure 11 that both ACF and PACF are stable.Based on FLDI data from 2008 to 2021, an ARIMA model was created to project the next four years’ trend of China’s financial leasing industry, as demonstrated by Figure 12. The y-axis indicates the principal component values obtained from previous years’ China financial leasing development data. The vertical black line denotes the predicted period, with the blue bold line representing the projected value. Additionally, the UCL and LCL indicate control lines both on and off-line, respectively. Overall, the curve’s trend indicates that China’s financial leasing industry is expected to continue its growth trajectory from 2022 to 2025 but at a slower rate. Specifically, the industry growth rate will decrease from an average of 13% seen from 2008–2021 to approximately 5.6% over 2022–2025, as shown in Table 13. 4. DiscussionThe present study aimed to analyze the development of China’s financial leasing industry using principal component analysis. The evaluation index system and composite variable based on nine indicators were constructed from four aspects: scale, speed, efficiency, structure, and quality, providing quantitative data support for optimizing policies of the financial leasing industry and financial supervision.The study identified three stages—recovery, maturity, and transformation—that positioned the development trend of China’s financial leasing industry over the past 14 years. The scale variable was found to be the main factor influencing its development. Meanwhile, structural, risk, and return variables had a small impact. Therefore, focusing on improving structure and return variables’ contribution value is crucial to promoting its development quality.In this context, we used an ARIMA model to predict the financial leasing industry’s development in China. However, we acknowledge that predicting changes in the next few years through each indicator is challenging since they reflect the industry’s complex multiple dimensions. Principal component analysis effectively reduced financial leasing development data to construct a comprehensive index that allows us to visualize the industry’s changes and find optimization directions.The challenges to the sustainable development of China’s financial leasing industry are increasing due to factors such as stricter financial market regulation and intensified competition. To tackle these issues, we need to conduct further research on the coordination between the development of the financial leasing industry and economic development.However, there are limitations in our study. Firstly, it focuses solely on financial leasing companies, thereby potentially excluding other leasing companies. Secondly, the research sample was relatively limited, while some indicators related to the development of the financial leasing industry are difficult to quantify. Thirdly, although we divided the industry’s development into three stages based on two criteria, we recognize that this division can be further explored and optimized.In conclusion, our study has provided valuable insights into the development of China’s financial leasing industry. It underscores the importance of robust evaluation systems and monitoring the industry’s development trends for sustainable growth. Future research can expand our study by adding more indicators, broadening the research sample and exploring the coordination between the financial leasing industry and economic development. 5. Conclusions and Policy RecommendationsThis study analyzes the development of China’s financial leasing industry from 2008 to 2021 and identifies key factors affecting its sustainability. Based on the findings, the following recommendations are proposed:The government should deepen the implementation of policies promoting the financial leasing industry, improve financing regulations, reduce financing costs, and enhance the contribution of Return-variable to the development of the industry to strengthen the momentum of sustainable development.The regulatory authorities should support eligible financial leasing companies to issue bonds, carry out listing financing, promote asset securitization, introduce insurance funds, further broaden the medium- and long-term funding channels of financial leasing companies, enhance the proportion of medium- and long-term financing, and alleviate the problem of asset-liability mismatch in the industry.Leasing companies should accelerate the construction of specialized capabilities, improve comprehensive risk management systems, strengthen model innovation, optimize business structures, and continuously deepen the application of financial technology to enhance the contribution value of structural-variable to the development of the industry. They should also comply with the trend of the Internet of Everything, promote digital transformation, and play the risk mitigation role of leased equipment to achieve differentiated development and build their core competitiveness.In conclusion, it is essential to gain an in depth understanding of the development of China’s financial leasing industry, propose measures to promote the industry’s development, and improve the quality of its development to promote sustainable growth in the industry.

Author ContributionsConceptualization, Y.S.; W.L. conceived and designed the experiments; W.L. and Y.S. performed the experiments and analyzed the data; W.L. wrote the paper. All authors have read and agreed to the published version of the manuscript.FundingThis research received no external funding.Institutional Review Board StatementNot applicable.Informed Consent StatementNot applicable.Data Availability StatementThe data presented in this study are available on request from the corresponding author. The data are not publicly available due to privacy.Conflicts of InterestThe authors declare that there is no conflict of interest involved.ReferencesSharma, G. Features and Working of Leasing Industry of Germany. SSRN Electron. J. 2012. [Google Scholar] [CrossRef]Hamilton, D. Innovation and Resilience Drive Growth in the Global Leasing Markets; World Leasing Yearbook: Colchester, UK, 2023; pp. 1–14. [Google Scholar]Halladay, S.D.; Amembal, S.P. 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Figure 1.

