中小企业融资的英文文献

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中小企业融资渠道中英文对照外文翻译文献

中小企业融资渠道中英文对照外文翻译文献Title: Financing Channels for Small and Medium-sized Enterprises: A Comparative Analysis of Chinese and English LiteratureIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, they often face challenges in accessing finance due to limited assets, credit history, and information transparency. This article aims to provide a comprehensive analysis of financing channels for SMEs, comparing existing literature in both Chinese and English.1. Overview of SME Financing Channels:1.1 Bank Loans:Traditional bank loans are a common financing option for SMEs. They offer advantages such as long-term repayment periods, lower interest rates, and established banking relationships. However, obtaining bank loans may be challenging for SMEs with insufficient collateral or creditworthiness.1.2 Venture Capital and Private Equity:Venture capital (VC) and private equity (PE) attract external investments in exchange for equity stakes. These financing channels are particularly suitable for high-growth potential SMEs. VC/PE investors often provide not only financial resources but also expertise and networks to support SMEs' growth. However, SMEs may face challenges in meeting the stringent criteria required by VC/PE firms, limiting accessibility.1.3 Angel Investment:Angel investors are wealthy individuals who provide early-stage funding to SMEs. They are often interested in innovative and high-potential ventures. Angel investments can bridge the funding gap during a company's initial stages, but SMEs need to actively seek out and convince potential angel investors to secure funding.1.4 Government Grants and Subsidies:Governments offer grants and subsidies to support SMEs' business development and innovation. These resources play a pivotal role in ensuring SMEs' survival and growth. However, the application process can be cumbersome, and the competition for these funds is usually high.1.5 Crowdfunding:Crowdfunding platforms allow SMEs to raise capital from a large poolof individual investors. This channel provides opportunities for SMEs to showcase their products or services and engage directly with potential customers. However, the success of crowdfunding campaigns depends on effective marketing strategies and compelling narratives.2. Comparative Analysis:2.1 Chinese Literature on SME Financing Channels:In Chinese literature, research on SME financing channels focuses on the unique challenges faced by Chinese SMEs, such as information asymmetry, high collateral requirements, and insufficient financial transparency. Studiesemphasize the importance of government policies, bank loans, and alternative financing channels like venture capital and private equity.2.2 English Literature on SME Financing Channels:English literature encompasses a broader range of financing channels and their implications for SMEs worldwide. It highlights the significance of business angel investment, crowdfunding, trade credit, factoring, and peer-to-peer lending. The literature also emphasizes the role of financial technology (fintech) in expanding SMEs' access to finance.3. Recommendations for SMEs:3.1 Enhancing Financial Literacy:SMEs should invest in improving their financial literacy to understand different financing options and strategies. This knowledge will help them position themselves more effectively when seeking external funding.3.2 Diversifying Funding Sources:To mitigate financing risks, SMEs should explore multiple channels simultaneously. A diversified funding portfolio can help SMEs access different sources of capital while reducing dependence on a single channel.3.3 Building Relationships:Developing relationships with banks, investors, and relevant stakeholders is crucial for SMEs seeking financing. Strong networks and connections can provide valuable support and increase the likelihood of securing funding.Conclusion:Access to appropriate financing channels is crucial for the growth and development of SMEs. This analysis of financing channels for SMEs, comparing Chinese and English literature, highlights the diverse options available. By understanding the strengths and limitations of each channel, SMEs can make informed decisions and adopt strategies that align with their unique business requirements. Governments, financial institutions, and other stakeholders should continue to collaborate in creating an enabling environment that facilitates SMEs' access to finance.。

中小企业融资外文文献翻译

文献信息：文献标题：Financing of SMEs（中小企业融资）国外作者：Jan Bartholdy, Cesario Mateus文献出处：London business review,2007(9),pp43-45字数统计：英文2124单词，10802字符；中文3529汉字外文文献：Financing of SMEsAbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costsof the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding th e firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer haslittle information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers. Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing.Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view of financial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financialinstitution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financial institutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier may be able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangible assets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining thebehaviour of Short Term Bank Loans.2.3. Expensive trade credit and other loansAfter other sources of finance have been exhausted firms can delay payment on their trade credits. However, this is expensive since it involves giving up the discount and maybe incurs penalty payments. Also the use of this type of credit can have reputational costs and it may be difficult to obtain trade credit in the future. The nature of the costs, of course, depends on the number of suppliers, if there is only one supplier then these costs can be rather high whereas if the firm can obtain the same goods and services from other suppliers then these costs are not particularly high.Other debt is composed of credit card debt, car loans etc. that are dearer than bank loans. Again, the variables determining this type of debt are financial health and performance. Below, however, we do not have any good information regarding these types of loans and what they consists of thus we pay little attention to them in the empirical work.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the expected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, that proposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. Thetheory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.中文译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。

中小企业融资英文文章

中小企业融资英文文章改革开放20多年来，中国中小企业取得了长足的发展，对国民经济的作用越来越不容忽视，可以说，没有中小企业的发展，中国经济就不可能取得真正的大发展。

下面是店铺带来的中小企业融资英文文章，欢迎阅读!中小企业融资英文文章篇一中国中小企业融资新招Reports from China suggest that this technique is beginning to catch on among cash-strapped small and medium enterprises.来自中国的报道显示，这种手法在资金匮乏的中小企业当中很有市常According to the South China Morning Post, three such companies in Jiangsu province –Changzhou Shende Seamless Tube, Changzhou Dongfeng Agricultural Machinery Group, and Chang Group –have clubbed together to issue Rmb260m in joint three-year debt.据《南华早报》(SCMP)报道，中国江苏省的三家公司采用了这种方法：常州盛德无缝钢管有限公司、常州东风农机集团有限公司和新华昌集团有限公司。

这三家公司将发行2.6亿元人民币的3年期集合债券。

The three have credit ratings of triple B, triple B plus and A minus, respectively. But, due to support from the local government, their jointly issued bonds are triple A rated. So, is the dreaded collateralised debt obligation, that clever sleight of hand that helped drive the US housing market into the stratosphere, creeping into China?这三家公司的信用评级分别为BBB、BBB+和A-。

