金融 外文翻译 英文文献 金融租赁和中国的小微企业的研究.docx

金融 外文翻译 英文文献 金融租赁和中国的小微企业的研究.docx

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金融外文翻译英文文献金融租赁和中国的小微企业的研究

文献出处：

YANGJ.TheResearchonFinancialLeasingandChina’sSmallMicroEnterprises[J].InternationalBusinessandManagement,2012,5

（1）:

33-37.

文献一：

TheResearchonFinancialLeasingandChina’sSmallMicroEnterprises

Abstract：

ThefinancingdifficultiesisChina’ssmallmicroenterprisesexistenceauniversalproblem,ithasbecomethemainsmallmicroenterprisesdevelopmentofabottleneck.Thefinancialleasingintheserviceofsmallmicroenterpriseshasmarkedeffect.First,tobroadenthefinancingchannelsofsmallmicroenterprises,second,reducethefundpressureofsmallmicroenterprises,andthethird,promotethetechnologyinnovationofsmallmicroenterprises,fourth,promotethemarketdevelopmentofsmallmicroenterprises.Duetolackofnecessaryknowledgeonfinancialleasing,correspondingpoliciesimperfect,lackofthenecessarycapitalsupply,affectingthedevelopmentoffinancialleasing.Topromotethedevelopmentoffinancialleasing,Chinashouldestablishuniformmanagementsystem,improvetherelevantpolicies,expandthefundingsourcesoffinancialleasing.

Keywords:

Smallmicroenterprises;Financialleasing;Role;Problems;Suggestions

INTRODUCTION：

SmallmicroenterprisesintheprocessofeconomicdevelopmentofChinaplaysamoreandmoreprominentrole,however,China’ssmallmicroenterprisesgenerallyfacedthedifficultyofshortageoffunds.HowtosolvethefinancingproblemsofsmallmicroenterprisesisahotissueinChina’seconomicdevelopment.StudieshaveshownthatfinancialleasingisaneffectivewaytosolvethefinancingdifficultiesofsmallmicroenterprisesinChina.Positivedevelopmentoffinancialleasing,caneffectivelyresolvethefinancingproblemsofsmallmicroenterprises,therebypromotingeconomicdevelopment.

FinancialLeasingasanewwaytotrade,itputthetraditionalrental,tradeandfinancialwayallorganiccombinationup,beunderstoodasafinancingbankloansandcapitalmarketsafterthethirdroad.Financialleasinghasthedualfunctionoffinancingandfinancialobjects,hasitsuniqueadvantagesintheserviceoftherealeconomy,especiallyinservicestosmallmicroenterprises.In2010June,Chinesefinancialauthoritiesissuedfurthercompletesthesmallmicroenterprisefinancialserviceworkcertainopinions,requirementtothedevelopmentofthefinancialleasingbusiness.Thefulldisplayfinancialleasing’sfunction,maypromotethesmallmicroenterprise’sdevelopmenteffectively.

1.FINANCIALLEASINGISTHEIDEALFINANCINGOPTIONSFORSMESINCHINA

BecauseChina’ssmallmicroenterprisesfinancingchannelisnarrow,thefinancialleasinginserviceforsmallcompaniescangivefullplaytotheadvantagesprovidedacondition.Theenterprisefinancingwayhasstockholder’srightsfinancingandthecreditor’srightsfinancingtwotypes.Stockholder’srightsfinancingcanbedividedintotwoforms:

publicofferingandprivatecollect.ThepublictoraisefinancingisIPOfinancing.FromthepresentsituationofthedevelopmentofChina’scapitalmarketsee,throughtheIPOofthefinancingofenterpriseareonlyasmallpart,thousandsofcompanieslistedontheinsideandoutsideisonlyaverysmallpartofthetensofmillionsofenterprises.Donotneedtoundergoarigorouslistingoftheauditthroughaprivateplacementfinancing,relativelyspeaking,easiertoachievefinancing,however,duetotheoperationoftheprivateequityfundstoachievelegalization,eventhoughthepublichasalotofprivateequityfundsexist,butreallybeabletosupplytheamountofmoneyisrelativelylimited.Onthecreditor’srightsfinancing,atpresentChina’sformofcreditor’srightsfinancingissingle,mainlybankcreditchannel.Bankconsideringsecurityproblems,oftentoprovidemoneyforacreditratings,thestrengthoflargeenterprises,inaddition,duetothebankcreditmarketdegreeisrelativelylow,notestablishedtrulymatureenterprisecreditratingsystem,especiallytheratingsystemofthesmallmicroenterprises,sothatthebankcreditactivityimpossiblecoveramuchwiderrangeofdebtfinancingneeds,onlytomeetarangeoffinancingdemand.So,smallandmedium-sizedenterprises,especiallysmallmicroenterprisesfinancingconstraintsbecomeenterprisedevelopmentofabottleneck.Financialleasingwaywasinventedinthe1950s,asakindoflong-termdebtfinancing,isbythelesseraccordingtothelessee’sneed,inadvanceinaccordancewiththecontract,thelesseetodesignatedbetrayapersontobuythelesseedesignatedfixedassets,inthelessorhasthefixedassetsunderthepremiseofownership,tothelesseepaystherentforconditions,willbeaperiodoftimefixedassetsandearningsoftherighttotransfertothelessee.Financialleasefinancingwayhasseveralobviousfeatures:

