1, direct financing lease
Direct financing lease means that the lessee chooses the leased property to buy, and the lessor rents the leased property to the lessee after evaluating the risk of the leased property. During the whole lease period, the lessee has no ownership, but enjoys the right to use, and is responsible for repairing and maintaining the leased items.
Suitable for purchasing fixed assets and large equipment; Technological transformation and equipment upgrading of enterprises.
Operation process of direct financing lease:
(1) The lessee selects suppliers and leased items;
(2) The lessee applies to the financial leasing company for financial leasing business;
(3) Financial leasing companies and lessees conduct technical and commercial negotiations with suppliers;
(4) The financial leasing company signs a financial leasing contract with the lessee;
(5) The financial leasing company signs a sales contract with the supplier to purchase the leased property;
(6) The financial leasing company pays the funds raised in the capital market to the suppliers as loans;
(7) The supplier delivers the lease item to the lessee.
(8) The lessee pays the rent on schedule;
(9) When the lease expires and the lessee performs the contract normally, the financial leasing company transfers the ownership of the leased property to the lessee.
2. Rent-back
Sale-and-leaseback is a leasing mode in which the lessee sells the self-made or purchased assets to the lessor and then rents them back from the lessor for use. During the lease period, the ownership of the leased asset is transferred, and the lessee only has the right to use the leased asset. Both parties may agree that the lease term expires and the lessee continues to lease or the lessee repurchases the leased assets at the agreed price. This way is conducive to the lessee to revitalize existing assets, and can quickly raise funds needed for enterprise development to meet market demand. For more questions about financial leasing companies, you can find professional consultants for consultation on the service trading platform of Billion Bee Enterprise.
Suitable for enterprises with insufficient liquidity; New investment projects and enterprises with insufficient self-owned funds; Enterprises with rapidly increasing assets.
Operation process of sale and leaseback:
(1) The original equipment owner sold the equipment to the financial leasing company.
(2) The financial leasing company pays the payment to the original equipment owner.
(3) The original equipment owner, as the lessee, rents back the sold equipment from the financial leasing company.
(4) The lessee, that is, the owner of the original equipment, pays the rent to the lessor (financial leasing company) on a regular basis.
3. Leveraged leasing
Leveraged leasing, similar to syndicated loans, is a kind of financial leasing with tax incentives, mainly led by a leasing company as a backbone company to finance a super-large leasing project.
First, set up an operating organization independent of the main body of the leasing company-set up a fund management company for this project to provide more than 20% of the total project amount, and the rest of the funds mainly come from absorbing idle hot money from banks and society, and use the leverage of "two treasures and eight treasures" to enjoy the low tax revenue of 100% to obtain huge funds for the leasing project. Other practices are basically the same as financial leasing, but the complexity of the contract increases because of its wide coverage.
Because it can enjoy preferential tax, standardized operation, good comprehensive benefit, safe rent recovery and low cost, it is generally used for financial leasing of aircraft, ships, communication equipment and large complete sets of equipment.
4. Entrusted lease
Entrusted lease means that the owner of funds or equipment entrusts a non-bank financial institution to engage in financial leasing, and the first lessor is also the principal and the second lessor is also the trustee. The lessor accepts the principal's funds or leases the subject matter, and handles the financial leasing business with the lessee designated by the principal according to the written entrustment of the principal. During the lease period, the ownership of the leased property belongs to the principal, and the lessor only charges the handling fee and does not bear the risk. A major feature of this kind of entrusted lease is that enterprises without lease rights can "borrow" to operate.
Step 5 sublet
Refers to the financial leasing business with the same subject matter as the subject matter. In the sublease business, the lessee of the previous lease contract is also the lessor of the next lease contract, which is called sublease. The sublessor rents the leased property from other lessors and sublets it to a third person. The sublessor aims to collect the rent difference, and the ownership of the leased property belongs to the first lessor. Sublease involves at least four parties: equipment supplier, first lessor, second lessor (first lessee) and second lessee. Sublease involves at least three contracts: purchase contract, lease contract and transfer lease contract.