[原创]研究中小企业融资要参考的英文文献

研究中小企业融资要参考的英文文献英文图书和期刊类文献：[1]Allen N.Berger,Gregory F.Udell,“Relationship Lending and Lines of Credit in Small FirmFinance,”Journal of Business,Vol.68,no.3.(1995),pp.351-381．[2]Aghion,P.,Incomplete contracts approach to financial contracting,Review of Economics Studies,1992,Vol.59,p473-494．[3]Albertode，M.&JulioPindado.Determinants of capital structure:new evidence from Spanish Panel data[J].Journal of Corporate Finance，2001，(7):77-99．[4]A.N.Berger，ler，M.A.Petersen，R.G.Rajan，J.C.Stein，2001，“Does Function Follow Organizational Form?Evidence from the Lending Practices of Large and Small Banks”,Board of Governors of Federal Reserve SystemWorking Paper．[5]Azam,J.P.,B.Biais,M.Dia and rmal and Formal Credit Marketsand Credit Rationing in Cote D’Ivoire,Oxford Review of Economic Policy,2001,17(4),520-532.[6]Bernanke,B.S.,M.Gerler.Inside the Black Box:The Credit Channel ofMonetary Policy Transmission[J].Journal of EconomicPerspectives,1995,(9);27-48．[7]Barbosa,E.&Moraes,C.,Determinants of the Firm’s Capital Structure:theCase of the Very Small Enterprises,Working Paper from Econpapers，2003,366-358。

小微企业融资外文文献翻译

小微企业融资外文文献翻译the XXX credit to small and medium enterprises (SMEs)。

However。

micro enterprises (MEs) which are smaller than SMEs。

have been XXX。

using a path XXX finance。

such as family and friends。

due to the lack of access to formal finance。

Path dependence is also evident。

XXX finance.翻译：乌干达的小微企业融资：路径依赖和其他融资决策的决定因素XXX：Winifred XXX-XXX博士摘要：发展中国家的融资文献主要关注正规金融机构向中小型企业（SMEs）提供信贷的角色。

然而，小微企业（MEs）比SMEs更小，却被忽视了。

本文使用路径依赖框架，研究了乌干达小微企业的融资决策，识别了影响它们获得融资的因素。

研究发现，由于缺乏正规融资渠道，小微企业严重依赖非正规融资来源，如家人和朋友。

路径依赖也很明显，过去的融资决策和与非正规融资来源的关系影响了当前的融资决策。

本研究建议政策应着重改善小微企业获得正规融资的渠道，并促进金融素养，减少对非正规融资来源的依赖。

Access to credit is crucial for small and medium enterprises (SMEs) and micro enterprises。