The GDP penetration ratio under different scenarios.

Figure 1.

The GDP penetration ratio under different scenarios.

Figure 2.

Steps to use ARIMA model.

Figure 2.

Steps to use ARIMA model.

Figure 3.

Scree plot.

Figure 3.

Scree plot.

Figure 4.

China’s financial leasing industry development index from 2008 to 2021.

Figure 4.

China’s financial leasing industry development index from 2008 to 2021.

Figure 5.

Contribution of each variable to the composite variable score from 2008 to 2021.

Figure 5.

Contribution of each variable to the composite variable score from 2008 to 2021.

Figure 6.

Original time series ACF graph.

Figure 6.

Original time series ACF graph.

Figure 7.

Original time series PACF graph.

Figure 7.

Original time series PACF graph.

Figure 8.

1st order difference sequence.

Figure 8.

1st order difference sequence.

Figure 9.

1st order differential time series ACF graph.

Figure 9.

1st order differential time series ACF graph.

Figure 10.

1st order differential time series PACF graph.

Figure 10.

1st order differential time series PACF graph.

Figure 11.

ACF and PACF diagrams of residuals.

Figure 11.

ACF and PACF diagrams of residuals.

Figure 12.

Forecast trend curve.

Figure 12.

Forecast trend curve.

Table 1.

A comparison of the GDP penetration ratio in different countries (%).

Table 1.

A comparison of the GDP penetration ratio in different countries (%).

AnnualChina United StatesUnited KingdomGermanyFranceCanadaSwedenItaly20080.510.760.721.951.401.232.181.7120090.821.230.671.661.200.981.981.2620100.921.250.821.621.230.972.051.2620110.941.772.152.041.291.371.941.1220121.241.862.471.921.272.183.980.8620131.111.922.672.011.250.713.820.8720141.291.952.841.871.121.693.300.8020151.372.083.021.711.051.393.030.7720161.842.063.111.851.581.693.931.3720172.212.113.522.121.921.604.651.7320181.92.083.261.861.881.433.751.7320191.712.213.412.262.131.543.701.6520202.022.113.082.082.171.733.771.5620211.922.062.892.122.021.544.011.64

Table 2.

A comparison of the GDP penetration ratio under different scenarios.

Table 2.

A comparison of the GDP penetration ratio under different scenarios.

Annual2015201620172018201920202021GDP (Billion $)9959.8511,340.3711,367.8713,390.5314,705.8514,861.8817,784.38GDP (scenarios 1, Billion $)9959.8511,340.3711,367.8713,390.5314,705.8515,522.9717,586.60GDP (scenarios 2, Billion $)9959.8511,340.3711,367.8713,390.5314,705.8515,822.7618,272.46Annual leasing volume (Billion $)136.45208.66251.23254.42251.47300.21341.46Annual leasing volume (scenarios 1, Billion $)136.45208.66251.23254.42251.47248.55245.67Annual leasing volume (scenarios 2, Billion $)136.45208.66251.23254.42251.47293.00341.38GDP penetration ratio (%)1.371.842.211.91.712.021.92GDP penetration ratio (scenarios 1, %)1.371.842.211.91.711.601.40GDP penetration ratio (scenarios 2, %) 1.371.842.211.91.711.851.87

Table 3.

China’s financial leasing industry development level evaluation index system.

Table 3.

China’s financial leasing industry development level evaluation index system.

First-Level IndicatorsSecond-Level IndicatorsExplanation of IndicatorsUnitScale and SpeedTotal industry assetsSum of total assets of each financial leasing company(Billion Yuan)New leasing volumeSum of the annual new leasing amount of each financial leasing company(Billion Yuan)EfficiencyTotal industry profitSum of the total profit of each financial leasing company(Billion Yuan)Return on AssetsTotal industry profit/Total industry assets%Economic Support Rate(Total industry financial leasing assets + total industry operating leasing assets)/GDP%StructurePercentage of operating lease assetsTotal industry operating leasing assets/(total industry financial leasing assets + total industry operating leasing assets)%Industry concentration CR5Sum of the market shares of the top five financial leasing companies in the industry %QualityIndustry Non-performing Loads RatioRatio of industry non-performing loads to all assets%Total Asset Impairments AllowanceTotal asset impairments allowance of the financial leasing industry(Billion Yuan)

Table 4.

