中小企业融资的英文文献

中小企业融资的英文文献Automatically tra nslated text:The defi niti on of lease financingFinance leases (Finan cial Leas ing) also known as the Equipme nt Leas ing (Equipme nt Leas in g), or moder n leas ing (Moder n Leas in g), and is esse ntially tra nsfer own ership of the assets of all or most of the risks and rewards of the lease. The ultimate own ership of assets to be tra nsferred, or may not tra nsfer.It refers to the specific content of the lessee to the lessor un der the lease object and the specific requireme nts of the supplier selecti on, ven dor financing to purchase ren tal property, and the use of leased to a lessee, the lessee to the lessor to pay in stalme nts rent, the lease term lease own ership of objects bel onging to the lessor of all, the tenant has the right to use the leased items. Term expired, and fini shed the lessee to pay rent un der the lease con tract fi nancing to fulfil obligati ons in full, leas ing objects that vest ing own ership of all the lessee. Despite the finance lease tra nsacti ons, the lessors have the iden tity of the purchase of equipme nt, but the substa ntive content of the purchase of equipme nt suppliers such as the choice of the specific requireme nts of the equipme nt, the con diti ons of the purchase con tract n egotiati ons by the lessee enjoy and exercise, lessee leas ing object is esse ntially the purchaser. , Is a finance lease exte nsion of loa ns and trade and tech no logy updates in the new in tegrated finan cial in dustry. Because of its exte nsion of loa ns and comb in ati on of features, there is a problem in leas ing compa nies can recycli ng, treatme nt of leas ing, and so the financing for the en terprise credit and secured the main requireme nt, it is very suitable for SME financing. In additi on, the leas ing of sheet financing, no t reflected in the finan cial stateme nts of the en terprise liability, does not affect the credit status of en terprises. This multi-cha nnel financing n eeds of SMEs in terms of it is very ben eficial.Leas ing and financing lease of a traditi onal n ature of the differe nee is: traditi on al lease to the tenan t leas ing the use of objects of the time rent, and finance lease financing costs to the tenant occupy ing the time of re ntal. The market econ omy develops to a certa in stage and the adaptati on of a str ong financing, in the 1950s in the Un ited States have a new type of trad ing, as it adapted to the requireme nts of moder n econ omic developme nt, in the 60 to 70 the rapid developme nt in the world, and today has become a bus in ess update equipme nt one of the main means of fi nancing, known as the sun rise in dustry. China in the early 1980s after the in troducti on of this operati onal modalities for over 10 years has bee n the rapid developme nt, compared with developed coun tries, the adva ntages of leas ing is far from being played out, the market pote ntial is huge.Edit the main characteristics of the leas ingThe main characteristics of the leas ing is: the own ership of objects as leas ing is the lessor in order to con trol the risk of the tenant rent reimburseme nt take n a form of own ership, at the end of the con tract could eve ntually be tra nsferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenan t resp on sible for the lessor to provide finan cial services only. Rent calculati on pri nciples are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, accord ing to a mutually agreed ren tal rates. It is esse ntially depe ndent on the traditi on al leas ing finan cial tra nsacti on s, is a special kind of finan cial in strume nts.Edit the type of lease financing1. Simple financing leaseFinancing lease is a simple, by the lessee choose to purchase the ren tal property, the lessor on the lease project through risk assessme nt after the ren tal lease to the lessee the use of objects. Throughout the lease period the lessee does not enjoy the right to use the title, and is resp on sible for repair and maintenance of leasi ng objects. The lessors lease is good or bad thing without any liability, equipme nt depreciati on in the tenant side.2. Leveraged lease financingLeveraged leas ing practices similar to syn dicated loa ns, is a specialized leas ing to large-scale projects with the tax ben efits of lease financing, main ly led by a leas ing compa ny as a trunk, and for the lease of a very large project fi nan ci ng. First set up a leas ing compa ny from the operati on of the main in stituti ons - a project-based fund man ageme nt compa ny set up projects to provide more tha n 20% of the total amo unt of fun ds, and the remai ning part was the main source of fu nds banks and social absorb idle idle fun ds, the use of 100 perce nt enjoy low tax ben efits in the eight Bo leverage for the leas ing project large amo unt of fun ds. The rema ining financing and leas ing practices are basically the same, but because of the