6. Structured * * * exclusive lease
Structured * * * Enjoy the lease means that the lessor purchases the lease item from the supplier according to the lessee's selection and designation of the supplier and the lease item, and provides it to the lessee for use, and the lessee pays the rent as agreed. Among them, the rent is calculated and agreed on the basis of the cash flow generated by the leased property itself after it is put into production, which is a leasing method in which the lessor and the lessee enjoy the benefits of the leased project. The rent is divided into purchase cost, related expenses (such as capital cost) and the expected income level of the project shared by the lessor.
7. Risk leasing
The lessor leases the equipment to the lessee in the form of lease creditor's rights and investment, in order to obtain the rental and shareholder's equity income as the return on investment. In this kind of transaction, the rent is still the main return of the lessor, generally accounting for 50% of the total investment; Secondly, the equipment residual value income, generally not more than 25%, these two benefits are relatively safe and reliable. The rest shall purchase the common equity of the lessee at a set price within a certain period agreed by both parties. This commercial form has opened up new investment channels for high-tech and high-risk industries.
The lessor leases the equipment to the lessee and obtains the shareholders' rights and interests corresponding to the equipment cost. In fact, it is a new form of financial leasing with part of the lessee's shareholders' rights and interests as the lessor's rent. At the same time, the lessor, as a shareholder, can participate in the management decision of the lessee, which increases its influence on the lessee.
Risk leasing brings benefits that ordinary financial leasing cannot bring, thus satisfying the different preferences of both parties for risks and benefits.
(A) the advantages of the lessee
1. Better financing channels. The lessee of risk lease is a risk enterprise. Because of its short operating history and lack of funds, banks generally hesitate to lend, so there are fewer financing channels and the financing cost of general channels is higher. Venture leasing can be an important means of financing.
2. Transfer risks. That is, part of the risk of shareholders' equity has been transferred to the lessor, and even if the lessor's shareholders' equity can't get income, the lessor has no right to ask for other compensation. If mortgage loans are used, banks often require all the assets of the company as collateral. Once the company fails to repay the loan on time, its survival will be difficult to guarantee. The obligation to pay rent in risk leasing is only to "guarantee" the leased equipment, and the risks faced by the lessee are relatively small.
3. Improve the return on investment. The remuneration of company managers is often based on the return on investment, and the use of venture leasing will relatively reduce the company's investment, thus improving the return rate and making managers get higher remuneration.
4. Less control. Compared with traditional venture capital, venture leasing investors do not seek a high degree of control over the assets and management of the investment object, even if they send representatives to the board of directors of venture enterprises, they do not seek voting rights, which makes some companies more inclined to venture leasing.
(2) Advantages of the lessor
Although there are certain risks in serving venture enterprises, the lessor can get enough income to make up for the risks:
1. Higher returns. If the lessee operates well, the lessor can get the premium income of shareholders' equity, which is 5%- 10% higher than that of ordinary lease transactions, or even higher.
2. Flexibility in dealing with benefits. Once the lessee successfully operates and goes public, the lessor can either sell the stock options obtained from the lessee to realize it, or hold shares to obtain dividend income.
Even if the lessee goes bankrupt, the lessor can get some compensation from the disposal of the leased equipment. Moreover, there is more than one general risk lessor, and the bankruptcy of a lessee will not bring very huge unbearable losses to the lessor.
4. Expand the business scope of the lessor and improve its competitiveness and market share.
8. Bundled financial leasing
Also known as Sansan financial leasing. 33. Financial leasing means that the lessee's down payment (deposit and down payment) is not less than 30% of the price of the leased property, and the manufacturer receives insufficient payment when delivering the equipment, generally around 30%, and the balance is paid in installments within half of the lease period, while the financing intensity of the leasing company is almost 30%. In this way, the manufacturer, the lessor and the lessee each bear certain risks, and fate and interests are "tied" together, changing the previous situation that all risks were borne by the lessor alone.
9. Financing operation lease
Financing operating lease means that the residual value exceeds 10% when calculating the rent based on financing lease. At the end of the lease term, the lessee can choose to renew the lease, withdraw the lease or keep the purchase. The lessor may or may not provide maintenance for the lease item, and the lessor shall extract depreciation from the lease item in accounting.