Development data of China’s financial leasing industry after standardization.

Table 4.

Development data of China’s financial leasing industry after standardization.

AnnualTotal Industry AssetsNew Leasing VolumeTotal Industry ProfitReturn on AssetsEconomic Support RatePercentage of Operating Lease AssetsIndustry Concentration CR5Industry Non-Performing Loads RatioTotal Asset Impairments Allowance2008−1.2922.638−1.3101.136−1.8890.9361.8432.097−1.0492009−1.2241.112−1.262−1.096−1.5980.1651.7210.370−1.0202010−1.0931.112−1.125−.538−1.019−0.2201.052−1.357−0.9662011−0.916.349−0.9230.090−0.739−0.9920.565−1.357−0.8952012−0.6870.120−0.6280.927−0.247−0.9920.504−1.357−0.7562013−0.507−0.490−0.3292.113−0.315−1.3770.200−1.357−0.5492014−0.285−0.567−0.1740.927−0.016−0.606−0.1040.370−0.38020150.014−0.490−0.070−0.8170.493−0.220−0.5300.370−0.19220160.383−0.3380.353−0.3991.0690.551−0.8950.3700.14520170.563−0.4140.418−1.0270.9330.936−0.8350.3700.25120181.095−0.7960.827−1.4450.9050.165−1.0170.3700.86220191.063−0.7961.1850.2290.558−0.220−0.7740.3701.09020201.322−0.5671.390−0.0501.010−0.606−0.8350.3701.53820211.564−0.8721.649−0.0500.8542.479−0.8950.3701.921

Table 5.

KMO test and Bartlett’s test of sphericity.

Table 5.

KMO test and Bartlett’s test of sphericity.

The Kaiser-Meyer-Olkin metric of sampling adequacy0.717Bartlett’s test for sphericityApproximate cardinality188.570df36Sig.0.000

Table 6.

Total variance.

Table 6.

Total variance.

IngredientsInitial EigenvalueExtraction of Squares and LoadingRotate Square and LoadTotalVariance of %Accumulation %TotalVariance of %Accumulation %TotalVariance of %Accumulation %15.62762.51762.5175.62762.51762.5175.32659.17659.17621.82620.28582.8021.82620.28582.8021.15912.87472.05130.8629.58092.3820.8629.58092.3821.15212.79684.84740.3804.22396.6050.3804.22396.6051.05811.75896.60550.2142.37998.984 60.0800.88499.868 70.0090.09699.964 80.0020.02499.988 90.0010.012100.000

Table 7.

Loading matrix.

Table 7.

Loading matrix.

Variables

Total industry assets0.9440.2430.154−0.098New leasing volume−0.9230.1580.2300.054Total industry profit0.9520.2400.132−0.001Return on Assets−0.144−0.164−0.0750.968Economic Support Rate0.956−0.0050.005−0.186Percentage of operating lease assets0.1310.8860.338−0.209Industry concentration CR5−0.9680.015−0.0150.153Industry Non-performing Loads Ratio0.0400.2780.954−0.076Total Asset Impairments Allowance0.8860.3570.162−0.023

Table 8.

Component score coefficient matrix.

Table 8.

Component score coefficient matrix.

Variable

Total industry assets0.420.030.080.03New leasing volume−0.350.350.060.04Total industry profit0.41−0.0010.170.07Return on Assets−0.14−0.300.910.14Economic Support Rate0.40−0.14−0.09−0.14Percentage of operating lease assets0.160.600.030.65Industry concentration CR5−0.400.150.050.15Industry Non-performing Loads Ratio0.090.610.31−0.69Total Asset Impairments Allowance0.400.090.170.18

Table 9.

Component matrix.

Table 9.

Component matrix.

Total industry assets0.9870.0470.0780.017New leasing volume−0.8400.4720.0590.025Total industry profit0.977−0.0010.1600.043Return on Assets−0.335−0.4040.8420.086Economic Support Rate0.948−0.187−0.081−0.087Percentage of operating lease assets0.3700.8140.0300.401Industry concentration CR5−0.9540.1990.0470.095Industry Non-performing Loads Ratio0.2080.8290.291−0.425Total Asset Impairments Allowance0.9430.1160.1570.111

Table 10.

