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英国essay代写:Finance leases in the United States

2018-10-11 | 来源:51due教员组 | 类别:Essay代写范文

本篇essay代写- Finance leases in the United States讨论了美国的融资租赁。融资租赁是主要基于资产价值而非承租人信用的融资方式。融资租赁是20世纪50年代兴起于美国的新型融资方式,逐渐成为与银行信贷、证券并驾齐驱的三大融资工具之一。经过多年的发展,融资租赁对美国经济的发展起到了重要的支持作用,而美国融资租赁的市场渗透率也非常高。本篇essay代写51due代写平台整理,供大家参考阅读。

Finance lease,美国融资租赁,essay代写,代写,paper代写

Finance lease is mainly based on the value of assets rather than the lessee credit. Financial leasing is an innovative concept that benefits all participants. For equipment manufacturers, effective demand can be expanded to promote sales; for the lessor, the value of the equipment can mitigate the risk when the customer defaults, and the customer range is expanded compared to traditional bank credit that relies solely on credit records. For end users, leasing enables them to finance the purchase of equipment, and the arrangement of returning at the end of the lease term enables users to avoid the risk of the technical depreciation of the equipment.

Financial leasing, a new financing method emerging in the United States in the 1950s, has gradually become one of the three financing instruments in parallel with bank credit and securities. After years of development, financial leasing has played an important supporting role in the development of American economy. As of 2016, the market penetration rate of financial leasing in the United States has reached 30 percent, compared with only 3.8 percent in China in the same period.

After the World War II, the United States introduced a new tax code in 1954 to boost capital spending, allowing owners of fixed assets to accelerate depreciation. Many users of large equipment do not have enough profits to enjoy the policy, which creates the conditions for the rise of modern leasing companies. As the tax policy makes clear the distinction between financial leasing and operating leasing, the tax risk of leasing industry is further eliminated, and the leasing company with the background of manufacturer develops rapidly due to the need of product promotion.

In 1962, the U.S. rental industry received significant policy support: the investment tax credit, a 7 percent tax credit for equipment owners. This policy allows lessors to lease equipment to customers at a lower rent level, and the cost of financing is much higher than the cost of bank loans. These policies were effective in stimulating the economy, but put a lot of pressure on the fiscal side, so they were repeatedly implemented and canceled over the next few decades. So far, the policy still exists in some government-encouraged projects, such as low-income housing projects, renewable energy projects, and leasing still accounts for a large share of these projects.

Changes in financial regulatory policies have driven the development of U.S. bank leasing companies. From 1963 to 1997, U.S. banking regulators gradually allowed Banks to enter the leasing industry. Banks, flush with cash flow and fat pre-tax profits, quickly became a major force in leasing. With the Banks fully entering the leasing industry and the reduction of tax incentives, the competitive advantages of independent leasing companies are no longer, and they are gradually transferred to the structured asset financing market. The status of banking system leasing in the financial leasing industry continues to improve, gradually occupying half of the financial leasing industry.

In 1963, the U.S. monetary authority allowed national Banks to own and lease assets, whereas previously Banks could only buy leases receivable by independent equipment leasing companies or invest in equipment leasing trust certificates. Why 1963? As mentioned earlier, the U.S. congress passed the equipment investment tax incentive act in 1962, which was very effective in tax saving. Some sensitive Banks lobbied the U.S. monetary authority to liberalize regulations. In the early days, the main business of bank leasing companies was to provide tax leasing for railways and airlines. As these industries did not have much income tax to pay during the period of rapid expansion, they became the main market of tax leasing.

The banking holding company act of 1970, which allowed Banks to set up holding companies to engage in diversified business other than credit, began to focus on leasing as a whole. It takes a lot of costs to establish a bank holding company. In order to persuade shareholders, the bank has carried out financing leasing business which is similar to credit and has strong profitability. In a very short time, Banks' views on financial leasing have changed a lot. Before entering into the leasing business, the bank regarded financial leasing as a means to obtain funds when the enterprise had no other financing channels. After the bank got involved in leasing business, the bank regarded financial leasing as the most innovative financing method, and "all the clever CFO used leasing". By 1979, the U.S. monetary authority had further changed its rules to allow Banks and their affiliates to conduct leasing, which objectively recognized the value of equipment leasing.