as they are considered to be the main drivers of economic growth。

In e countries。

XXX role than SMEs。

XXX-agricultural self-XXX。

XXX due to the way they are XXX。

中小企业融资的英文文献

中小企业融资的英文文献AUtOmatiCalIy translated text:The definition Of IeaSe financingFinanCe IeaSeS (FinanCiaI LeaSing) also known as the EqUiPment LeaSing (EqUiPment LeaSing), Or modern IeaSing (MOdern LeaSing), and is essentially transfer OWnerShiP Of the assets Of all Or most Of the risks and rewards Of the IeaSe・ The UItimate OWnerShiP Of assets to be transferred, Or may not transfer・It refers to the SPeCifiC COntent Of the IeSSee to the IeSSOr Under the IeaSe ObjeCt and the SPeCifiC requirements Of the SUPPIier SeIeCtion, VendOr financing to PUrChaSe rental PrOPertyJ and the USe Of IeaSed to a IeSSeeJ the IeSSee to the IeSSOr to Pay instalments rent, the IeaSe term IeaSe OWnerShiP Of ObjeCtS belonging to the IeSSOr Of all, the tenant has the right to USe the IeaSed items・ Term expired, and finished the IeSSee to Pay rent Under the IeaSe COntraCt financing to fulfil ObIigatiOnS in full, IeaSing ObjeCtS that VeSting OWnerShiP Of all the IeSSee・ DeSPite the finance IeaSe transactions, the IeSSOrS have the identity Of the PUrChaSe Of equipment, but the SUbStantiVe Content Of the PUrChaSe Of equipment SUPPIierS SUCh as the ChOiCe Of the SPeCifiC requirements Of the equipment, the COnditiOnS Of the PUrChaSe COntraCt negotiations by the IeSSee enjoy and exercise, IeSSee IeaSing ObjeCt is essentially the PUrChaSer・，IS a finance IeaSe extension Of IOanS and trade and technology UPdateS in the new integrated financial industry. BeCaUSe Of its extension Of IOanS and COmbinatiOn Of features, there is a PrObIem in IeaSing COmPanieS Can recycling, treatment Of leasing, andSO the financing for the enterprise Credit and SeCUred the main requirement, it is Very SUitabIe for SME financing・ In addition, the IeaSing Of Sheet financing, not reflected in the financial StatementS Of the enterprise liability, does not affect the Credit StatUS Ofenterprises・ ThiS multi-channel financing needs Of SMES in terms Of it is Very beneficia1.LeaSing and financing IeaSe Of a traditional nature Of the difference is: traditional IeaSe to the tenant IeaSing the USe Of ObjeCtS Of the time rent, and finance IeaSe financing COStS to the tenant OCCUPying the time Of renta1. The market economy develops to a Certain Stage and the adaptation Of a StrOng financing, in the 1950s in the UniteCl StateS have a new type Of trading, as it adapted to the requirements Of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business UPdate equipment One Of the main means Of financing, known as the ZZ SUnriSe industry. " China in the early 1980s after the introduction Of this OPeratiOnaI modalities for OVer 10 years has been the rapid development, COmPared With developed countries, the advantages Of IeaSing is far from being PIayed out, the market POtentiaI is huge・[Edit] the main CharaCteriStiCS Of the IeaSingThe main CharaCteriStiCS Of the IeaSing is： the OWnerShiP Of ObjeCtS as IeaSing is the IeSSOr in Order to COntrOI the risk Of the tenant rent reimbursement taken a form Of OWnerShiPJ atthe end Of the COntraCt COUld eventually be transferred to the IeSSeeJ the IeaSe PUrChaSe items from IeaSe PeOPIe ChOOSeJ maintenance from the tenant responsible for the IeSSOr to PrOVide financial SerViCeS only. Rent CaICUIatiOn PrinCiPIeS are: to IeaSe the IeSSOr ObjeCtS based On the PUrChaSe price, OCCUPied by the IeSSee to the IeSSOr Of funds based On time, according to a mutually agreed rental rates・ It is essentially dependent On the traditional IeaSing financial transactions, is a SPeCiaI kind Of financial instruments・[Edit] the type Of IeaSe financing1.SimPIe financing IeaSeFinanCing IeaSe is a simple, by the IeSSee ChOOSe to PUrChaSe the rental PrOPertyJ the IeSSOr on the IeaSe PrOjeCt through risk assessment after the rental IeaSe to the IeSSee the USe Of ObjeCtS・ ThrOUghOUt the IeaSe PeriOd the IeSSee does not enjoy the right to USe the title, and is responsible for repair and maintenance Of IeaSing ObjeCtS・The IeSSOr, S IeaSe is good Or bad thing WithOUt any liability, equipment depreciation in the tenant Side・2.LeVeraged IeaSe financingLeVeraged IeaSing PraCtiCeS SimiIar to SyndiCated loans, is a SPeCialiZed IeaSing toIarge-SCaIe PrOjeCtS With the tax benefits Of IeaSe financing, mainly Ied by a IeaSing COmPany as a trunk, and for the IeaSe Of a Very Iarge PrOjeCt financing・ FirSt Set UP a IeaSing COmPany from the OPeratiOn Of the main institutions 一a PrOjeCt-based fund management COmPany Set UP PrOjeCtS to PrOVide more than 20% Of the total amount Of funds, and the remaining Part WaS the main SOUrCe Of funds banks and SOCiaI absorb idle idle funds, the USe Of IOO PerCent enjoy IOW tax benefits "in the eight Bo" IeVerage for the IeaSing PrOjeCt Iarge amount Of funds・ The remaining financing and IeaSing PraCtiCeS are basically the same, but because Of the COmPIeXity Of the COntraCt COVerS a Wide range and even greater・ AS Can enjoy tax benefits, OPerating norms, COmPrehenSiVe benefits, and recovery Of rent safe, IOW-COst, and are generally USed for aircraft, ships, COnImUniCatiOnS equipment and Iarge COmPIete SetS Of equipment IeaSe financing・miSSiOned by the FinanCial LeaSingIS a Way to have the funds Or equipmeIlt entrusted to non-bank financial institutions in the financing IeaSeJ the IeSSOr is also the first CIientJ the SeCOnd is the trustee Of the IeSSOr at the Same time・ The IeSSOr to accept the CIient, S money Or IeaSe Of the SUbjeCt matter, according to the CIient, S Written by the CIient designated for theIeSSee Of the IeaSing business・ In the SUbjeCt Of the IeaSe term IeaSe Of the PrOPerty Of the CIientJ the IeSSOr OnIy charges, not to take risks・ SUCh IeaSing COnlmiSSiOned a major CharaCteriStiC is not to IeaSe the right to OPerate the enterprise, "by the right" business・ E-COnImerCe is On the IeaSe by IeaSe rental as a business PIatfOrm.The SeCOnd is the IeSSOr Or IeSSee COmmiSSiOned by the IeaSe PUrChaSe Of a third person, the IeSSOr Under the COntraCt to Pay the PUrChaSe price, also known as COmmiSSiOned by the IeaSe PUrChaSe financing・4.PrOjeCt finance IeaSingLeSSee to PrOjeCt their OWn PrOPerty and to ensure efficiency, and the IeSSOr Signed a finance IeaSe COntraCtJ the IeSSOr to the IeSSee Of the PrOPerty and Other PrOjeCtS WithOUt recourse to the PrOCeeds, We Can OnIy rent Charged to the PrOjeCt, S CaSh flow and PrOfitabiIity to determine・ The SelIer (that is IeaSing goods manufacturers) through their holding IeaSing COmPanieS to