First,thelesseemayhaveafullfinancing.Second,cansavethelessee'scapitalinvestment,reducebusinesscashflowpressure.Third,theleasedequipmentisselectedaccordingtotheirneedstodeterminebythelessee.Fourth,leaseactivitiesinvolveatleastthreeparties,canformthemutualrestrict.Fifth,aftertheexpiryofthelease,thelesseeoftheequipmentuseddisposeofthethreeoptionsremaintopurchase,reneworsurrenderoftenancyrights.Atthesametime,thefinancialleasinghasthefunctionoffinancingandproductpromotionfunction.Financialleading’scharacteristicandthefunctionspeakingofthefinancingchannelnarrowsmallmicroenterprise,isonerelativelyidealfinancingsolutionway.Therefore,financialleasinghassuperiorityservesforthesmallmicroenterprises,iteasiertobecomeonekindofsubstitutionchoiceofsmallmicroenterpriseslong-termcreditor'srightsdebtfinancing.

2.THEROLEPLAYEDBYFINANCIALLEASINGSERVICESTOSMES

Financialleasingadvantagedecidedithasauniqueroleinserviceforsmallmicroenterprises.Financialleasinghasthefollowingadvantages:

First,providesprofessionalservicesforsmallmicroenterprises.Leasingcompaniesoftenchoosesomespecificindustrytocarryoutleasingbusiness,canprovideenterpriseswithprofessionalservices.Intheprocessofcooperationwiththeenterprise,theleasingcompanyinadditiontoprovidingfinancingserviceoutside,withthedevelopmentofitindustry,enterprisetotheunderstandingoftheprofitmodel,andmasterthemanagementoftheenterprise,whichobjectivelycanplayonsmallmicroenterprisesguidance.Second,procedureissimple,flexibleservice.Usually,thesmallmicroenterpriseshasshort,anxious,thequickcharacteristictothefunddemand.Comparedwiththebankcredit,financialleasingtothelesseeofassetsandliabilitiesoftherequirementsisnothigh,donotneedtostrictexaminationandapproval,onlyneedtothelesseeofthefuturecashflowofaninvestigation.Thesmallmicroenterpriseswithrentsthecompanytoworkoutthedifferentcontract,satisfiesthetenanttothecashflowrequest,therentpaymentpatternmayalsoprocessnimbly.Therefore,financialleasingwaymoreaccordwithsmallmicroenterprisescapitaldemandcharacteristic.Third,helpssmallmicroenterprisestoreduceoperationrisk.Notaffordtobuyproductionequipment,thelesseeobtainedthroughfinancialleasingequipment,theprojectputintooperationasearlyastheearlybenefitfromimprovedoperatingefficiency.Thefinancialleasingreducestheoutflowoffundsfortheenterpriseequipping.Financialleasingschemeisdesignedwithacertaindegreeofflexibility,leasingcompaniescanbetailoredaccordingtotheenterprise’scashflowrentrepaymentplan,avoidenterpriserepaymentpressuretooconcentrated,therebyreducingthefinancialrisk.Enteredintoaleasecontract,theequipmentprices,rentalsandotherimportantissuesaretodeterminetheone-time,theleasetermremainsfixed,thusreducingtheuncertaintyduetopricefluctuationsintheprocessofrenting.Becausefinancialleasinghastheadvantage,therefore,itplaysauniqueroleinserviceforsmallmicroenterprises.

2.1ExpandtheSmallMicroEnterprise’s

FinancingChannelBankconsiderstothesafetyofthecreditfundstosetupcorrespondingassetsloanmortgageconditions,thesmallmicroenterprisesarerestrictedbymanyfactors,itisdifficulttoobtainloanfromthebank.Comparedwiththecumbersomeprocedureofthebankloans,financialleasingoftendonotrequirethelesseetoprovidecreditguaranteefinancesimplicity,therefore,thefinancialleasingforthoseintheearlydays,there’snomortgageassets,thelackofcompletecredithistory,asset-liabilityratiohighersmallmicroenterprises,especiallysmallmicroenterprisesinthestart-upstagetoprovidearealisticfinancingchannels.

2.2ReducetheSmallMicroEnterprise’sFundPressureComparedwithcorporateself-purchaseofequipment,throughfinancialleasing,thelesseepaystherentwaytoobtaintherighttouseofmachineryandequipment,acombinationoffinancingandinvestment,tocreatetheoperatingprofit.Althoughtheequipmentnotgettingtheownershipoftheequipment,but,theenterprisetopaytherentforthefarlessthantheamountneededforthelumpsuminvestmentfinancingvolume.Withtheaidoffinancialleasing,thelesseeisbyequipment,returnthemoney,namelytorentwaytopayfortheequipment.Therentinstallmentpaymentamountbythelesseeandthelessorisbothintheircashflowconditionconsideredaftercertain,beneficialtothelesseecashflow,managingenterprisecapitalexpenditure,reducethefinancialpressure.Inaddition,becauseofthefinancialleasingisnotincludedinthecompany’sbalancesheet,throughfinancialleasingenterprisescanreducetherateofassetsandliabilities,fortheente