Operation process of financing operation lease:
(1) The lessee selects the supplier and the leased property;
(2) The lessee signs a financial leasing contract with the financial leasing company;
(3) The financial leasing company signs a sales contract with the supplier, purchases the leased property and pays the payment to the supplier;
(4) The supplier delivers the lease item to the lessee;
(5) The lessee pays the rent on schedule;
(6) At the expiration of the lease term, the lessee shall perform all contractual obligations and withdraw the lease, renew the lease or keep the purchase as agreed;
(7) If the lessee withdraws the lease, the residual value of the leased property shall be handled, such as renting or selling the leased property in the second-hand equipment market.
10, project financing lease
In order to ensure the property and income of the project itself, the lessor has no recourse to the property and income outside the lessee's project when signing the project financing lease contract with the lessor, and the rent collection can only be determined by the cash flow and income of the project. The seller (that is, the manufacturer of leased goods) uses this method to promote products and expand market share through the leasing company controlled by himself. This method can be used in communication equipment, large-scale medical equipment, transportation equipment and even highway management rights.
The main risk that the lessor has to face is the risk that the rent cannot be recovered. There are two main reasons for this risk: first, the operation of the project itself failed; Second, the lessee's credit is not good.
In order to prevent risks, the lessor may take the following measures:
(1) Do a good job in project evaluation. In the early stage of the project, the lessor should make an all-round scientific evaluation of the overall situation and future of the project, including predicting the future market demand changes and profitability of the project, and evaluating the lessee's future rent repayment ability. The expected rate of return of the finally selected project should be determined to ensure that the lessor can recover the rent;
(2) Flexible rent design. When calculating the rent, it is necessary to combine the normal cash flow of the project and the possible risks during the operation period of the project to ensure that the final rent can be recovered smoothly;
(3) Monitor the financial status of the project during its operation period. During the operation of the project, the lessor shall monitor the operation and financial status of the project on schedule. If the lessee fails to repay the rent on schedule, it must find out the reasons, judge whether it is caused by the real and objective operation of the project or the credit risk of the lessee, and prevent the lessee from deliberately defaulting or not paying the rent by taking advantage of the credit risk.
1 1. Structured participation in financial leasing
This is a new way of financial leasing with promotion as the main purpose. It absorbs part of the experience of risk leasing and develops a new leasing product in combination with the characteristics of the industry. The main features are: financing does not need guarantee, and the lessor is composed of suppliers; There is no fixed rent agreement, but the financing recovery is calculated according to the lessee's discounted cash flow method; Therefore, there is no fixed lease term; The lessor not only gets the rental income, but also gets the operating income that he has participated in for several years.
It includes three stages: capital injection, rental return and return. Among them, the capital injection mode in the capital injection stage is the same as that in the conventional financial leasing; In the leaseback stage, the cash flow of the project is distributed between the lessor and the lessee according to a certain proportion, for example, 70% is distributed to the lessor for leaseback and 30% is kept by the lessee.
The payback stage means that after the lease cost is completely reduced, the lessor enjoys a certain number of years of capital return, and the rate of return is extracted according to the proportion of cash flow. At the end of the payback period, the ownership of the leased property is transferred from the lessor to the lessee, and the whole project financing lease is over. Structured participation in financial leasing is similar to the well-known BOT mode.
12, sales lease
Manufacturers or circulation departments promote their products through financial leasing through leasing companies owned or controlled by them. Relying on the parent company, these leasing companies can provide customers with various services such as repair and maintenance. The seller and the lessor are actually a family, but they belong to two independent legal persons.
In this kind of sales lease, the leasing company, as an intermediary of financing, trade and credit, independently bears the risk of rent recovery. Through comprehensive or specialized leasing companies to adopt the way of financial leasing and cooperate with manufacturers to promote products, the occurrence of accounts receivable and triangular debts of manufacturers can be reduced, which is conducive to dispersing bank risks and promoting commodity circulation.