PrOmOte their PrOdUCtS in this way, and expand market Share・ COmmUniCatiOnS equipment, medical equipment, transportation equipment, Or even the right to OPerate highway Can be USed this way. Others, including the return Of IeaSingJ also known as SaIe and IeaSebaCk financing leasing; financing to leasing, also known as the financing to IeaSing・[Edit] the risk Of IeaSe financingFinanCe IeaSeS from the risk Of many UnCertain factors, is multifaceted and interrelated, in the full UnderStanding Of the OPeratiOnaI activities Of the CharaCteriStiCS Of VariOUS risks Can be comprehensive, SCientifiC analysis Of risks to formulate COrreSPOnding measures・ The risk Of financing IeaSing main CategOrieS as follows:(1)PrOdUCt market risks・ In the market environment, regardless Of the financing lease, IOan Or investment, as IOng as the funds USed to PUrChaSe equipment Or to CarryOUt technological transformation, first Of all, ShOUld COnSider IeaSing equipment PrOdUCtS market risks, WhiCh need to know to SelI the products, market Share rate and OCCUPanCyJ PrOdUCt trends in the development Of the market, the COnSUmPtiOn StrUCtUre and the mentality Of the COnSUmerS and COnSUmPtiOn CaPaCity・ If these factors are not fully UnderStandJ the SUrVey are not careful, and may increase the market risk・(2)financial risks・ FOr the IeaSing Of a financial nature, financial risks throughout the entire business activities・ The IeSSOrJ the biggest risk is that the IeSSee is also rent capacity, it has a direct impact On the OPeratiOn Of IeaSing COmPanieS and survival, therefore, the risk Of also rent from the PrOjeCt began, it ShOUId be CaUSe for COnCern.CUrrenCy also have risks, especially international payments, methods Of payment, Payment date, time, the remittance ChanneIS and means Of Payment OPtiOnS improperly, WilI increase the risk・(3)Trade risk・ FOr the IeaSing Of a trade PrOPerties, the risks Of trade negotiations to OrderS from the acceptance testing there is a risk. The merchandise trade in the modern development Of a relatively complete, the COnlmUnity is also SUPPOrting the establishmentOf COrreSPOnding institutions and PreVentiVe measures, SUCh as a Ietter Of credit, transport insurance, COnImOdity inspection, COnimerCiaI arbitration and the risk Of Credit COUnSeling have taken PreCaUtiOnS and remedial measures, but because PeOPIe, S awareness and UnderStanding Of the risks Of different degrees, and SOme means Of a COmmerCiaI nature, COUPIed With the inexperience Of the management Of enterprises and Other factors, all Of these instruments have not been used, making trade risk StilI exists・(4)technical risks・ One Of the benefits Of IeaSe financing before Other enterprises is the introduction Of advanced technology and equipment・ In the actual COUrSe Of the OPeration, Or advanced technology, advanced technology is mature, mature technology for the IegaI rights and interests Of others, is an important risk a technical reasons・ SeriOUs, due to technical PrObIemS SO that equipment in a State OfParaIySiS・ Other risks include the economic environment, force majeure, and SO on.[Edit] the accounting treatment Of IeaSe financing[Edit], the tenant On the accounting treatment Of IeaSe financing1,the Start Of the IeaSe accounting treatmentAt the Start Of the lease, the tenant WilI USUalIy be the Start Of the IeaSe rental assets in the OriginaI book VaIUe Of the IninimUm IeaSe PaymentS and the PreSent VaIUe Of the IOWer Of the two IeaSed assets as recorded VaIUe Of the minimum IeaSe PaymentS as a long-term PayabIeS recorded VaIUeJ and the difference between the two records is not recognised financing COStS・ HOWeVerJ if the assets Of the IeaSing assets Of the enterprise SmalI PrOPOrtiOn Of the total, the tenant may be the Start Of the IeaSe in the minimum IeaSe Payment records Of assets and IOng-term rent PaymentS・ ThiS time, the "proportional" not USUalIy refers to fixed assets financed by IeaSing the IeSSee total assets total IeSS than 30% (including 30%). Under SUCh CirCUmStanCeSJ rent for the financing Of long-term assets and the determination Of the amount due, the tenant may, at its OPtiOnJ WhiCh Can be USed minimum IeaSe PaymentSJ and Can also be USed IeaSing assets in the OriginaI book VaIUe Of the IllinimUm IeaSe PaymentS and the PreSent VaIUe Of the two in the IOWer・ Then What "leasing the OriginaI book VaIUe Of assets" refers to the Start Of the IeaSe rental, as reflected in the accounts, the book VaIUe Of the IeaSed asset・LeSSee in the CalCUIatiOn Of the minimum IeaSe PaymentS at the CUrrent value, ifthe IeSSOr that the interest rate implicit in the lease, the IeSSOr ShOUId be USed as the interest rate implicit in the discount rate, OtherWiSeJ ShalI be StiPUIated in the IeaSe COntraCt interest rate as the discount rate ・ If the lessor1 S interest rate implicit in the IeaSe and rental rates StiPUIated in the COntraCt are not available, it ShOUId be USed OVer the Same PeriOd interest rates On bank IOanS as the discount rate・ WhiCh is implicit in the IeaSe rates, in the inception Of the lease, the IninimUiIl IeaSe PaymentS and the PreSent VaIUe Of the UnSeCUred POrtiOn Of the residual VaIUe Of the CUrrent VaIUe Of assets and equivalent to the OriginaI book VaIUe Of the CiiSCOUnt rate・2,the initial direct COStS Of the accounting treatmentInitiaI direct COStS refer to the IeaSe negOtiations and the Signing Of the IeaSe agreement OCCUrred in the COUrSe Of the IeaSe Can be directly attributable to the COSt Of the PrOjeCt・ LeSSee in the initial direct COStS USUalIy have StamP duty, COmmiSSion, attorney fees, travel expenses, SUCh as the COStS Of negotiations・ LeSSee in the initial ClireCt COStS ShOUld be recognised as an expense in the CUrrent PeriOd・ ACCOUntS for its handling: debit management fees" and Other subjects, Credited to "bank" and Other SUbjeCtS・3,no finance Charge assessedIn the finance lease, the IeSSee to the IeSSOr to Pay the rent, include the repayment Of PrinCiPaI and interest in two PartS・ LeSSee to Pay rent, On the One hand to reduceIOng-term payables, On the Other hand, WhiIe not COnfirmed by theIeaSing COStS for a Certain method to COnfirm the CUrrent financingCOStSJ the first rent (that is, initially matching each rental Payment) Under the CirCUmStanCeSJ the IeaSe term is the first PhaSe Of rent Paid no interest, ShOUId OnIy reduce the IOng-term PaymentSJ not to COnfirm the CUrrent financing COStS・NOt Sharing in the finance costs, the IeSSee ShOUld be USed to CaICUIate Certain way. ACCOrding to the guidelines, the IeSSee Can be USed in real interest rates, the Straight-Iine method