The Study On Innovation Of Financial Leasing To Small & Mid Enterprises

Financing difficulty for Small-Mid Enterprises(SMEs) has been a key problem to restrict the steady and healthy developing of China’s economy. As an innovative financing method which integrates the "financing capital" and "financing object",financial leasing is now becoming an important financial instrument to solve the issue of financing difficulty for SMEs.The theory and practice of financial leasing domestic and abroad have provided us with rich reference and experience. But for the different country situation,especially from the perspective of the development and the characteristics of China’s SMEs, bringing the existing operating modes of the financial leasing from the abroad,will not effectively solve the financing difficulties. We have to innovate the financial leasing idea and method based on the thorough research on the financial leasing theory and the developing status of the SMEs’ financial leasing.There is less theoretical research on financial leasing nowadays in China and the research is not satisfactory in depth and width. Especially to the research on financial leasing innovationof SMEs, there are seldom systematical opinions and articles. This dissertation refers to the financial leasing experience abroad, focus on the research on the innovative ideas and path to the financial leasing of SMEs in China based on the analysis and summary on the status of the financial leasing of SMEs. The research is systematically about the innovative mode from the following four aspects such as the organization, business, pricing and capital resources. Finally, combining the external system environment, the article raises up the policy suggestions on developing the financial leasing innovation of SMEs in China.The research consent and the innovation of this dissertation focus on the following aspects:(1)Referring to the innovation theory of JosephSchumpeter, the American economist, basis on the analysis and reference on the innovation theory abroad,analyzing and researching the financial leasing innovation facing to the SMEs,this dissertation points out the innovation facing to the SME is the structure designing focus on benefits and ventures, the two role elements. The innovation path of financial leasing of SMEs, is existing in pursuing the balance between benefits and ventures.Based on the summary and abstract of the author’s financial leasing practices several years, as the precondition on more innovation mode research, the dissertation raises four principles: First, the Flexible Principle. Totally considering the operating characteristics and requirements of the lessee, and considering the constant changing of internal environment to meet with the changing and needs of the external environment, the lessor and lessee are considered as a complete and opening system to the innovation. Therefore the flexibility, adaptability and systematic are used completely, so that the changing meets the changing, expedience meets the diversification. Second, System Principle, which is also called Multidimensional Principle. The financial leasing of SMEs is turned into an innovative concept of comprehensive and multi-angle. The innovative means could be a single angle but also a combination of multi-angle. To the lessors, innovate the capital resources; to the lessees, innovate scheme of the financial leasing; to the supplier, innovate the firm leasing transaction methods. Third, Timeliness Principle. The efficiency is the soul of innovation. An innovation without efficiency is nonsense. The financing requirements’ constantly changing, the financial leasing market’s quickly changing,the innovation needs timeliness and adaptability.Fourth, Origin Principle.The innovation cannot be departure from the essential characteristics and functions of the financial leasing. Departure from the product’s system designing, the innovation can only be lead to an opposite extreme and fall into non-compliance risks.(2) Referring the innovation means abroad, integrating with the characteristics of financial leasing of SMEs in China, this dissertation systematically first raises four innovative paths for financial leasing of SMEs in China: Firstly, the organization innovation of financial leasing of SMEs. Expanding the covering areas of the financial leasing company’s institution, establishing the subsidiary and founding the leasing union are the main three innovative ideas and paths.Secondly, the business innovation.The business innovation is divided into internal and external innovation.The following transaction structures are stress analyzed: the firm financial leasing, the venture financial leasing, the dividing financial leasing,P2P financial leasing on net and so on. Thirdly, the pricing system innovation.Transforming the used single pricing way, recommending nine elements affecting the pricing innovatively, through the simulated analysis on changing of the single and multiple elements respectively, this dissertation pays attention to the analysis on the affection of the vary of different elements to the pricing. Fourthly, the capital resources innovation.This dissertation raised three capital resources innovation of cross-border financing, investors diversification and structured.(3) This dissertation raised relative policy suggestions on financial leasing innovation of SMEs in China. Based on the theoretical and empirical research,starting from the external environment, this dissertation raised policy suggestions to promote the innovation of system structure、business operation、pricing system and capital resources of SMEs’ financial leasing from the aspects of industry act, approval and supervision and tax policy, in order to build the suitable system guarantee and external environment for developing and ensuring the innovation of financial leasing of SMEs in China.