1、关于融资租赁初步探究A PRELIMINARY STUDY ON FINANCING AGREEMENT Class092Zhou Mingzhang 5301109102Zhang Weiping 5301109094Zhu Shuqiao 5301109104Liu Bolin 5301109070Liu Xudong 5301109072 Prof Nike November 19, 2011Contents THE FINANCING AND FINANCING AGREEMENTS 1A The definition and characteristics of financing
2、1B Overview of financing agreement 1 AN OVERVIEW OF LEASING CONTRACTS AND ITS CHARACTERISTICS 2A The definition of finance leases 2B The characteristics of finance leases 2C Overview of financial leasing contracts 3 THE CLASSIFICATION OF FINANCE LEASES 4A Simple finance lease 4B Leveraged finance le
3、ase 4C Commissioned finance lease 4D Project finance leases 5E Operating lease 5F International transferring finance lease 5 THE RIGHTS AND OBLIGATIONS OF THE PARTIES OF THE FINANCE LEASE CONTRACT 6A Rights and obligations of the seller 6B Rights and obligations of the lessor 6C Rights and obligatio
4、ns of the lessee 8 THE APPLICATION OF FINANCE LEASE IN CHINA AND SEVERAL COMMON PROBLEMS 9A The ownership of lease financing 9B How to deal with the leasing object defects 9C The study of the problems of the object storage, use and damage 10 THE FINANCING AND FINANCING AGREEMENTSA The definition and
5、 characteristics of financingIn broad terms, financing, also known as the financial or monetary intermediation of funds, is the behavior that parties try to raise money from financial markets or lend money through a variety of ways. In a narrow sense, that is the behavior and processes of a business
6、 finance funding.According to the fact whether it has financial intermediation of corporate or not, finance is divided into two ways: direct financing and indirect financing.Direct financing is not subject to any financial intermediary, but the corporate lack funds borrows money directly in consulta
7、tion with the companies own surplus funds for lending, or get money through joint ventures and other securities like corporate bonds, stocks or internal financing. Indirect financing is conducted through the medium of financial institutions, such as bank credit, non-bank financial institutions, cred
8、it, entrusted loans, financial leasing or project finance loans and so on.Advantages of direct financing are that it can lead to a rapid flow of capital, that it costs little and that it is restricted less by law. Its defect is that the demands of transaction financing and investing skills of the tw
9、o parties are both high. Sometimes it requires the parties to meet for a deal.Compared with the direct financing, indirect financing can make the most use of economies, reduce cost risk and diversify debt through financial intermediaries. However, it is a necessary way to achieve the target to be a
10、large modern enterprise and is an essential means of financing, so that the two kinds of financing can not be neglected.B Overview of financing agreementFinancing agreement is the agreements that both sides of financing establish, change or terminate relation of funding.At present, financing agreeme
11、nt often used in China is the finance lease contract, named that the lessor purchases the goods from the seller according to the lessees options to the seller and the lease, then provides to the lessee, the lessee pays the rent contract. AN OVERVIEW OF LEASING CONTRACTS AND ITS CHARACTERISTICSA The
12、definition of finance leasesFinance lease, also known as financial lease, is that the lessor buys the goods from the seller according to the lessees choices of the supplier and the subject matter(the lease), and then leased to the lessee to use. B The characteristics of finance leasesAccording to th
13、e application in our life, I think that the main features of leasing is that as the leases ownership is a form of the lessor to control the risks that the lessee pays the rent, which could eventually be transferred to the lessee in the end of the contract, the purchase of leased items should be sele
14、cted by the lessee, and the lessee should be responsible for maintenance, while the lessor provides only financial services.Most people holds the view that finance leases can be grouped into five general characteristics of areas:1. The lessee can choose the lease freely; the lessor financed the purc
15、hase and leased to the lessee who can only be leased to a business use in the lease period.2. The lessee is responsible for inspection and acceptance of equipment provided by the manufacturer, the lessor does not make a guarantee of the quality of the equipment and technical conditions to the lessee
16、.3. The lessor retains the title to the equipment during the period while the lessee pays rent to get the right to use, and the lessee is responsible for the management of lease equipment, repair and maintain it.4. Lease contract once signed, either party shallnt be entitled to rescind the contract
