| In retrospect,we can find traditional lease has developed for thousands of years,but it was not until the emergence of the finance lease in the 1950 s that the traditional business has revived.And the sale and leaseback,as a unique financing way,has gradually aroused people's concern.In our country,although the sale and leaseback transactions allow for great room for development,but the current development is not ideal.Steel industry is one of the basic industries of our national economy and it's also an industry of intensive capital and technology.Its rise and fall influences the development of many industries.Since the beginning of 2015,the slow recovery of world economy,highlighted oversupply contradictions of the China's steel market,seriously excessive steel capacity and sharp fall of steel prices,which resulted in the negative growth of the profit of many good steel listed companies.In addition,the concept of environmental protection has been strongly advocated in China in recent years,which threatened the high-polluted and high energy-consumed steel industry to be worse.Because of the country's tightening credit policy for steel industry,expensive financing and hard financing have become common problems on steel companies.In order to get through hard times of transformation and upgrading of the industry,enterprises need funds urgently to adjust industrial structure,optimize the varieties of products,promote the advancement of technology,obtain more deep-processing and high value-added products that are special and pure.In this background,increasing awareness of sale and leaseback financing and promoting the rapid development of this industry have far-reaching significance for enterprises of our country to solve the problems for example financing difficulties.The full text is divided into five chapters.The first chapter is the introduction mainly about research background,research significance,research methods,research content and the existing research of predecessors,then focuses on the analysis of the theoretical results and practical application related to sale and leaseback.The second chapter mainly introduces the fundamental theory of sale and leaseback financing.Firstly,the article defines the basic concept of sale and leaseback,elaborates the types,pros and cons of sale and leaseback financing.The advantages of sale and leaseback financing are as below: the capital structure optimization of enterprises,better tax planning,more flexibility of financing and wider financing channels.The disadvantages are mainly about the complexity in valuation of the leased asset,plus the operating risk of bearing rental payment at idle period.In terms of the basic theories of sale and leaseback financing,this dissertation mainly illustrates transaction cost theory,capital structure theory and financial growth cycle theory.Chapter 3 and chapter 4 are the core of this dissertation,we select Shanxi Taigang Stainless Steel Co.,Ltd.as a case company to conduct deep discussion to sale and leaseback financing.Shanxi Taigang Stainless Steel Co.,Ltd.,as the largest stainless steel production base in our country,is one of the important stainless steel manufacturers in the world,no matter its production scale,social influence or any other aspect is of representative significance.In the third chapter,this dissertation mainly introduces the basic situation of Shanxi Taigang and analyzes capital structure and financial condition of company before a sale and leaseback financing.Specific implementation process of sale and leaseback transactions in Shanxi Taigang and the reason for sale and leaseback financing are also illustrated in this chapter.The sale and leaseback financing normally occurred within the group or on the outside of the group.The reason why Shanxi Taigang adopted sale and leaseback is elaborated in two aspects: current development status of steel industry and comparison of costs of different financing ways.Banks' strict control on credit scale and lower capital cost motivated Shanxi Taigang to adopt sale and leaseback financing.In the fourth chapter,the dissertation analyses the influence exerted by sale and leaseback financing on enterprises,including reducing tax cost,optimizing research and development of the enterprise.This chapter then applies financial index method to evaluate its impact on corporate financial performance.Financial index method in this dissertation is reflected in time-series analysis and cross-sectional analysis based on a great amount of historical data and assessment of the effect sale and leaseback exerted to the enterprise in terms of cash flow,operation ability,debt structure and profitability.Finally,the fifth chapter is conclusion and inspiration.It is concluded that the sale and leaseback transactions have obvious advantages relative to other financing ways.With the use of sale and leaseback financing,companies can not only meet the financing needs on the premise of maintaining asset size,but also reduce the counterparty risk of sale and leaseback transactions and realize the maximization of enterprise value.Definitely,enterprises should not be confined to the current financing ways,but to achieve the diversification of financing ways actively,which enable enterprises to obtain fund more rapidly,more conveniently and at lower cost.In addition,the reason why the sale and leaseback financing mainly occurred within the enterprise group is that the legal system is not sound enough.It also provides the direction for the future researches on sale and leaseback financing.Through the discussion of this dissertation,we can gain a better understanding of sale and leaseback financing,and change the idea of putting more weight on purchasing but less on renting.If people are able to make use of sale and leaseback appropriately,sale and leaseback can not only bring many benefits to enterprises as mentioned above,but also promote fast and healthy development of China's leasing industry,which will promote the overall competitiveness of China's leasing industry. |
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