complexity of the con tract covers a wide range and eve n greater. As can enjoy tax ben efits, operati ng n orms, comprehe nsive ben efits, and recovery of re nt safe, low-cost, and are gen erally used for aircraft, ships, comm uni cati ons equipme nt and large complete sets of equipme nt lease financing.3. Commissi oned by the Finan cial Leas ingIs a way to have the funds or equipme nt en trusted to non-ba nk finan cial in stituti ons in the financing lease, the lessor is also the first clie nt, the sec ond is the trustee of the lessor at the same time. The lessor to accept the clie nts money or lease of the subject matter, accord ing to the clie nts writte n by the clie nt desig nated for the lessee of the leas ing bus in ess. In the subject of the lease term lease of the property of the clie nt, the lessor only charges, not to take risks. Such leas ing commissi oned a major characteristic is not to lease the right to operate the en terprise, by the right bus in ess. E-commerce is on the lease by lease ren tal as a bus in ess platform.The sec ond is the lessor or lessee commissi oned by the lease purchase of a third pers on, the lessor un der the con tract to pay the purchase price, also known as commissi oned by the lease purchase financing.4. Project fi nance leas ingLessee to project their own property and to en sure efficie ncy, and the lessor sig ned a finance lease con tract, the lessor to the lessee of the property and other projects without recourse to the proceeds, we can only rent charged to the projects cash flow and profitability to determ ine. The seller (that is leas ing goods manu facturers) through their hold ing leas ing compa nies to promote their products in this way, and expa nd market share. Comm uni cati ons equipme nt, medical equipme nt, tra nsportatio n equipme nt, or eve n the right to operate highway can be used this way. Others, in clud ing the retur n of leas ing, also known as sale and leaseback financing leas ing; financing to leas ing, also known as the financing to leas ing.Edit the risk of lease financingFinance leases from the risk of many un certa in factors, is multifaceted and in terrelated, in the full un dersta nding of the operati onal activities of the characteristics of various risks can be comprehe nsive, scie ntific an alysis of risks to formulate corresp onding measures. The risk of financing leas ing main categories as follows:(1) product market risks. In the market en vir onmen t, regardless of the financing lease, loan or in vestme nt, as long as the funds used to purchase equipme nt or to carry out tech no logical tra nsformati on, first of all, should con sider leas ing equipme nt products market risks, which n eed to know to sell the products, market share rate and occupa ncy, product tre nds in the developme nt of the market, the con sumpti on structure and the men tality of the con sumers and con sumpti on capacity. If these factors are not fullyun dersta nd, the survey are not careful, and may in crease the market risk.(2) finan cial risks. For the leas ing of a finan cial n ature, fi nan cial risks throughout the en tire bus in ess activities. The lessor, the biggest risk is that the lessee is also rent capacity, it has a direct impact on the operati on of leasi ng compa nies and survival, therefore, the risk of also ren t from the project bega n, it should be cause for con cer n.Curre ncy also have risks, especially in ter nati onal payme nts, methods of payme nt, payme nt date, time, the remitta nee cha nn els and means of payme nt opti ons improperly, will in crease the risk.(3) Trade risk. For the leas ing of a trade properties, the risks of trade n egotiati ons to orders from the accepta nee test ing there is a risk. The mercha ndise trade in the moder n developme nt of a relatively complete, the comm un ity is also support ing the establishme nt of corresp onding in stituti ons and preve ntive measures, such as a letter of credit, tra nsport in sura nee, commodity in specti on, commercial arbitrati on and the risk of credit coun seli ng have take n precauti ons and remedial measures, but because peoples aware ness and un dersta nding of the risks of differe nt degrees, and some means of a commercial n ature, coupled with the in experie nee of the man ageme nt of en terprises and other factors, all of these in strume nts have not bee n used, making trade risk still exists.