金融专业外文翻译--金融租赁和中国的小微企业的研究

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1、文献一 ： The Research on Financial Leasing and Chinas Small Micro Enterprises Abstract： The financing difficulties is Chinas small micro enterprises existence a universal problem, it has become the main small micro enterprises development of a bottleneck. The financial leasing in the service of small m

2、icro enterprises has marked effect. First, to broaden the financing channels of small micro enterprises, second, reduce the fund pressure of small micro enterprises, and the third, promote the technology innovation of small micro enterprises, fourth, promote the market development of small micro ent

3、erprises. Due to lack of necessary knowledge on financial leasing, corresponding policies imperfect, lack of the necessary capital supply, affecting the development of financial leasing. To promote the development of financial leasing, China should establish uniform management system, improve the re

4、levant policies, expand the funding sources of financial leasing. Key words: Small micro enterprises； Financial leasing； Role； Problems； Suggestions INTRODUCTION： Small micro enterprises in the process of economic development of China plays a more and more prominent role, however, Chinas small micro

5、 enterprises generally faced the difficulty of shortage of funds. How to solve the financing problems of small micro enterprises is a hot issue in Chinas economic development. Studies have shown that financial leasing is an effective way to solve the financing difficulties of small micro enterprises

6、 in China. Positive development of financial leasing, can effectively resolve the financing problems of small micro enterprises, thereby promoting economic development. Financial Leasing as a new way to trade, it put the traditional rental, trade and financial way all organic combination up, be unde

7、rstood as a financing bank loans and capital markets after the third road. Financial leasing has the dual function of financing and financial objects, has its unique advantages in the service of the real economy, especially in services to small micro enterprises. In 2010 June, Chinese financial auth

8、orities issued further completes the small micro enterprise financial service work certain opinions, requirement to the development of the financial leasing business. The full display financial leasings function, may promote the small micro enterprises development effectively. 1. FINANCIAL LEASING I

9、S THE IDEAL FINANCING OPTIONS FOR SMES IN CHINA Because Chinas small micro enterprises financing channel is narrow, the financial leasing in service for small companies can give full play to the advantages provided a condition.The enterprise financing way has stockholders rights financing and the cr

10、editors rights financing two types. Stockholders rights financing can be divided into two forms: public offering and private collect. The public to raise financing is IPO financing. From the present situation of the development of Chinas capital market see, through the IPO of the financing of enterp

11、rise are only a small part, thousands of companies listed on the inside and outside is only a very small part of the tens of millions of enterprises. Do not need to undergo a rigorous listing of the audit through a private placement financing, relatively speaking, easier to achieve financing, howeve

12、r, due to the operation of the private equity funds to achieve legalization, even though the public has a lot of private equity funds exist, but really be able to supply the amount of money is relatively limited. On the creditors rights financing, at present Chinas form of creditors rights financing

13、 is single, mainly bank credit channel. Bank considering security problems, often to provide money for a credit ratings, the strength of large enterprises, in addition, due to the bank credit market degree is relatively low, not established truly mature enterprise credit rating system, especially th

14、e rating system of the small micro enterprises, so that the bank credit activity impossible cover a much wider range of debt financing needs, only to meet a range of financing demand. So, small and medium-sized enterprises, especially small micro enterprises financing constraints become enterprise d

15、evelopment of a bottleneck. Financial leasing way was invented in the 1950s, as a kind of long-term debt financing, is by the lesser according to the lessees need, in advance in accordance with the contract, the lessee to designated betray a person to buy the lessee designate d fixed assets, in the

16、lessor has the fixed assets under the premise of ownership, to the lessee pays the rent for conditions, will be a period of time fixed assets and earnings of the right to transfer to the lessee. Financial lease financing way has several obvious features: First, the lessee may have a full financing.

17、Second, can save the lessees capital investment, reduce business cash flow pressure. Third, the leased equipment is selec ted according to their needs to determine by the lessee. Fourth, lease activities involve at least three parties, can form the mutual restrict. Fifth, after the expiry of the lea

18、se, the lessee of the equipment used dispose of the three options remain to purchase, renew or surrender of tenancy rights. At the same time, the financial leasing has the function of financing and product promotion function. Financial leadings characteristic and the function speaking of the financi

19、ng channel narrow small micro enterprise, is one relatively ideal financing solution way. Therefore, financial leasing has superiority serves for the small micro enterprises, it easier to become one kind of substitution choice of small micro enterprises long-term creditors rights debt financing. 2.