Composite variable and development index.

Table 10.

Composite variable and development index.

Annual

FLDI2008−3.755482.8312421.630828−0.33534−1.688751.127582009−2.947031.387603−1.0681−0.07072−1.724791.091542010−2.60434−0.24106−1.155910.784518−1.816331.000002011−2.04972−1.25781−0.647880.257233−1.643571.172752012−1.59387−1.6450.144140.338528−1.347781.468552013−1.22921−2.45631.2597950.254642−1.175171.641152014−0.29754−0.668230.777965−0.64465−0.283892.5324320150.5985020.005075−0.77636−0.72280.2797933.0961220161.4444820.305889−0.26985−0.193650.9637843.7801120171.6853480.742114−0.772190.022981.170913.9872420182.4541320.317042−0.9896−0.423511.5380854.3544120192.145468−0.313310.655535−0.288051.3750444.1913720202.619253−0.406410.495119−0.539121.6352174.4515420213.5299891.3991650.7165481.5599072.7174375.53376

Table 11.

The contribution value of each variable.

Table 11.

The contribution value of each variable.

AnnualThe Contribution Value of Scale-VariableThe Contribution Value of Structural-VariableThe Contribution Value of Risk-VariableThe Contribution Value of Return-Variable2008−234.780957.431715.6237−1.41612009−184.239328.1475−10.2327−0.29862010−162.8155−4.8898−11.07393.31302011−128.1424−25.5146−6.20681.08632012−99.6436−33.36881.38091.42962013−76.8463−49.826012.06911.07532014−18.6010−13.55517.4531−2.7223201537.41650.1029−7.4377−3.0523201690.30456.2049−2.5853−0.81782017105.362815.0538−7.39780.09702018153.42476.4312−9.4806−1.78852019134.1280−6.35566.2802−1.21642020163.7476−8.24404.7433−2.27672021220.684028.38206.86476.5874

Table 12.

Model Statistics.

Table 12.

Model Statistics.

ModelNumber of PredictorsModel Fit StatisticsLjung–Box Q(18)Number of OutliersStationary R-SquaredR-SquaredStatisticsDFSig.FLDI0−2.220 × 10−160.941 0 0

Table 13.

Model prediction results.

Table 13.

Model prediction results.

Model 2022202320242025FLDIForecast5.876.216.556.89UCL6.697.377.978.52LCL5.065.065.145.26

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Lin, W.; Shi, Y.

A Study on the Development of China’s Financial Leasing Industry Based on Principal Component Analysis and ARIMA Model. Sustainability 2023, 15, 9913.

https://doi.org/10.3390/su15139913

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Lin W, Shi Y.

A Study on the Development of China’s Financial Leasing Industry Based on Principal Component Analysis and ARIMA Model. Sustainability. 2023; 15(13):9913.

https://doi.org/10.3390/su15139913

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2023. "A Study on the Development of China’s Financial Leasing Industry Based on Principal Component Analysis and ARIMA Model" Sustainability 15, no. 13: 9913.

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Lin, W.; Shi, Y.

A Study on the Development of China’s Financial Leasing Industry Based on Principal Component Analysis and ARIMA Model. Sustainability 2023, 15, 9913.

https://doi.org/10.3390/su15139913

AMA Style

Lin W, Shi Y.

A Study on the Development of China’s Financial Leasing Industry Based on Principal Component Analysis and ARIMA Model. Sustainability. 2023; 15(13):9913.

https://doi.org/10.3390/su15139913

Chicago/Turabian Style

Lin, Weiwei, and Yanping Shi.