Can also be USed and the number Of years Of COmbined law. In USing the effective interest method, in accordance With the inception Of the IeaSe is a IeaSe assets and IiabilitieS are recorded based On the VaIUe Of Ciifferent financing COStS assessment rate OPtiOnS are also different・ NO finance Charge assessed SPeCifiC divided into the following types：(1), IeaSing assets and IiabiIitieS to a minimum IeaSe PaymentS accounted for the PreSent VaIUe Of VaIUe to the investor and the interest rate implicit in the IeaSe for the discount rate・ Under SUCh CirCUmStanCeSJ investors ShOUld be the interest rate implicit in the IeaSe for the assessment rate・(2), IeaSing assets and IiabiIitieS to a minimum IeaSe PaymentS for the PreSent VaIUe Of recorded value, and to IeaSe COntraCt PrOVideS for the interest rate as the discount rate・ In SUCh circumstances, ShOUId be StiPUIated in the IeaSe COntraCt as the rate Of assessment rates・(3), IeaSing assets and IiabiIitieS to the OriginaI book VaIUe Of the IeaSed asset accounted for the VaIUe Of the IeSSee does not exist residual VaIUe guarantees and PreferentiaI PUrChaSe right to ChOOSe・ In SUCh circumstances, ShOUld be re-calculation Of theCOSt-Sharing rate financing・ FinanCing COSt-Sharing rate refers to the inception Of the IeaSeJthe minimum IeaSe PaymentS equal to the PreSent VaIUe Of IeaSe assets in the OriginaI book VaIUe Of the discount rate・ In the IeSSee Or related to the IeaSed asset residual VaIUe Of the third-party SeCUrity SitUation, and the SimiIarJ the end Of the lease, not recognised all the financing COStS ShOUId be Shared End, and IeaSe IiabilitieS ShOUldalso be reduced to Zero.(4), IeaSing assets and IiabiIitieS to the OriginaI book VaIUe Of the IeaSed asset accounted for the VaIUe Of the IeSSee does not exist guaranteed residual VaIUeJ but there is PreferentiaI OPtiOn to PUrChaSe・ In SUCh circumstances, ShOUld be re-calculation Of the COSt-Sharing rate financing・ At the end Of the lease, not recognised all the financing COStS ShOUId be Shared End, and IeaSe IiabiIitieS ShOUId also be reduced to Zero.(5), IeaSing assets and IiabiIitieS to the OriginaI book VaIUe Of the IeaSed asset VaIUe accounted for, and the existence Of the IeSSee guaranteed residual VaIUe・Under SUCh circumstances, the COSt-Sharing ShOUld be re-financing rate・ ReIated to the IeSSee Or third PartieS On the residual VaIUe Of IeaSed assets as SeCUrity has been PrOVided Or not at the end Of the IeaSe renewal and to Pay a PenaIty Of circumstances, the end Of the lease, not recognised all the financing COStS ShOUld be Shared End, and IeaSe IiabiIitieS ShOUId also be reduced to the guaranteed residual value, Or to be Paid by the breach・LeSSee ShalI Pay each Of the rent ShalI be the amount Of rent paid, debit long-term PayabIeS - to finance IeaSeSJ " subjects, Credited to "bank" SUbjeCtSJ if Payment Of rent, WhiCh includes COmPlianCe costs, At the Same time debit ShOUId be manufacturing costs", management fees" and Other SUbjeCtS・ At the Same time ShOUld be recognized in accordance With the CUrrent amount Of the finance charge, debit "financial COStS ZZ subjects, CrediteCl the "no finance Charge ZZ SUbjeCtS・4,the IeaSed asset depreciation PrOViSiOnTenantS ShOUld finance the IeSSee PrOViSiOn for depreciation Of fixed assets, ShOUId address two main issues：(1), depreciation POIiCyPrOViSiOn for asset depreciation, lease, the tenant ShOUld be its OWn assets PrOViSiOn Iine depreciation method・ If the IeSSee Or third PartieS relating to the IeaSed asset SeCUrity has been provided, ShOUld be Credited for the amount Of depreciation On fixed assets, and the inception Of the IeaSe accounting residual VaIUe after deducting the VaIUe Of the balance・ If the IeSSee Or third PartieS relating to the IeaSed asset residual VaIUe Of the SeCUrity hasbeen provided, the total amount Of depreciation ShOUlCl be Credited for the Start Of the IeaSe VaIUe Of fixed assets recorded・(2), the depreciation PeriOdIdentify the IeaSed asset depreciation period, ShOUld be in accordance With the IeaSe COntraCt・ If reasonable Certainty that theIeSSee at the end Of the IeSSee WilI Obtain OWnerShiP Of the IeaSed asset, the IeSSee Can be identified With all Of the assets Of the remaining USefUI life, and ShOUId therefore be the Start Of the IeaSe to IeaSe the remaining USefUI Iife Of assets as depreciation period; If you Can not reasonably determine Whether the IeaSe to the IeSSee at the end Of the IeaSe OWnerShiP Of the assets to be made to the IeaSe PeriOd and the remaining USefUI Iife Of the IeaSed asset in the ShOrter Of the two as the depreciation PeriOd・5,the accounting treatment Of COmPIianCe COStSMany types Of COmPIianCe COSts, rent for the financing Of fixed assets improved expenditure, technical advice and SerViCe charges, fees ShOUId be increased Staff training Credited to the extension Of Sharing costs, debit long-term PrePaid expenses, " and''accrued expenses"' J ''manufacturing COStSn management fees" and Other subjects, the fixed assets regular maintenance, insurance, etc・ Can be CiireCtIy Charged to expense in the CUrrent period, debit ZZ manUfaCtUring costs, " and ,z oPerating expenses'" and Other SUbjeCtSJ Credited to "bank deposits, ,z wait UntiI the SUbjeCtS・6,Or the accounting treatment Of rentSinCe the rent Or the amount Of uncertainty, UnabIe to adopt a rational approach to its SySteIn for sharing, in the actual event, debit ,z manufacturing costs, " and ，z oPerating expenses'" and Other subjects, Credited to "bank" and Other SUbjeCtS・7,at the end Of the IeaSe accounting treatmentAt the end Of lease, the tenant On the IeaSe is USUalIy the disposition Of the assets Of three circumstances:(1), the return Of the IeaSed asset・ Debit long-term PayabIeS - to finance IeaSeSJ ZZ and ''accumulated depreciation7' subjects, Credited,z fixed assets - fixed assets financed by IeaSing alΓz SUbjeCtS・(2), renewable IeaSe COnCeSSiOn assets・ If the IeSSee to exercise the right to ChOOSe renewable COnCeSSion, the IeaSe ShalI be deemed to have been made the PreSenCe Of the COrreSPOnding accounting treatment・ If no expiry Of renewal, to the IeSSOr Under the IeaSeCOntraCt to Pay a PenaIty, debit operating expenses" subjects, Credited to "bank" and Other SUbjeCtS・(3), Stay PUrChaSe the IeaSed asset・ In the IeSSee enjoy PreferentiaI PUrChaSe right to ChOOSeJ PUrChaSe PriCe PaidJ debit longterm PayabIeS - to finance lease, " Credited "bank" and Other SUbjeCtS at the Same time, WilI be fixed assets from ,z all fixed assets financed by IeaSing，z DetaiIS DetaiIS Of the Other SUbjeCtS into SUbjeCtS・。