20、THE ROLE PLAYED BY FINANCIAL LEASING SERVICES TO SMES Financial leasing advantage decided it has a unique role in service for small micro enterprises. Financial leasing has the following advantages: First, provides professional services for small micro enterprises. Leasing companies often choose som

21、e specific industry to carry out leasing business, can provide enterprises with professional services. In the process of cooperation with the enterprise, the leasing company in addition to providing financing service outside, with the development of it industry, enterprise to the understanding of th

22、e profit model, and master the management of the enterprise, which objectively can play on small micro enterprises guidance. Second, procedure is simple, flexible service. Usually, the small micro enterprises has short, anxious, the quick characteristic to the fund demand. Compared with the bank cre

23、dit, financial leasing to the lessee of assets and liabilities of the requirements is not high, do not need to strict examination and approval, only need to the lessee of the future cash flow of an investigation. The small micro enterprises with rents the company to work out the different contract,

24、satisfies the tenant to the cash flow request, the rent payment pattern may also process nimbly. Therefore, financial leasing way more accord with small micro enterprises capital demand characteristic. Third, helps small micro enterprises to reduce operation risk. Not afford to buy production equipm

25、ent, the lessee obtained through financial leasing equipment, the project put into operation as early as the early benefit from improved operating efficiency. The financial leasing reduces the outflow of funds for the enterprise equipping. Financial leasing scheme is designed with a certain degree o

26、f flexibility, leasing companies can be tailored according to the enterprises cash flow rent repayment plan, avoid enterprise repayment pressure too concentrated, thereby reducing the financial risk. Entered into a lease contract, the equipment prices, rentals and other important issues are to deter

27、mine the one-time, the lease term remains fixed, thus reducing the uncertainty due to price fluctuations in the process of renting. Because financial leasing has the advantage, therefore, it plays a unique role in service for small micro enterprises. 2.1 Expand the Small Micro Enterprises Financing

28、Channel Bank considers to the safety of the credit funds to set up corresponding assets loan mortgage conditions, the small micro enterprises are restricted by many factors, it is difficult to obtain loan from the bank. Compared with the cumbersome procedure of the bank loans, financial leasing ofte

29、n do not require the lessee to provide credit guarantee finance simplicity, therefore, the financial leasing for those in the early days, theres no mortgage assets, the lack of complete credit history, asset-liability ratio higher small micro enterprises, especially small micro enterprises in the st

30、art-up stage to provide a realistic financing channels. 2.2 Reduce the Small Micro Enterprises Fund Pressure Compared with corporate self-purchase of equipment, through financial leasing, the lessee pays the rent way to obtain the right to use of machinery and equipment, a combination of financing a

31、nd investment, to create the operating profit. Although the equipment not getting the ownership of the equipment, but, the enterprise to pay the rent for the far less than the amount needed for the lump sum investment financing volume. With the aid of financial leasing, the lessee is by equipment, r

32、eturn the money, namely to rent way to pay for the equipment. The rent installment payment amount by the lessee and the lessor is both in their cash flow condition considered after certain, beneficial to the lessee cash flow, managing enterprise capital expenditure, reduce the financial pressure. In

33、 addition, because of the financial leasing is not included in the companys balance sheet, through financial leasing enterprises can reduce the rate of assets and liabilities, for the enterprise development laid the foundation for other financing activities 2.3 Promote the Small Micro Enterprises Te

34、chnological Innovation Financial leasing can make both supply and demand meet directly, reduce the intermediate link, so as to facilitate the equipment into the fields, and drive enterprise production development, financial leasing to become the link of enterprises cohesion production and sales. Due

35、 to the strength of strong small micro enterprises reduce the full risk of equipment investment, so that enterprises have more energy to track changes in the market, accelerate technical innovation pace, produces more competitive products. Small micro enterprises through financial leasing to reduce

36、the burden of equipment investment, quickly get the needed technology and equipment. This way can shorten the technological transformation of the enterprise and equipment renewal cycle, through the continuous rent advanced equipment to shorten the time machine equipment use, thus speeding up product

37、ion equipment renewal, maintain production technology lead, and seizes the market opportunities. 2.4 Promote the Small Micro Enterprise to Develop the Market Financing and the sale are two difficult problems which the small micro enterprises faces. Financial leasing has not only solved enterprises f

38、inancing problem, moreover the help enterprise has developed the market. May reduce the selling expenses through financial leasing, reduces purchases the threshold, enhancement customer purchase ability, to reduce sells links account receivable and the time sale risk. At the same time, because financial leasing is one kind manages the behavior, between the lessor and the tenant maintains continually the good communication condition, the tenant can act