融资租赁——
克服西部大开发资金制约的多赢策略

摘要
本文分为五章，在绪论中我们讨论了研究在推进西部大开发的进程中运用融资租赁的意义、研究的主要议题以及本论文的研究思路。
在第一章中我们基于比较优势理论，通过实证的方法讨论了中国西部生产要素禀赋的比较优势和比较劣势，文中认为西部在资本和劳动力两个要素方面都处于绝对的劣势。本章从资金需求主体和融资渠道对应关系的结构特征、资金需求的总量两个层面对西部大开发资本劣势进行了详细的分析，得出了两个结论：尽管国家的西部大开发实行高度倾斜的金融政策，但是从总量的角度来看，西部大开发的资本需求和供给还是存在巨大的缺口；从资本需求主体的结构上来讲，作为资金需求量最大的群落——中小企业是被遗忘的角落。然而中小企业的发展是西部地区的重要经济增长点之一。所以，必须为西部地区的中小企业以及融资不足的大中型企业寻找新的融资途径，克服西部发展的资金制约。
第二章从理论上论证了融资租赁是一种可以克服西部发展的资金制约、使国家、企业、投资者三方皆赢的策略。
首先，注意到西部的总体信用环境比较差，原因有两个：1）西部企业的总体赢利水平比较差，使得总体债务偿还能力处于较低水平。 2）由于西部企业的机制相对比较僵化，有比较严重的向国家要政策的思想，他们很可能会滋生出国家的贷款是他们以前牺牲的变相补偿，还多还少，甚至还不还都没有关系的错误认识。这就使西部企业的还款意愿处于一个较低的水平。所以，在没有足够的国家信用保证的情况下，商业银行从自身资产安全的角度是不会轻易向西部中小型企业放贷的。第二个背景特征是在国家优惠政策的召唤下，西部大开发中会涌现出数量巨大的高科技中小企业，这部分企业本身还有一个特殊的问题，以信息技术为代表的高新技术具有革新速度快的特点，这就决定了这些企业的设备会频繁地更新，这种需求又会进一步加深他们的资金短缺困境。
本章认为融资租赁能够有效地解决上述两个问题。基于5C信用风险分析理论，我们论述了融资租赁类似于有担保的抵押贷款；而且由于设备的关键性、通用性迫使企业将租金偿还优先安排，提高了承租人的还款意愿。因此，融资租赁方式能够比银行贷款更为有效地控制信用风险。另外，从英美等国融资租赁的发展历史我们可以看到，融资租赁的一个特出优势就是能够满足设备频繁更新的需要。这样，我们就从理论上论述了为什么西部大开发需要融资租赁。本章还详细论述了政府、企业和投资者可以从融资租赁得到的益处。在本章的最后，根据西部大力发展的优势产业分析了西部对融资租赁的潜在需求，认为这种需求很大，在西部大开发中发展融资租赁事业一定大有可为。
第三章给出了西部企业运用融资租赁工具解决企业重大发展问题的两个实例，从实践的角度说明了融资租赁在西部大开发中会大有可为的。第一个案例说明了融资租赁可以用来解决西部中小型传统企业进行技术改造时遇到的大型设备融资问题。第二个案例则说明了融资租赁如何创造性地帮助西部企业实现设备出口，实施“走出去”的战略。
最后一章是本论文的重点。本章主要讨论了在西部发展融资租赁事业会遇到的问题以及对策、建议。本文认为，问题主要有3个：
1、需求主体多元化，结构复杂，要求融资租赁公司有足够的市场经验，准确地把握好正确的目标市场和市场的切入点。
2、风险较大，要求融资租赁公司能够准确地选择企业、项目，并采取有效的防范和控制措施降低信用风险可能带来的损失。
3、扩大融资租赁公司本身的资金来源，是摆在西部融资租赁公司面前的首要的难题。我们从市场战略、政策环境、微观组织等角度提出了5大条建议：
1、对西部大开发融资租赁的可能需求进行一次较为彻底的调查，对融资租赁的需求主体进行细分，确定目前的主要服务对象，制定发展西部融资租赁事业的发展战略。对于西部融资租赁的业务发展顺序我们建议：首先，西部融资租赁的市场切入点不妨放在新兴行业的中小企业，向它们出租关键、价值高的设备，而且这种设备越具有通用性越好。接下来，融资租赁的发展重点可以放到传统行业的技术改造这个市场细分中来。
2、为了满足不同层次的企业对融资租赁的需求，提倡发展多元化的租赁业务。
3、 加大融资租赁的宣传；加紧研究促进西部融资租赁事业发展的优惠扶持政策。融资租赁事业发达的国家的经验告诉我们，要发展融资租赁，政策和意识要先行。应从税收、法律、财政、信贷、保险等几个方面出台一系列的政策。如果难以从国家的层面很快出台这样的政策，至少西部可以先行出台《西部融资租赁扶植政策暂行规定》。
4、加强东西部地区的融资租赁的合作，可以设计一些政策措施鼓励东部比较发达和成功的融资租赁企业向西部发展。
5、构造合理的西部融资租赁公司的微观组织机制和中观的市场机制。
1）应该把融资租赁公司的风险控制作为首要的问题加以研究，加紧研究融资租赁中的保险、担保机制。
2） 强调融资租赁的服务特性，更好地为西部输入技术、培育人才。
3） 促进融资租赁业的创新意识，竭力创造出适合西部特殊情况的融资租赁形式。
4）设计合理的政策组合稳妥地将开发基金、银行资金甚至保险公司的资金以不同的形式引导到融资租赁中来，以解决发展西部融资租赁事业的资金不足的首要问题。