中小企业融资渠道中英文对照外文翻译文献

中小企业融资渠道中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：The areas of SME financing channels: an overview 1.IntroductionIn all countries, SMEs are an important source of economic growth and create jobs. In addition, these companies through their dynamism and flexibility, the power of innovation and development.The research method is to start from the literature to highlight the importance of the theme of our research. This paper analyzes the data and statistics based on mainly by the World Bank survey, small and medium-sized private enterprises in Romania by some empirical research. According to the method used, and pointed out the importance of financing of SMEs and enhance the public bodies concerned about, especially the measures taken to improve financial development.2.the literature on SMEs financing channelsA popular academic literature on the financing channels of SMEs, has witnessed a lot of research to solve this problem.Countless research studies have indicated that financing channels is a critical obstacle in the growth and development process, especially in small and medium enterprises.Through Baker Dumont reggae - Ke Lute, Ivan, and Marca Smokin Popovich (2004) research, reflecting the fundamental factors of 10 000 enterprises from 80 countries mainly depend on the financing of enterprises. Therefore, the relationship between the study highlights the corporate finance and its characteristics such as age, size and structure of property rights. From this perspective, the authors found that the small size of the young company, and face greater obstacles when they seek financial resources.The iResearch Dick Mei Leke and Salta (2011) analysis of macroeconomic and institutional factors affecting SME financing loans through the statistical data found. In other similar studies, the authors found a positive correlation between the overall economic development (a measure of per capita income) and financial development (measured by private lending ratio of gross domestic product), on the other hand, the level of SME financing is the opposite. In addition, the authors show that the level of financing for SMEs depends on the legal structure and overall business environment.3.in the process of SME financing in the general obstaclesIn general, access to financial products or financial services or financial inclusion assumes that there is no trade barriers to the use of financial products or services, regardless of whether these barriers or non-related pricing (Dumont reggae - Ke Lute, Baker, and Honorine root 2008:2). Therefore, to improve this means of access means increasing the degree of financial products or financial services at a fair price toeveryone.Enterprise does not use financial products or services can be divided into several categories, their identification is necessary, in order to take the necessary measures to improve their financing channels. Therefore, on the one hand, enterprises obtain financing, the financial products and services, but do not use them because they do not have a viable investment projects. On the other hand, it can distinguish between non-voluntary refuse corporate Although these business needs, but not have access to financial services. The status of independent corporate finance or financial services in some companies do not earn enough money or safeguards required by financing institutions and therefore have higher credit risk. At the same time, when some companies in need of funding, financial and banking institutions involved too costly and can not agree to financing. Finally, in the context of the enterprise refused to appear over-priced financial products or services and financial products or services that meet their requirements.Financing channels for enterprise development and the efficient allocation of funds essential. However, compared with large enterprises, SMEs seeking finance is facing many difficulties, because of several reasons, including: the judicial and legislative structure of the instability and imperfect, it does not support the enterprises in need of financing and funding the relationship between; part of the funding and corporate information is incomplete or even lack of information, which hinders the normal and efficient development of relations between enterprises and providers of finance; especially in the young company, the lack of credit history and guarantees the creditors, and sometimes limits the range of financial products that can be used.The number of surveys, especially the World Bank stressed that the financing is one of the biggest obstacle to good development and growth of the SME. For example, the World Bank in the 2006-2009 survey foundthat 31% of the worldwide study of corporate finance is a major obstacle to the current implementation, and even higher proportion of young company in the 40% of cases up to three years of experience (Chavez, kt Boer and Ireland 2010:1). In addition, a series of global surveys, including the information provided by the World Business Environment Survey show that SME financing transaction costs is the main obstacle to enterprise development.4.SME bank financing difficulties and support measuresIn most countries, especially in countries with bank-oriented financial system, the main source of external financing for SMEs by bank loans. Therefore, this type of loan is crucial to the development of SMEs. However, the survey showed, compared to the SMEs and large enterprises are using the new investment in the small extent of bank financing.As we mentioned, the use of financial products is determined by supply and demand. It is therefore important to understand why the SMEs use bank financing to a small extent only. In this regard, some studies (Banerjee and Duflo: 2004) has shown that the main reason for the supply, because every time when SMEs are able to obtain loans, they use it to increase production. This behavior is more proof of financing is an important factor in the development of enterprises. In addition, in the context of the current global financial crisis, the declining availability of bank loans and limited financing opportunities for SMEs. Therefore, it is the main problem facing small and medium enterprises.October 29, 2010, this survey of SMEs in Romania highlights the main problems faced by SMEs and banks. Therefore, 82% of the interviewed entrepreneurs obtain bank financing is very difficult, mainly because of excessive bureaucracy, unreasonable high demand, high interest rates, rigid bank credit indicators, as well as many types of commission and expenses. In addition, more than 61% of SMEentrepreneurs and managers reporting banks lack of transparency (hidden costs, lack of communication channels, etc.), there is no real consultation (using the standard contract, the bank refused to modify or complete the credit contract, etc.) and banks do not legitimate or misuse of the terms of the contract (for example, perform the unauthorized transaction accounts or bank fraud). Understanding this knowledge to take measures to support and promote SME financing.Improve SME financing is still cause for concern, but also national, European and international facing a challenge. For example, in the EU, through the implementation of the new measures established by the Small Business Administration for Europe to improve the financing channels for SMEs, by reducing the return of the structural funds requirements to promote the access of small and medium enterprises, the establishment of the Credit Ombudsman to promote small and medium-sized enterprises and dialogue between the credit institutions, to avoid the double taxation of the tax legislation, which will hinder the international venture capital plays an important role.In particular, empirical research, emphasizing the impact of the degree of financial development of a country is essential that the level of development of the SME financing. Therefore, a series of measures to support SMEs to obtain financing, to ensure the efficient development of the country's financial, which will ensure greater availability of corporate finance. Specifically, the authorities should take measures commonly used to measure the degree of financial development in the seven pillars, namely, the institutional environment, business environment, financial stability, banking and financial services, non-bank financial services, financial markets and access to finance.5 .ConclusionEffective financing for SMEs to create new business is of great significance, and existing growth and development of enterprises, whilepromoting the country's economic and social development. In addition, in the case of the economic crisis, SMEs contribute to restoring the national economy, so it is particularly important to support SME financing. However, most of the survey report stressed, always the financing channels of SMEs is one of the most important factor to affect its operation and development.SMEs trying to get the necessary financial resources to face difficulties related to the entrepreneurs and the economic environment of each country, as well as existing legal and institutional structure. To alleviate these difficulties, the measures taken by public authorities should focus on improving the financial development and to ensure that the corporate finance and economic growth, greater effectiveness.In various countries, including Romania, the decline on the availability of SME financing, or even the lack of statistical data, we believe that policy makers need to focus on and monitor a series of important indicators, depending on the size of the SMEs, experience and industry events share of its loans, which will benefit the public authorities, creditors and investors.原文来自罗马·安吉拉中小企业的融资渠道的领域:概述（奥拉迪亚大学：经济科学，2011年第一卷第一期，431-437）摘要通过中小企业在创造附加值和新的就业岗位中的贡献,使它在国家的经济和社会发展中拥有一个显著的角色。

