国际商务管理 Topic 13-14

Short-term:
o o o o o Bank overdraft Bank loan Leasing Credit card Trade credit
Factors affecting the choice of funds
Costs of the fund
Use or purpose of funds Status and size of the business Financial situations of a firm Gearing condition of the firm
Internal sources of funds
Profit: after-tax profit
Depreciation: the financial provision for the replacement of worn-out machinery and equipment Sales of assets: to sell off assets to raise funds
Topic 13
Financial Management: Sources of Funds
Time arrangement: 2 periods Aims:
To learn the major sources of funds for business, including internal and external sources, as well as the key factors affecting the choice of funds To master some useful phrases and expressions concerning business activity in English
Characteristics
In order to qualify as an operating lease,the transaction must meet the following requirements: • The lease term is less than 75 percent of the estimated economic life of the equipment. • The present value of lease payments is less than 90 percent of the equipment's fair market value. • The lease cannot contain a bargain purchase option (i.e., purchase option for less than the fair market value). • Ownership is retained by the lessor during and after the lease term
Operating ng
经营性租赁又称服务租赁、管理租赁或操作性租赁。它是一种 以提供租赁物件的短期使用权为特点的租赁形式，通常适用于 一些需要专门技术进行维修保养、技术更新较快的设备。在经 营性租赁项下，租赁物件的保养、维修、管理等义务由出租人 负责，承租人在经过一定的预告期后，可以中途解除租赁合同。 每一次交易的租赁期限大大短于租赁物件的正常使用寿命。对 出租人来说，他并不从一次出租中收回全部成本和利润，而是 将租赁物件反复租赁给不同的承租人而获得收益，因而，在这 个意义上说，有人称之为“非全额清偿租赁”，将融资租赁称 为“全额清偿租赁”。国际海运中常用的租船合同形式----程 租，船只、船员均由船东负责提供，一切管理、维修、保险等 义务均由船东负责，从性质上看，程租就属于经营性租赁。我 们日常生活中所见的出租车、船等，也属于经营性租赁的范畴。
从税收筹划的角度来说，融资租赁相对税负要小一些，根据我 国《企业所得税暂行条例实施细则》规定，即“融资租赁发生 的租赁费不得直接扣除。承租方支付的手续费，以及安装交付 使用后支付的利息等可在支付时直接扣除”。因此，融资租赁 设备可以计提折旧并在税前扣除，而租赁费高于折旧的差额也 可以税前扣除。如果企业是通过银行贷款或借款来支付的情况 下，其利息同样可以在税前列支。而从另一方面考虑，根据我 国《增值税若干具体问题的规定》，融资租赁业务，无论租赁 的货物的所有权是否转让给承租人，均不征收增值税。
Definition
An operating lease is a lease whose term is short compared to the useful life of the asset or piece of equipment (an airliner, a ship etc.) being leased. An operating lease is commonly used to acquire equipment on a relatively short-term basis. Thus, for example, an aircraft which has an economic life of 25 years may be leased to an airline for 5 years on an operating lease.
所以说融资租赁对租赁双方在税收上都有相对的优惠条件，也 是现在世界上多数国家企业所采用的方式，但是在具体操作时， 不能只考虑税收因素，采取哪重方式最稳妥、节省，就应该选 择哪种方式。
Why need funds
To start a business as initial expenditure To fund continuous business activities and money flowing To expand the business
Characteristics
the lessee (customer or borrower) will select an asset (equipment, vehicle, software); the lessor (finance company) will purchase that asset; the lessee will have use of that asset during the lease; the lessee will pay a series of rentals or installments for the use of that asset; the lessor will recover a large part or all of the cost of the asset plus earn interest from the rentals paid by the lessee; the lessee has the option to acquire ownership of the asset (e.g. paying the last rental, or bargain option purchase price);
Key words and phrases
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Sources of funds Initial expenditures Depreciation Overdraft 透支 Credit card Leasing Operating leasing 经营性租赁 Finance leasing 融资性租赁 Share capital 股票性资本 Loan capital 借款性资本 Ordinary shares 普通股 Preference shares优先股
Comparison
A finance lease differs from an operating lease in that:
in a finance lease the lessee has use of the asset over most of its economic life and beyond (generally by making small 'peppercorn' payments at the end of the lease term). In an operating lease the lessee only uses the asset for some of the asset's life. in a finance lease the lessor will recover all or most of the cost of the equipment from the rentals paid by the lessee. In an operating lease the lessor will have a substantial investment or residual value on completion of the lease. in a finance lease the lessee has the benefits and risks of economic ownership of the asset (e.g. risk of obsolescence, paying for maintenance, claiming capita allowances/depreciation).
Finance leasing
《企业所得税税前扣除办法》第三十九条纳税人以融资租赁 方式从出租方取得固定资产，其租金支出不得扣除，但可按规 定提取折旧费用。融资租赁是指在实质上转移与一项资产所有 权有关的全部风险和报酬的一种租赁。符合下列条件之一的租 赁为融资租赁： （一）在租赁期满时，租赁资产的所有权转让给承租方； （二）租赁期为资产使用年限的大部分（75％或以上）； （三）租赁期内租赁最低付款额大于或基本等于租赁开始日 资产的公允价值。