Abstract
This dissertation is composed of 5 chapters. In the preface chapter we discussed importance of studying feasibility of applying finance leasing in China go-west strategy, main topics of this study, and arrangement of this dissertation.
Based on famous comparative advantage theory, chapter 1 concludes that capital and labor are definite disadvantages of Great Western Region. We analyzed capital disadvantage in more details, and we found that in the total amount perspective, there is big gap between capital demand and supply; and in the financing market structural perspective, an important layer of market was lagged out without any stable capital channel to satisfy its demanding, this layer is composed of small scale enterprises, but it is this layer will be the important development point of western economy. So we should find solutions to these problems.
In chapter 2, we demonstrated theoretically that finance leasing is a good solution to the capital problems of go-west strategy with multi-winning results.
Firstly, it is pointed out that the credit circumstances in western region are bad. Reasons are followings: 1) General profit level of western region corporations are under national average, which leads to their low debt payment capacity. 2) Because corporate mechanizes of western region are relatively stagnant, together with an idea of asking for favourable policies from government as a composition for its scarification to support eastern region development at the beginning of China Open and Reform, some incorrect thoughts about bank loans may appear. Corporations in western region may take favorable bank loans as policy supports; they may think that its payment can be delayed, even defaulted. Once they have these kinds of ideas, they will not be active in paying interests and principals. Based on the above analysis, we know that western region corporations not only have low debt payment capacity but also low payment willingness, that is in 5C of credit analysis, two C’s are bad, so without a strong collateral by government, banks surely will not be willing to lend to western region corporations in order to secure their own assets. The second important background is that there will emerge huge number of high-tech small scale corporations in western region under government favorable policies, they also face difficulties of financing, furthermore, they have another problem that they have to change their equipments frequently because of rapid progress speed of high-tech. This strengthens their finance difficulties even more.
We put forward that finance leasing is a good solution to these two problems. Chapter 2 presented a demonstration based on 5C credit analysis to show this assertion. Firstly, a compare between loan with full amount collateral and finance leasing was given. Then finance leasing can be looked upon as a debt right with full amount collateral from lender perspective, which secure rent payment. On the other hand, if the equipment rented is key and generally used ones, the lessee have to put rent payment at priority, because the equipment is still owned by leaser, with rent payment delayed, even defaulted, he will take back the equipment, the lessee will have to stop its production, this will cause too high cost for the lessee to bear. In this way, lessee’s payment willingness that is character is heightened. So according to 5C credit analysis model, we can see finance leasing has two C’s super to loan, thus, leaser has more power in control credit risk compared with bank. With this power, finance lease corporation dare to lend to small scale corporations which cannot borrow from banks. Referring to the development history of finance leasing in USA, we can see an important advantage of finance leasing is that it can satisfy corporation’s demands of changing equipment frequently. Until now we have demonstrated theoretically finance leasing is applicable to go-west strategy. In this chapter we also analyzed western region’s demanding potential of finance leasing with the conclusion that the potential is huge. There is enough space to utilize finance leasing in great western region.
Chapter 3 showed practices of finance leasing in western region with two cases. The first case is about how to utilize finance leasing in technology improvement of traditional industry. The second case is about applying finance leasing in equipment outputting, realizing “go-out” goals.
The last chapter discussed main problems we will face when applying finance leasing in western region, and our suggestions are also presented. We put forward 3 problems and 5 suggestions. The problems are followings:
1. The structure of demanding subjects is complex. This requires finance lease corporations have ample experience to seize good opportunity and find proper market strategy to enter this big market.
2. Risk is relatively high. Finance lease corporations have to design risk management structure.
3. How to finance lease corporations?
Our suggestions are followings:
1. Make a thorough survey about the market demanding of finance leasing in western region. Based on this survey, a proper development strategy will be made. We suggest the following development sequence: firstly, we focus on high-tech small-scale corporations, renting key and general equipments. Then we shift to traditional industry technology transformation.
2. In order to satisfy multi layers of demands, we should develop many kinds of leasing in western region.
3. Supporting policies to promote finance leasing in western region should be made out as soon as possible. This will supply a good background to stimulate the development of finance leasing in western region.
4. Deepen cooperation between eastern and western region, design some policies to promote eastern finance lease corporations to extend their business to western region.
5. Construct proper microstructure of finance lease corporations and market structures.
1) Make research on how to control risk, design a proper risk management structure for finance leasing corporations.
2) Emphasize on service content of finance leasing, by this means to help western region corporations to train their human resources.
3) Stimulate innovation spirits of finance leasing industry, create some novel kinds of finance leasing to satisfy demands of western region.
4) Make out proper policies to channel capital from funds, banks, and insurance corporations to finance leasing corporations.


目录
摘要 2
Abstract 4
0绪论 6
1西部生产要素禀赋条件分析：资金约束 8
1.1优势原理简述 8
1.2西部要素禀赋条件的实证分析 9
1.3结论 14
2融资租赁：克服西部资金制约的多赢策略 16
2.1融资租赁概念、分类 16
2.2西部大开发需要融资租赁的一种理论解释 18
2.3西部大开发的各个层面可从融资租赁获得的益处 21
2.4西部大开发对融资租赁的潜在需求 24
3西部大开发中的融资租赁案例分析 27
3.1案例1：新疆大黄山煤矿新建40万吨焦化厂项目 27
3.2案例2：新疆田宇集团向吉尔吉斯出口汽车检测设备 30
4发展西部融资租赁业：问题和建议 35
4.1可能会遇到的问题 35
4.2政策建议 37
参 考 文 献 42