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中小企业融资的英文文献Automatically translated text:The definition of lease financingFinance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer.It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenanthas the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content ofthe purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial industry. Because of its extension of loans and combination of features, there isa problem in leasing companies can recycling, treatment of leasing, andso the financing for the enterprise credit and secured the main requirement, it is very suitable for SME financing. In addition, the leasing of sheet financing, not reflected in the financial statements of the enterprise liability, does not affect the credit status of enterprises. This multi-channel financing needs of SMEs in terms of itis very beneficial.Leasing and financing lease of a traditional nature of the difference is: traditional lease to the tenant leasing the use of objects of the time rent, and finance lease financing costs to the tenant occupying the time of rental. The market economy develops to a certain stage and the adaptation of a strong financing, in the 1950s in the United States have a new type of trading, as it adapted to the requirements of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business update equipment one of the main means of financing, known as the "sunrise industry." China in the early 1980s after the introduction of this operational modalities for over 10 years has been the rapid development, compared with developed countries, the advantages of leasing is far from being played out, the market potential is huge.[Edit] the main characteristics of the leasingThe main characteristics of the leasing is: the ownership ofobjects as leasing is the lessor in order to control the risk of the tenant rent reimbursement taken a form of ownership, atthe end of the contract could eventually be transferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenant responsible for the lessor to provide financial servicesonly. Rent calculation principles are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, according to a mutually agreed rental rates. It is essentially dependent on the traditional leasing financial transactions, is a special kind of financial instruments.[Edit] the type of lease financing1. Simple financing leaseFinancing lease is a simple, by the lessee choose to purchase the rental property, the lessor on the lease project through risk assessment after the rental lease to the lessee the use of objects. Throughout the lease period the lessee does not enjoy the right to use the title, andis responsible for repair and maintenance of leasing objects. Thelessor's lease is good or bad thing without any liability, equipment depreciation in the tenant side.2. Leveraged lease financingLeveraged leasing practices similar to syndicated loans, is a specialized leasing tolarge-scale projects with the tax benefits of lease financing, mainly led by a leasing company as a trunk, and for the lease of a very large project financing. First set up a leasing company from the operation of the main institutions - a project-based fund management company set up projects to provide more than 20% of the total amount of funds, and the remaining part was the main source of funds banks and social absorb idle idle funds, the use of 100 percent enjoy low taxbenefits "in the eight Bo" leverage for the leasing project large amount of funds. The remaining financing and leasing practices are basically the same, but because of the complexity of the contract covers a wide range and even greater. As can enjoy tax benefits, operating norms, comprehensive benefits, and recovery of rent safe, low-cost, and are generally used for aircraft, ships, communications equipment and large complete sets of equipment lease financing.3. Commissioned by the Financial LeasingIs a way to have the funds or equipment entrusted to non-bank financial institutions in the financing lease, the lessor is also the first client, the second is the trustee of the lessor at the same time. The lessor to accept the client's money or lease of the subject matter, according to the client's written by the client designated for the lessee of the leasing business. In the subject of the lease term lease of the property of the client, the lessor only charges, not to take risks. Such leasing commissioned a major characteristic is not to lease the right to operate the enterprise, "by the right" business. E-commerce is on the lease by lease rental as a business platform.The second is the lessor or lessee commissioned by the lease purchase of a third person, the lessor under the contract to pay the purchase price, also known as commissioned by the lease purchase financing.4. Project finance leasingLessee to project their own property and to ensure efficiency, and the lessor signed a finance lease contract, the lessor to the lessee ofthe property and other projects without recourse to the proceeds, we can only rent charged to the project's cash flow and profitability to determine. The seller (that is leasing goods manufacturers) throughtheir holding leasing companies to promote their products in this way, and expand market share. Communications equipment, medical equipment, transportation equipment, or even the right to operate highway can be used this way. Others, including the return of leasing, also known as sale and leaseback financing leasing; financing to leasing, also known as the financing to leasing.[Edit] the risk of lease financingFinance leases from the risk of many uncertain factors, is multifaceted and interrelated, in the full understanding of the operational activities of the characteristics of various risks can be comprehensive, scientific analysis of risks to formulate corresponding measures. The risk of financing leasing main categories as follows:(1) product market risks. In the market environment, regardless of the financing lease, loan or investment, as long as the funds used to purchase equipment or to carry out technological transformation, first of all, should consider leasing equipment products market risks, which need to know to sell the products, market share rate and occupancy, product trends in the development of the market, the consumption structure and the mentality of the consumers and consumption capacity. If these factors are not fully understand, the survey are not careful, and may increase the market risk.(2) financial risks. For the leasing of a financial nature, financial risks throughout the entire business activities. The lessor,the biggest risk is that the lessee is also rent capacity, it has adirect impact on the operation of leasing companies and survival, therefore, the risk of also rent from the project began, it should be cause for concern.Currency also have risks, especially international payments, methods of payment, payment date, time, the remittance channels and means of payment options improperly, will increase the risk.(3) Trade risk. For the leasing of a trade properties, the risks of trade negotiations to orders from the acceptance testing there is a risk. The merchandise trade in the modern development of a relatively complete, the community is also supporting the establishmentof corresponding institutions and preventive measures, such as a letter of credit, transport insurance, commodity inspection, commercial arbitration and the risk of credit counseling have taken precautions and remedial measures, but because people's awareness and understanding of the risks of different degrees, and some means of a commercial nature, coupled with the inexperience of the management of enterprises and other factors, all of these instruments have not been used, making trade risk still exists.(4) technical risks. One of the benefits of lease financing before other enterprises is the introduction of advanced technology and equipment. In the actual course of the operation, or advanced technology, advanced technology is mature, mature technology for the legal rightsand interests of others, is an important risk a technical reasons. Serious, due to technical problems so that equipment in a state ofparalysis. Other risks include the economic environment, force majeure, and so on.