(4) tech ni cal risks. One of the ben efits of lease financing before other en terprises is the in troducti on of adva need tech no logy and equipme nt. In the actual course of the operati on, or adva need tech no logy, adva need tech no logy is mature, mature tech no logy for the legal rights and in terests of others, is an importa nt risk a tech ni cal reas ons. Serious, due to tech ni cal problems so that equipme nt in a state of paralysis. Other risks in elude the econ omic en vir onment, force majeure, and so on.Edit the acco un ti ng treatme nt of lease financingEdit, the tenant on the acco un ti ng treatme nt of lease financing1, the start of the lease acco un ti ng treatme ntAt the start of the lease, the tenant will usually be the start of the lease ren tal assets in the orig inal book value of the min imum lease payme nts and the prese nt value of the lower of the two leased assets as recorded value of the min imum lease payme nts as a Ion g-term payables recorded value, and the differe nee betwee n the two records is no t recog ni sed financing costs. However, if the assets of the leas ing assets of the en terprise small proporti on of the total, the tenant may be the start of the lease in the min imum lease payme nt records of assets and Ion g-term rent payme nts. This time, the proporti on al not usually refers to fixed assets finan ced by leas ing the lessee total assets total less tha n 30% (in clud ing 30%). Un der such circumsta nces, re nt for the financing of Ion g-term assets and the determ in ati on of the amo unt due, the tenant may, at its opti on, which can be used min imum lease payme nts, and can also be used leas ing assets in the orig inal book value of the min imum lease payme nts and the prese nt value of the two in the lower. Then what leas ing the orig inal book value of assets refers to the start of the lease ren tal, as reflected in the acco un ts, the book value of the leased asset.Lessee in the calculati on of the min imum lease payme nts at the curre nt value, if the lessor that the in terest rate implicit in the lease, the lessor should be used as the in terest rate implicit in the disco un t rate, otherwise, shall be stipulated in the lease eon tract in terest rate as the disco un t rate . If the lessors in terest rate implicit in the lease and ren tal rates stipulated in the eon tract are not available, it should be used over the same period in terest rates on bank loa ns as the disco un t rate. Which is implicit in the lease rates, in the in cepti on of the lease, the min imum lease payme nts and the prese nt value of the un secured porti on of the residual value of the curre nt value of assets and equivale nt to the orig inal book value of the disco un t rate.2, the initial direct costs of the accounting treatmentIn itial direct costs refer to the lease n egotiati ons and the sig ning of the lease agreeme nt occurred in the course of the lease can be directly attributable to the cost of the project. Lessee in the in itial direct costs usually have stamp duty, commissi on, attor ney fees, travel expe nses, such as the costs of n egotiati ons. Lessee in the in itial direct costs should be recog ni sed as an expe nse in the curre nt period. Acco unts for its han dli ng: debit ma nageme nt fees and other subjects, credited to ba nk and other subjects.3, no finance charge assessedIn the finance lease, the lessee to the lessor to pay the ren t, i nclude the repayme nt of pr in cipal and in terest in two parts. Lessee to pay rent, on the one hand to reduce Ion g-term payables, on the other hand, while not con firmed by the leas ing costs for a certa in method to con firm the curre nt financing costs, the first re nt (that is, in itially match ing each ren tal payme nt) Un der the circumsta nces, the lease term is the first phase of re nt paid no in terest, should on ly reduce the Ion g-term payme nts, not to con firm the curre nt financing costs.Not shar ing in the finance costs, the lessee should be used to calculate certa in way. Accord ing to the guideli nes, the lessee can be used in real in terest rates, the straight-l ine method can also be used and the n umber of years of comb ined law. In using the effective in terest method, in accorda nee with the in cepti on of the lease is a lease assets and liabilities are recorded based on the value of differe nt fi nancing costs assessme nt rate opti ons are also differe nt. No finance charge assessed specific divided into the follow ing types:(1) , leas ing assets and liabilities to a min imum lease payme nts acco un ted for the prese nt value of value to the in vestor and the in terest rate implicit in the lease for the disco un t rate. Un der such circumsta nces, in vestors should be the in terest rate implicit in the lease for the assessme nt rate.(2) , leas ing assets and liabilities to a min imum lease payme nts for the prese nt value of recorded value, and to lease con tract provides for the in terest rate as the disco un t rate. In such circumsta nces, should be stipulated in the lease con tract as the rate of assessme nt rates.