17、unilaterally during the lease period. Only equipment damage or loss of use value has been proven to be the case one can suspend execution of the contract. He who breaches contract with no reason will have to pay very heavy fine.5. At the end of the lease, the lessee usually has three options to stay
18、 on the equipment, purchase, renewal or surrender, if he decides to stay purchase, the lease purchase price can be negotiated.While some scholars have also advocated that financing is the core but material is a means of financing in a finance lease, that the subject of a financing leasing is particu
19、lar, that the particularity of the object matter of leasing and that full settlement and that other legal characteristics.C Overview of financial leasing contractsI believe that there are three main parties for finance lease contract, who are the lessor (the buyer), the lessee and the seller (suppli
20、er). The lessee requires the lessor to buy him the necessary equipment for, and he will get the equipment directly from the supplier.Compared with other contracts, finance lease contract has the following characteristics:1. Different from the contract for the sale, the seller in the financing contra
21、ct has to deliver the subject matter and fulfill obligation of assurance liability in flaw to the leasee, not to the buyer (lessor), named that the lessee enjoys the rights of the buyer but does not undertake his obligation.2. With the lease contract is different from finance lease contract, the les
22、sor does not pay the maintenance and warranty obligations for the lessee but the lessee shall fulfill the obligation of rent.3. According to the agreed payment amount and payment of the price, financing lease contract permits the lessee to choose to acquire its ownership or return the lease to the l
23、essee, named that if the lessee is willing to pay for the lease, he can get ownership of the lease, but if only paid rent during the contract period the lease shall returned to the lessor when the time expires. THE CLASSIFICATION OF FINANCE LEASESAs the finance lease is a lease transferring all or m
24、ost of the risks and rewards of the ownership of an asset, the ultimate ownership of assets can be transferred or not. According to the characteristics of a finance lease, I think that it can be divided into the following categories:A Simple finance leaseSimpel finance lease means that the lessee ch
25、ooses the leased items to purchase, then the lessor lease them to the lessee after a risk assessment of the object.Throughout the lease period the lessee owns the right to use but not its ownership, and the lessee is responsible for the maintenance and repair of rental items. The lessor assumes no r
26、esponsibility for the quality of the object of lease, but responsibility of equipment depreciation stands by the lessee side.B Leveraged finance leaseSimilar to bank loans, the practice leveraged leases are led by a leasing company as the backbone primarily, then financing for a large project. Becau
27、se of the advantages of tax benefits, operating normative, pretty efficiency, security rent recovery and low cost, this lease is generally used in aircraft, ships, communications equipment and large complete sets of equipment leasing.C Commissioned finance leaseIn our real life, entrusted financing
28、mainly showed in two ways, one is to have money or equipment which is entrusted to non-bank financial institutions engaged in financial leasing, so that the lessor is also the first client, and the second is also a trustee of the lessor. The lessor accepts the clients funds or lease of the subject m
29、atter, and try to do some financial leasing business for a specified principal according to the clients written authorization of the lessee. The subject matter of the lease term belongs to the client, the lessor only charge a fee, not to take risks. A major feature of this commission is that the bus
30、iness which does not get the right can borrow power to operation. The e-commerce just regards commission lease as a business platform.The second approach is that the lessor or a third person is commissioned to by the lessee the lease, and then the lessor pay for the purchase under the contract, whic
31、h also known as commissioned purchase finance lease.D Project finance leasesProject financing, also known as project loans, which points to the loans provided for a specific project. Project finance lease is that the lessee ensure it by their own property and company efficiency in order to signed a
32、leasing contract with the lessor, while the lessor owns no recourse outside the lessees property and the project proceeds, then the rent charged to the project only cash flow and to determine the effectiveness of the lease. Sellers take their own way to promote their products by their holding companies, even expand their market share. Communications equipment, medical equipment, transport equipment and even the power to operating the highway can use this form. Others also include the return type lease, also known as sale and leaseba