[Edit] the accounting treatment of lease financing[Edit], the tenant on the accounting treatment of lease financing1, the start of the lease accounting treatmentAt the start of the lease, the tenant will usually be the start of the lease rental assets in the original book value of the minimum lease payments and the present value of the lower of the two leased assets as recorded value of the minimum lease payments as a long-term payables recorded value, and the difference between the two records is not recognised financing costs. However, if the assets of the leasing assets of the enterprise small proportion of the total, the tenant may be the start of the lease in the minimum lease payment records of assets and long-term rent payments. This time, the "proportional" not usuallyrefers to fixed assets financed by leasing the lessee total assets total less than 30% (including 30%). Under such circumstances, rent for the financing of long-term assets and the determination of the amount due, the tenant may, at its option, which can be used minimum lease payments, and can also be used leasing assets in the original book value of the minimum lease payments and the present value of the two in the lower. Then what "leasing the original book value of assets" refers to thestart of the lease rental, as reflected in the accounts, the book value of the leased asset.Lessee in the calculation of the minimum lease payments at the current value, if the lessor that the interest rate implicit in thelease, the lessor should be used as the interest rate implicit in the discount rate, otherwise, shall be stipulated in the lease contract interest rate as the discount rate . If the lessor's interest rate implicit in the lease and rental rates stipulated in the contract are not available, it should be used over the same period interest rates on bank loans as the discount rate. Which is implicit in the lease rates,in the inception of the lease, the minimum lease payments and the present value of the unsecured portion of the residual value of the current value of assets and equivalent to the original book value of the discount rate.2, the initial direct costs of the accounting treatmentInitial direct costs refer to the lease negotiations and thesigning of the lease agreement occurred in the course of the lease can be directly attributable to the cost of the project. Lessee in theinitial direct costs usually have stamp duty, commission, attorney fees, travel expenses, such as the costs of negotiations. Lessee in theinitial direct costs should be recognised as an expense in the current period. Accounts for its handling: debit "management fees" and other subjects, credited to "bank" and other subjects.3, no finance charge assessedIn the finance lease, the lessee to the lessor to pay the rent, include the repayment of principal and interest in two parts. Lessee to pay rent, on the one hand to reducelong-term payables, on the other hand, while not confirmed by the leasing costs for a certain method to confirm the current financingcosts, the first rent (that is, initially matching each rental payment) Under the circumstances, the lease term is the first phase of rent paid no interest, should only reduce the long-term payments, not to confirm the current financing costs.Not sharing in the finance costs, the lessee should be used to calculate certain way. According to the guidelines, the lessee can be used in real interest rates, the straight-line method can also be used and the number of years of combined law. In using the effective interest method, in accordance with the inception of the lease is a lease assets and liabilities are recorded based on the value of different financing costs assessment rate options are also different. No finance charge assessed specific divided into the following types:(1), leasing assets and liabilities to a minimum lease payments accounted for the present value of value to the investor and theinterest rate implicit in the lease for the discount rate. Under such circumstances, investors should be the interest rate implicit in the lease for the assessment rate.(2), leasing assets and liabilities to a minimum lease payments for the present value of recorded value, and to lease contract provides for the interest rate as the discount rate. In such circumstances, should be stipulated in the lease contract as the rate of assessment rates.(3), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist residual value guarantees and preferential purchase right to choose. In such circumstances, should be re-calculation of thecost-sharing rate financing. Financing cost-sharing rate refers to the inception of the lease,the minimum lease payments equal to the present value of lease assets in the original book value of the discount rate. In the lessee or related to the leased asset residual value of the third-party security situation, and the similar, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to zero.(4), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist guaranteed residual value, but there is preferential option to purchase. In such circumstances, should be re-calculation of the cost-sharing rate financing. At the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to zero.(5), leasing assets and liabilities to the original book value of the leased asset value accounted for, and the existence of the lessee guaranteed residual value.Under such circumstances, the cost-sharing should be re-financing rate. Related to the lessee or third parties on the residual value of leased assets as security has been provided or not at the end of the lease renewal and to pay a penalty of circumstances, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to the guaranteed residual value, or to be paid by the breach.Lessee shall pay each of the rent shall be the amount of rent paid, debit "long-term payables - to finance leases," subjects, credited to "bank" subjects, if payment of rent, which includes compliance costs, At the same time debit should be "manufacturing costs", "management fees" and other subjects. At the same time should be recognized in accordance with the current amount of the finance charge, debit "financial costs" subjects, credited the "no finance charge" subjects.4, the leased asset depreciation ProvisionTenants should finance the lessee Provision for depreciation of fixed assets, should address two main issues:(1), depreciation policyProvision for asset depreciation, lease, the tenant should be its own assets Provision line depreciation method. If the lessee or third parties relating to the leased asset security has been provided, should be credited for the amount of depreciation on fixed assets, and the inception of the lease accounting residual value after deducting the value of the balance. If the lessee or third parties relating to the leased asset residual value of the security hasbeen provided, the total amount of depreciation should be credited for the start of the lease value of fixed assets recorded.(2), the depreciation periodIdentify the leased asset depreciation period, should be in accordance with the lease contract. If reasonable certainty that thelessee at the end of the lessee will obtain ownership of the leased asset, the lessee can be identified with all of the assets of the remaining useful life, and should therefore be the start of the lease to lease the remaining useful life of assets as depreciation period; If you can not reasonably determine whether the lease to the lessee at the end of the lease ownership of the assets to be made to the lease period and the remaining useful life of the leased asset in the shorter of the two as the depreciation period.5, the accounting treatment of compliance costsMany types of compliance costs, rent for the financing of fixed assets improved expenditure, technical advice and service charges, fees should be increased staff training credited to the extension of sharing costs, debit "long-term prepaid expenses," and "accrued expenses" , "manufacturing costs", "management fees" and other subjects, the fixed assets regular maintenance, insurance, etc. can be directly charged to expense in the current period, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank deposits, "wait until the subjects.6, or the accounting treatment of rentSince the rent or the amount of uncertainty, unable to adopt a rational approach to its system for sharing, in the actual event, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank" and other subjects.7, at the end of the lease accounting treatmentAt the end of lease, the tenant on the lease is usually the disposition of the assets of three circumstances:(1), the return of the leased asset. Debit "long-term payables - to finance leases," and "accumulated depreciation" subjects, credited "fixed assets - fixed assets financed by leasing all" subjects.(2), renewable lease concession assets. If the lessee to exercise the right to choose renewable concession, the lease shall be deemed to have been made the presence of the corresponding accounting treatment. If no expiry of renewal, to the lessor under the leasecontract to pay a penalty, debit "operating expenses" subjects, credited to "bank" and other subjects.(3), stay purchase the leased asset. In the lessee enjoypreferential purchase right to choose, purchase price paid, debit "long-term payables - to finance lease," credited "bank" and other subjects at the same time, will be fixed assets from "all fixed assets financed by leasing" Details Details of the other subjects into subjects.。

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