(3) , leas ing assets and liabilities to the orig inal book value of the leased asset acco un ted for the value of the lessee does not exist residual value guara ntees and prefere ntial purchase right to choose. In such circumsta nces, should be re-calculati on of the cost-shari ng rate financing. Financing cost-shar ing rate refers to the in cepti on of the lease, the min imum lease payme nts equal to the prese nt value of lease assets in the orig inal book value of the disco un t rate. In the lessee or related to the leased asset residual value of the third-party security situati on, and the similar, the end of the lease, no t recog ni sed all the financing costs should be shared End, and lease liabilities should also be reduced to zero.(4) , leas ing assets and liabilities to the orig inal book value of the leased asset acco un ted for the value of the lessee does not exist guara nteed residual value, but there is prefere ntial opti on to purchase. In such circumsta nces, should be re-calculati on of the cost-shar ing rate financing. At the end of the lease, no t recog ni sed all the financing costs should be shared End, and lease liabilities should also be reduced to zero.(5) , leas ing assets and liabilities to the orig inal book value of the leased asset value acco un ted for, and the existe nee of the lessee guara nteed residual value.Un der such circumsta nces, the cost-shar ing should be re-fi nancing rate. Related to the lessee or third parties on the residual value of leased assets as security has bee n provided or not at the end of the lease ren ewal and to pay a pen alty of circumsta nces, the end of the lease, no t recog ni sed all the financing costs should be shared End, and lease liabilities should also be reduced to the guara nteed residual value, or to be paid by the breach.Lessee shall pay each of the rent shall be the amo unt of re nt paid, debit l on g-term payables - to finance leases, subjects, credited to ba nk subjects, if payme nt of re nt, which in cludes complia nee costs, At the same time debit should be ma nu factur ing costs, ma nageme nt fees and other subjects. At the same time should be recog ni zed in accorda nee with the curre nt amo unt of the finance charge, debit fi nan cial costs subjects, credited the no finance charge subjects.4, the leased asset depreciati on Provisi onTenants should finance the lessee Provisi on for depreciati on of fixed assets, should address two main issues:(1) , depreciati on policyProvisi on for asset depreciati on, lease, the tenant should be its own assets Provisi on line depreciati on method. If the lessee or third parties relati ng to the leased asset security has bee n provided, should be credited for the amo unt of depreciati on on fixed assets, and the in cepti on of the lease acco un ti ng residual value after deducti ng the value of the bala nee. If the lessee or third parties relati ng to the leased asset residual value of the security has bee n provided, the total amo unt of depreciati on should be credited for the start of the lease value of fixed assets recorded.(2) , the depreciati on periodIden tify the leased asset depreciati on period, should be in accorda nee with the lease con tract. If reas on able certa inty that the lessee at the end of the lessee will obta in own ership of the leased asset, the lessee can be ide ntified with all of the assets of the rema ining useful life, and should therefore be the start of the lease to lease the rema ining useful life of assets as depreciati on period; If you can no t reas on ably determ ine whether the lease to the lessee at the end of the lease own ership of the assets to be made to the lease period and the rema ining useful life of the leased asset in the shorter of the two as the depreciati on period.5, the acco un ti ng treatme nt of complia nee costsMany types of complia nee costs, re nt for the financing of fixed assets improved expe nditure, tech ni cal advice and service charges, fees should be in creased staff tra ining credited to the exte nsion of shari ng costs, debit l on g-term prepaid expe nses, and accrued expe nses , ma nu facturi ng costs, ma nageme nt fees and other subjects, the fixed assets regular maintenan ce, in sura nee, etc. can be directly charged to expe nse in the curre nt period, debit ma nu facturi ng costs, and operat ing expe nses and other subjects, credited to ba nk deposits, wait un til the subjects.6, or the acco un ti ng treatme nt of re ntSince the rent or the amo unt of un certa in ty, un able to adopt a rati onal approach to its system for shar ing, in the actual eve nt, debit ma nu factur ing costs, and operat ing expe nses and other subjects, credited to ba nk and other subjects.7, at the end of the lease acco un ti ng treatme ntAt the end of lease, the tenant on the lease is usually the dispositi on of the assets of three circumsta nces:(1) , the retur n of the leased asset. Debit l on g-term payables - to finance leases, and accumulated depreciati on subjects, credited fixed assets - fixed assets finan ced by leas ing all subjects.(2) , re newable lease con cessi on assets. If the lessee to exercise the right to chooseren ewable con cessi on, the lease shall be deemed to have bee n made the prese nee