The entry of American banking into leasing industry used to make traditional financial leasing companies very nervous, but objectively, the introduction of bank leasing promoted the awareness of financial leasing to the whole society. In the early 1970s, few financial staff knew about leasing, but by the end of 1970s, almost all financial staff were considering investing in equipment through leasing, which benefited the whole equipment leasing industry.

Foreign financing leasing industry starts early and develops rapidly. At present, it involves all kinds of industries.

From the United States in 2016, the statistic of financing leasing, the financing lease in industry is very extensive, including agricultural machinery, computers, construction equipment, power generation equipment, industrial equipment, medical equipment, mineral oil and gas equipment, office equipment, telecommunications equipment, transportation, etc., of which transport, computer equipment, agricultural machinery, power generation equipment mainly. Transportation accounts for 26%, while agriculture and medical equipment account for 10% and 6.5% of total financing, both of which are lower than in 2015. The proportion of construction industry, industry and manufacturing industry and office equipment was 9 percent, 5 percent and 6 percent, respectively, an increase from 2015.

In the United States financial leasing market, rental equipment types are numerous, across multiple industries. The object of leasing is abundant in variety from various transportation tools to large complete sets of equipment, from various general equipment to special production equipment. With the continuous development of the financial leasing market in the United States, the forms and types of financial leasing objects are still being enriched and innovated. In terms of industry share, the service industry dominates the financial leasing market in the United States, with a market share of more than 50%. In recent years, the transportation equipment rental industry has been active in the United States rental market, and the information processing equipment rental industry has been increasing its share in the United States rental market.

According to the world rent yearbook, the world lease transaction volume was 41 billion us dollars in 1978, 103.8 billion us dollars in 1987, 499 billion us dollars in 2000, 582 billion us dollars in 2005, 594.5 billion us dollars in 2010, and 1005.3 billion us dollars in 2015, with an average annual growth rate of 10%.

The rental market in North America showed a steady growth, with the total amount increasing from $368.4 billion in 2014 to $407.8 billion in 2015, with an annual growth rate of 1.52% and a market penetration rate of 40.6%. Among them, the annual total of the us rental market is $374 billion, the market penetration rate is 15%, and the leasing transaction volume accounts for 2.08 percent of the country's GDP. The total Asian rental market is $223 billion, with an annual growth rate of 1.5 percent. Among them, Japan's annual total is $60.84 billion, with an annual growth rate of 8.94%, a market penetration rate of 9.6%, and leasing volume as a proportion of the country's GDP is 0.93%. The total rental markets in South America, Australia and Africa were us $31.2 billion, us $13.8 billion and us $6.7 billion respectively, with market penetration rates of 3.1 percent, 1.4 percent and 0.7 percent, respectively. The total European rental market is $322.8 billion, with a market penetration rate of 32.1 percent. Financing model

Internationally successful bank financial leasing companies generally adopt the form of the parent bank's sole proprietorship, which aims to make better use of the risk control system and capital advantages of the parent bank, and provide full support on the source of funds to facilitate the healthy and rapid development of the leasing companies.

Most of the capital of the bank of America financing leasing companies also comes from the shareholder Banks, accounting for up to 58%. Some of the financial leasing companies in the banking system are even funded by the shareholder Banks, such as Wells Fargo's leasing, jpmorgan's financial leasing business and EVERBank's leasing company.

Direct finance lease. Direct financial leasing refers to a major financial leasing method used by leasing companies to raise funds in international or domestic financial markets through their own capital, bank loan or ipo, purchase equipment needed by users from equipment manufacturers, and then lease it to lessees. In this direct leasing method, the parties of the lease meet directly, and the requirements and conditions are very specific. Direct leasing has no time interval, and the lessor has no inventory of equipment. The capital flow is fast and has high investment efficiency.

Turn the lease. The sublease is a kind of leasing form in the development process of financial leasing. Sublease is a leasing transaction arrangement in which the subtenant sublets the equipment from the original lessor according to the choice of the final lessee. This process mainly involves four parties, namely, equipment supplier, original lessor, subleaser and lessee, which need to sign three contracts: purchase contract signed by equipment supplier and original lessor; The original lease contract signed by the lessor and the subtenant; Sublease contract signed by the subcharterer and the lessee. Relative to direct lease, the turn to lease is an additional turn to lease link. The sublease is mainly used in transnational financial leasing business. Since the creditor's right and debt relationship between the original lessor and the subtenant is more direct and explicit, and the original lessor also owns the property right of the leased property, the sublease has a higher degree of security for the original lessor. In this model, leasing companies play an intermediary role in constructing a bridge of financing between Banks, investment institutions and enterprises.