2023. "A Study on the Development of China’s Financial Leasing Industry Based on Principal Component Analysis and ARIMA Model" Sustainability 15, no. 13: 9913.

https://doi.org/10.3390/su15139913

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ABOUT-国银金融租赁股份有限公司

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COMPANY PROFILE

Founded in 1984, China Development Bank Financial Leasing Co., Ltd., a national non-banking financial institution regulated by the NFRA, is the only leasing business platform under China Development Bank and the first listed financial leasing company in China, with a registered capital of RMB12.64238 billion. The Company is a pioneer in the leasing industry in the PRC. The Company is dedicated to providing comprehensive leasing services to high-quality customers in fields including aircraft, shipping, regional development, inclusive finance, green energy and highend equipment manufacturing, with leasing assets and business partners reaching throughout over 40 countries and regions all over the world, and consistently maintains quasi-sovereign international ratings, namely “A1” by Moody’s, “A” by Standard & Poor’s and “A+” by Fitch. Since its listing in 2016, the Company’s scale of assets have continued to grow and profitability has steadily improved, the non-performing asset ratio has maintained at 1% or below, and the average return on equity (ROE) has maintained over 10%.

The Company proactively fulfill its responsibilities as a state-owned financial enterprise, adhering to the basic requirement of financial sector serving the real economy, and continuously contributing to the national high-quality development.The Company was the first leasing company to promote the marketization and international operation of aviation leasing in China and set up its first professional overseas aviation subsidiary, ranking Top 11 in the world in terms of the value of its active fleet. The asset quality, profitability and professional management of the ship leasing business are at the leading position in the industry. The regional development leasing business focuses on major regional development strategies of the State, and continuously improves the regional financial service capacity to better assist the high-quality development of the regional economy. The green energy and high-end equipment leasing business proactively serves the national “dual carbon” strategy, promotes the green transformation of energy and optimization of structure and increases support for advanced manufacturing and strategic emerging industries. The inclusive finance business proactively responds to the call of the country by fulfilling its social responsibility and providing the support to facilitate small and micro-sized enterprises, continuously promoting the deep development of construction machinery and vehicle leasing business.

The Company keeps pace with the times, continues to upgrade its business model, constantly improves its professional service capability, actively promotes the development of emerging industries, and at the same time, in line with the national development map, firmly follows the path of financial development with Chinese characteristics. With the gradual establishment of a modern industrial system in China, the Company has always insisted on the development goal of “marketization, professionalization, internationalization and digitization”, continued to promote product and business innovation, continuously improved corporate governance, and formed a business development model with obvious core competitive advantages and outstanding sustainable development capabilities. In the future, the Company will strive to achieve effective improvement in “quality”and reasonable growth in “quantity”, maintain steady development and industry-leading advantages, and continue to build a “world-class financial leasing company”.

LESS

Business Scope

Finance lease business

Transferring and acquiring assets subject to financial leases

Investing in fixed-income securities

Accepting fixed deposits of three months or more from non-banking shareholders

Accepting lease deposits from lessees

Interbank lending

Taking loans from a financial institution

Overseas borrowings in foreigncurrencies

Sale and disposal of leased property

Realization and disposal of residual values of leased properties

Economic consultancy

Establishment of project companies in domestic bonded zone to engage in financial

Providing guarantee for the external financing of holding subsidiaries and project

DEVELOPMENT PATH

2022

Consolidation of the functions of internal control-related departments to establish the Internal Control and Compliance Department; establishment of Innovation Management Department

2022

2021

The Company integrated financial technology resources to set up a technology leasing division.

2021

2020

The Company pioneered in digital transformation in the industry. Total assets exceeded RMB300 billion; it established the development strategy of “market-oriented, professional, internationalized and digitalized operation”; the technology leasing division was established.

2020

2019

The Company established three divisions of inclusive finance, new energy & equipment and ship leasing.

2019

2018

The Company moved into the newly built office building “CDB Finance Center”.

2018

2016

The Company got listed on the main board of HKEX and became the first listed financial leasing company subject to regulation by the CBIRC (Stock code: 1606.HK). It has obtained approval from the CBIRC to set up a subsidiary specializing in aviation finance overseas—China Development Bank Aviation Finance Leasing Co., Ltd.

2016

2015

The Company was reorganized into a joint stock company with limited liability, and renamed China Development Bank Financial Leasing CO., Ltd.

2015

2014

The Company completed the purchase of 130 mainstream narrow-body aircrafts from Boeing and Airbus, and received from Moody’s and Fitch international credit ratings that were the same as China’s sovereign ratings.

2014

2008

Upon approval by the China Banking and Insurance Regulatory Committee (CBIRC), China Development Bank (CDB) became a controlling shareholder, and the Company was renamed China Development Bank Financial Leasing Company Limited, which was then the largest leasing company in terms of registered capital in the PRC.

