What are the risks of financing lease for SMEs? How to avoid it?

With the release of the national entrepreneurship support policy, a large number of small enterprises have been hatched, and the number of medium-sized enterprises is increasing. Small and medium-sized enterprises have become the backbone of China's social economy, and the market demand for financial leasing is gradually rising. At the same time, relevant laws and regulations have also begun to take action to supervise the financial leasing of SMEs. This paper will elaborate the risks of financial leasing for small and medium-sized enterprises, hoping to help everyone. I. Overview of Financial Leasing Financial leasing is also called equipment leasing. The concept of financial leasing is defined in Accounting Standards for Business Enterprises No.265438 +0- Lease (2006) issued by the Ministry of Finance of China: "Financial leasing refers to leasing that has actually transferred all risks and rewards related to asset ownership. After the lease expires, the ownership of the leased subject matter may or may not be transferred. " Financial leasing is a new financing method, which actually transfers the risks related to asset ownership, and becomes a particularly important financing method in western developed countries, which is helpful to solve the financing problems that have long plagued western SMEs. In China, due to the immature development of financial institutions, it is difficult for many small and medium-sized enterprises to raise funds through the securities market. At the same time, due to the size and credit rating of banks, it is difficult to obtain loans from banks. Even if you successfully get a loan from a bank, the cost and interest expenses of applying for a loan are high. The financial leasing is to finance a project, which is only based on the income of the project and will not involve the property and income outside the project. This financing method has simple procedures and less additional restrictions than bank loans, and can provide financing amount equal to or even exceeding the price of the leased property (because it includes freight and insurance, etc.). ), which can effectively save financing costs. Second, the problems of small and medium-sized enterprises to carry out financial leasing In China, because the financial leasing industry started late, the relevant laws and policies are not perfect, the financial leasing institutions are not perfect, and the SMEs' understanding of financial leasing is not comprehensive, which leads to the financial leasing not playing an important role in the financing of small and medium-sized enterprises. (A) financial leasing has not yet formed a sound legal system. After the introduction of financial leasing in China, operating leasing and financial leasing were defined in the Contract Law, and the distribution of rights and obligations among lessor, lessee and seller in financial leasing was clarified. The rules and regulations issued by the Ministry of Commerce, China Banking Regulatory Commission and State Taxation Administration of The People's Republic of China respectively stipulate the market entry threshold, risk control and exit standards of financial leasing companies, which provide a legal basis for China's financial leasing industry to some extent. But at the same time, because the contract law belongs to the creditor's rights law in nature, it does not involve the registration, types and management of the leasing market, which makes the contract law play a limited role in regulating the financial leasing industry. However, the legislative authority of the Ministry of Commerce, the China Banking Regulatory Commission and other departments is limited, and their provisions on financial leasing are only used as notices or departmental regulations, which are not legally binding. Legal defects inevitably infringe on the legitimate rights and interests of leasing companies in China and greatly restrict the development of financial leasing industry in China. (2) Lack of preferential policies. In developed countries such as the United States, investment tax credit policy and accelerated depreciation system are generally implemented to promote the development of financial leasing business, but China has not introduced relevant policies, which has affected the enthusiasm of small and medium-sized enterprises to enter the financial leasing market. At the same time, due to the lack of government credit policy, the financing channels of financial leasing companies are difficult to smooth, which leads to the financial leasing companies having to give up some projects with great development potential and miss development opportunities. At the same time, it also puts forward many requirements for small and medium-sized enterprises with insufficient funds, which improves the threshold for small and medium-sized enterprises to enter the financial leasing market. (3) SMEs have a weak awareness of financial leasing. At present, among the financing methods chosen by SMEs in China, endogenous financing and bank loans account for more than 80%, while the utilization rate of other financing methods such as financial leasing is only about 8%. One of the reasons is that the research on financial leasing in China started late, and there is no systematic theoretical research and market promotion. Small and medium-sized enterprises do not have a deep understanding of this model and its advantages, so there is no large-scale application. Second, influenced by the traditional business philosophy, SMEs generally have a misunderstanding, that is, they must have it before they can use it. This inexplicable paranoia about ownership makes them habitually raise funds before buying new machinery and equipment, but they are unwilling to use the new mode of financial leasing. At the same time, due to the poor operating stability of small and medium-sized enterprises, financial leasing companies often default on rent, which brings great risks to financial leasing companies and restricts their investment enthusiasm. (D) Lack of feasibility study on financing projects. Feasibility analysis of the project is the key to the success of the project. In general, some perfect financial analysis methods will be used in feasibility analysis, such