Let back after sale. After-sale leaseback refers to a leasing transaction in which the original owner of the equipment sells part of his property to the leasing company for financing convenience, and then leases the sold property from the lessor at the expense of rent. After-sale leaseback involves only two related enterprises and only two contracts, namely, the sales contract signed by the enterprise and the leasing company and the lease contract signed by the enterprise and the leasing company. The reason why the lessor does not directly adopt the way of money lending to meet the demand is that there are generally restrictions on the access to financial business in various countries. Secondly, compared with general monetary financing, the uniqueness of leasing financing can only be obtained through the way of leasing financing. At the same time, the business form of after-sale leaseback is also conducive to improving the financial situation of the lessee. The company sells the equipment it owns and needs to use to the leasing company, and then leases it back in the form of rent payment. On the one hand, the equipment can be continued to use, on the other hand, the company can get a large amount of working capital for selling the equipment, which can be used for other investment or debt repayment.

According to the above analysis, first of all, direct financing lease is applicable to the use and purchase demand of single equipment or single machine by enterprises with sufficient credit rating, or the use and purchase demand of equipment in certain "short and fast" projects of enterprises with sufficient credit rating. Secondly, it is suitable for the leasing of large equipment with high asset value and long lease period, such as aircraft, offshore oil drilling platform, satellite system and large amount of telecommunication equipment. The transaction structure is complex, especially in the financing arrangement between the lessor and the lender. Finally, after-sale leaseback is a leasing method to realize the existing assets and a convenient financing form for the self-rolling development of enterprises. It can also be used to raise capital for purposes such as equity capital and mergers and acquisitions.

The finance leasing industry is capital intensive in nature. The financing ability and the smoothness of financing channels are directly related to the development speed and scale of the finance leasing industry. According to the measures for the management of financial leasing companies, financial leasing companies in addition to its own capital, there are six channels of funding sources, namely "leasing funds entrusted by a legal person or organization" "by the lease rental deposit of the parties concerned" by the people's bank of China approved the issuance of financial bonds "" borrowing from financial institutions," "foreign exchange loan" "interbank lending business". In the above sources of funds, the entrusted lease funds must be used for the entrusted lease projects, and the special account management is required. Financial bonds issued for the last rent payment are strictly required to raise funds, and it is difficult for ordinary enterprises to meet this standard. Borrowing from financial institutions is the only long-term capital source channel for finance leasing companies to handle leasing business. However, bank borrowing is very difficult and costly. Foreign exchange borrowing requires permission to operate foreign exchange business, but at present most finance leasing companies are unable to operate foreign exchange business due to the lack of foreign exchange capital required by the people's bank of China. The term of borrowing funds is too short, which can only be used for fund position scheduling and cannot be used as a long-term source of funds for leasing business. In order to further develop the financial leasing industry, it is necessary to give full play to the role of the financial market and further cooperate with financial institutions to solve the problem of financing lease.

The product combination of trust industry and leasing industry has broad innovation space. Trust industry and financial leasing industry have common features in terms of business nature. However, according to China's current regulations on financial leasing and financial trust industry management methods, trust companies and financial leasing companies of financial leasing industry have many differences in capital sources and business scope. Specifically, the leasing industry has the advantages of borrowing from Banks and operating in debt, but the capital source is mainly limited to bank borrowing; Trust industry has a wide source of funds, but can not carry out liability business. For the management and disposal of assets, the leasing company is superior to the trust company in professional skills and professional market positioning.

Through the trust business, the fund trust plan can become the financing channel of the finance leasing company and the exit channel of leasing assets. The trust company can be the link between the investor and the finance leasing company. In the equipment trust business, the function of the trust industry asset stripping and shielding investors is complementary with the function advantage of the leasing industry resource allocation, which can directly promote investment and circulation. In the United States with advanced industry, trust industry and leasing industry have become an important source of capital and investment channels for equipment investment. Individuals and institutions often use and dispose of leased assets through financial trusts, trust investment leasing or leasing. The equipment leasing and trust investment portfolio can make the investor gain higher than the general bank deposit and creditor's rights investment, and take less risk than the stock investment. This is the reason why cooperation between trust industry and leasing industry can be an effective measure to drive the investment of fixed assets.

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