外文翻译--融资租赁在国际贸易中的应用

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1、2026 单词， 3050 汉字 出处 : Guojin Liu,2010.“Finance Leasing In International Trad”. The University of Birmingham.may.pp.4-25. 外 文 翻 译 原文： Finance Leasing In International Trade Finance leasing is a financing device in the form of a lease. It has been used as an effective alternative to the purchase of eq

2、uipment. Usually a finance leasing transaction works in the following way. At the request of the lessee, with his specification of the asset and selection of the supplier, the lessor enters into a supply agreement with the supplier. The lessor acquires the asset from the supplier, who receives outri

3、ght payment from the lessor. Then, the lessor leases the asset to the lessee for a term which is usually most of the useful life of the asset, in return for the lessees payment of rental. This rental is calculated to cover the capital outlay of the lessor and also to give him a margin of profit. Dur

4、ing the lease period, the lessee enjoys the possession of the asset and the profits resulting from the use of it. He also undertakes to maintain it in good order and is responsible for loss or damage to it. At the end of the lease period, either the lessee would continue to hire the same asset for a

5、 secondary period and pays a peppercorn rental toward it, or the asset would be sold, often by the lessee on behalf of the lessor, and the lessee would share a substantial proportion of the proceeds of the sale. In order to encourage the use of finance leasing internationally and nationally, the Int

6、ernational Institute for the Unification of Private Law (“Unidroit”) prepared the Unidroit Convention on International Financial Leasing 1988 (the “Convention”) and the Unidroit Model Law on Leasing 2008 (the “Model Law”). But the UK has neither ratified the Convention nor adopted the Model Law. Thi

7、s thesis will examine the law pertaining to finance leasing in England and Wales, aiming to assess whether it is fit for the purpose of facilitating trade of equipment. A few concepts will now be explained and the points on which the discussion will focus will be highlighted. The term “finance leasi

8、ng” will refer to the whole transaction involving the three parties and the term “finance lease” will refer to the specific agreement made between the lessor and the lessee. The finance leasing transaction discussed in this thesis involves three parties: the supplier, lessor and lessee. The supplier

9、 may be the manufacturer, a wholesale merchant, an agent, or anyone who is chosen by the lessee to supply the specific asset for his use. The lessor is usually a finance company, or a finance house, or anyone who can provide the finance and is prepared to acquire the asset specified by the lessee fo

10、r his use. The lessee is the actual user, who selects the supplier and the asset, and, providing specifications of the asset, requests the finance. He is responsible to the lessor for the payment of rentals and the proper use of the asset. As technology has developed to the extent that it is now pos

11、sible for many consumers to participate in international trade, they might choose to get involved in finance leasing but their rights attract special protection. Aiming to elucidate the partiesrights and obligations to each other, particularly reflecting the financial feature of the transaction, the

12、 thesis will focus on the transactions where the three parties are dealing in the course of business, rather than dealing as a consumer. The involvement of a financier provides practical benefits to all three parties.This thesis seeks to investigate the specifics of the financial lessors involvement

13、 in the tripartite transaction, which makes finance leasing a financial mechanism. Financial arrangements offered by the supplier directly to the user, including those in the form of leasing, are not the object of this study. Finance leasing transactions concern chattels, which are of the nature of

14、moveable property. Although some commercial leases of land have a financing function, they are imprinted by the immoveable nature of the real property and are subject to land law. Therefore land is excluded from the scope of this thesis, although some principles of land law, particularly with regard

15、 to mortgage, could, to some extent, shed light on the law applicable to finance leasing by analogy. In general, the terms “lease” and “hire” are used interchangeably when chattels are concerned. But when the discussion refers to land specifically, the term “lease” is chosen to differentiate it from

16、 the hire of goods. Finance leasing is very much tax driven. Its volume of usage started to rise rapidly in the 1970s because of the 100% first year allowances at the time. Since the benefit was removed in the 1980s, the development of finance leasing slowed down. By the time when the Finance Act 20

17、06 came into force, taxation benefits available to the lessee of a finance lease became rather limited. Research shows that the choice of finance leasing is made for reasons other than low cost. In fact, the lessee pays more than the interest he would pay under an ordinary bank loan by instalments i

18、n similar circumstances； the relatively higher interest rate attracts the finance companies to accept applications for finance leasing. But, it is common that the lessee is not required to pay down payment or deposit and he could obtain 100% finance for the entire cost of the equipment, unlike a loa

19、n to purchase the equipment, where a down payment as high as 20 percent or more is generally required and the bank only offers as much as 80 percent financing. In addition to the maximum financing, finance leasing provides good cash flow by spreading payments over months or years. The payments can b

20、e structured to match the lessees credit quality, time-in-business and pattern of income. For example, the lessor may agree that the lessee can pay small amount of rentals at the beginning of the lease period but a “balloon rental”at the end of it； or he can pay rentals according to the seasons of h

21、is business and skip payment in the months when his business is slow； or he can defer payment by which he makes money with the leased asset prior to making his first payment； or he can start with a small initial payments which grow as the cash flow from the leased asset grows. However, once the paym

22、ent plan is set, the lessor would rarely agree to change it. The lessee may be forced to pay hefty early termination fees for breaking the contract, if he fails to fulfil his duty of payment. The lessees commitment to regular payments is the certainty expected by the lessor from the transaction. This is understandable