as net present value method, internal rate of return method, dynamic payback period method and so on. At the same time, it is a dynamic process to collect data from the same industry to predict the profitability in the next five years or even 65,438+00 years. Only a comprehensive analysis and evaluation of the project can improve the profitability of the project. However, most small and medium-sized enterprises in China do not have professional financial analysts, simply use static payback period or collect some data that can not effectively support the viewpoint, and even ignore the feasibility analysis of the project, which leads enterprises to draw wrong conclusions and affects the efficiency of using financial leasing. The failure of the project will lead to its questioning of the financial leasing model and hinder the development process of financial leasing for small and medium-sized enterprises. Third, the countermeasures to improve the financial leasing of small and medium-sized enterprises (1) Improve legislative supervision and increase policy support 1. Improve legislative supervision. If you don't follow the rules, you can't go to Fiona Fang. The law can clarify the rights and obligations of economic subjects and protect the rights and interests of both parties. For China in the period of economic transition, the role of law in economic development is more prominent. As mentioned above, the financial leasing industry in China has not yet had a complete and unified law. Since March 2004, China Ministry of Commerce, China Banking Regulatory Commission and State Taxation Administration of The People's Republic of China began to draft the Financial Leasing Law, but it has not yet been formally implemented. Laws should be promulgated as soon as possible, which can really play a role, clarify the rights and obligations in the process of financial leasing transactions, set up a unified market access threshold, implement unified supervision over the financial leasing industry, change the situation of multi-head management, and put an end to all kinds of unfairness and subjective manipulation. 2. Increase policy support. First, small and medium-sized enterprises are allowed to accelerate equipment depreciation according to their own conditions. If small and medium-sized enterprises can accelerate the depreciation of equipment, they can delay paying taxes without affecting the total tax revenue, thus reducing the outflow of cash net present value and alleviating the financial difficulties of small and medium-sized enterprises in the initial stage of the project; Secondly, allowing rent pre-tax deduction can reduce the tax expenditure of small and medium-sized enterprises, on the other hand, it can also encourage small and medium-sized enterprises to use financial leasing to obtain the necessary equipment and technology, which greatly promotes the popularization of financial leasing in small and medium-sized enterprises; Finally, it is not only in line with the national policy and development trend, but also can promote the development of financial leasing by giving certain financial subsidies to the financial leasing projects of industries encouraged by the state to support their financial leasing business for small and medium-sized enterprises. (2) Establish the concept of using financial leasing. Small and medium-sized enterprises should accept new ideas, change their concepts, establish the right to use and the new concept of "renting before buying, often renting and often innovating", and learn from other small and medium-sized enterprises with experience in financial leasing. Once more and more small and medium-sized enterprises taste the sweetness of financial leasing, financial leasing will be more widely developed among small and medium-sized enterprises in China. Small and medium-sized enterprises should also standardize their own behavior, adopt scientific and perfect methods such as project net present value, carefully analyze the feasibility of financial leasing projects, and reduce the risk of financial leasing. At the same time, small and medium-sized enterprises should put an end to malicious rent arrears and ensure the sustainable development of the financial leasing industry. Financial leasing companies should also take into account the practical difficulties of small and medium-sized enterprises, while ensuring their own operating profits, they should also appropriately reduce the rents of small and medium-sized enterprises, so as to avoid the inability of small and medium-sized enterprises to repay bankruptcy because of high rents, and ultimately the financial leasing companies will inevitably suffer losses. (C) Training comprehensive talents financial leasing employees is the executor and supervisor of the implementation of various management systems within the company. The quality of a company's business activities is closely related to the quality of its employees. The financial leasing industry involves many industries and disciplines, and the demand for highly knowledgeable and capable management talents is more urgent. Therefore, the financial leasing industry should improve the understanding of talent training in the leasing industry and develop and train financial leasing talents in various ways. Actively attract comprehensive talents in finance and law to ensure that the professional level of employees can meet the needs of business development. At the same time, we should pay attention to the cultivation of talents, set up various training methods, improve the professional level of employees, especially the awareness of risk, the consciousness of implementing national financial laws and regulations, and the comprehensive business ability of employees in finance, law and management, reduce decision-making mistakes and promote the development of the industry. The financial leasing risk of small and medium-sized enterprises, the above detailed analysis of the current risks and put forward solutions. While the government continues to improve the legal system of financial leasing and provide preferential policies such as taxation, small and medium-sized enterprises should also work with financial leasing enterprises to improve their own quality, purify the market environment and optimize the market order.