2008

1994

The Company obtained approval from the People’s Bank of China to conduct financial business.

1994

1984

The predecessor, Shenzhen Leasing Company Limited, was established.

1984

2022

2021

2020

2019

2018

2016

2015

2014

2008

1994

1984

2022

2021

2020

2019

2018

2016

2015

2014

2008

1994

1984

COMPANY CULTURE

Mission

Leading China’s leasing industry, serving the real economy

Vision

Build a world-class financial leasing company

Core values

Prudence, professionalism, trustworthiness, mutual benefits

Strategic Orientation

professional, market-oriented, internationalized operation and Digitalized

Business Philosophy

Balance among scale, quality and cost-effectivenessCongruity of shareholder value, company value and employee value

Risk management philosophy

Risk favors no one; everyone is responsible for risk control

HR management philosophy

A platform for career development, a stage for self-actualization

Corporate Governance

Shareholders' general meeting

Shareholders' general meeting is the organ of the authority of the Company comprising all Shareholders. The Shareholders' general meeting is responsible for deciding on the operational policies, strategic development plans and investment plans of the Company; electing and replacing Directors (being not employee representative) and deciding on matters concerning their remuneration...

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Shareholders' general meeting

Board of directors

The Board of Directors shall exercise the following functions and powers according to law:

(1)To be responsible for convening the general meeting of shareholders and reporting the work to the general meeting of shareholders;

(2)To implement the resolutions of the shareholders' general meeting;

...

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Board of directors

Supervisors composition

The company has a board of supervisors, which is the supervisory body of the company, which is responsible to the general meeting of shareholders, and supervises the company's finance, the directors and the president to prevent them from abusing their power and infringing upon the shareholders' rights and interests.

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Supervisors composition

Senior management

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Senior management

Corporate governance system

Articles of association

Rules of Audit Board

Working Rules of Nominating Board

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Corporate governance system

ORGANIZATION

Main Honor

Social Responsibility Award of the Year

Gold medal tally of Chinese financial institutions-the most competitive leasing company of the year

Most Influential Financial Leasing Company

The 7th China Air Finance Wan Hoo Awards – Best Transaction of the Year

The 7th China Air Finance Wan Hoo Awards – Ten-year Industry Contribution Award of China Aviation Finance

Shenzhen City corporate social responsibility evaluation level certificate (Samsung)

Social Responsibility Award of the Year

Gold medal tally of Chinese financial institutions-the most competitive leasing company of the year

Most Influential Financial Leasing Company

The 7th China Air Finance Wan Hoo Awards – Best Transaction of the Year

The 7th China Air Finance Wan Hoo Awards – Ten-year Industry Contribution Award of China Aviation Finance

Shenzhen City corporate social responsibility evaluation level certificate (Samsung)

Credit Rating

The Company has obtained international quasi-sovereign credit ratings assigned by Fitch, Standard & Poor’s and Moody’s and maintained the highest credit ratings in the Chinese leasing industry. It is also one of the most creditworthy leasing companies in the world. These credit ratings help the Company further enrich the financing channels.

CDB

CDB FINANCIAL LEASING CO., LTD.

Moody's

A1 long-term

Outlook:Stable

A1 long-term

Outlook:Stable

A1 long-termP-1 short-term

Outlook:Stable

Standard & Poor's

A+ long-term

Outlook:Stable

A+ long-term

Outlook:Stable

A long-termA-1 short-term

Outlook:Stable

Fitch

A+ long-term

Outlook:Stable

A+ long-term

Outlook:Stable

A+ long-termF+ short-term

Outlook:Stable

Company Profile

Business Scope

Development Path

Company Culture

Corporate Governance

Organization

Main Honor

Credit Rating

ABOUT

Company Profile

Business Scope

Development Path

Company Culture

Corporate Governance

Organization

Main Honor

Credit Rating

BUSINESS

Aircraft Leasing

Regional Development Leasing

Ship Leasing

Inclusive Finance

Green Energy and High-end Equipment Leasing

NEWS

Business News

INVESTOR RELATIONS

Information Disclosure

Financial Summary

Stock Information

Investor Q&A

ESG

ESG Performance Indicators

Volunteer Activity

ESG Report

Contact Details

User Message

Legal Notices

Add:CDB Financial Center Building,FuZhong 3rd Road,Futian District,Shenzhen,PRC

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