融资替代的有效途径 莱芜融资租赁案例.doc

融资替代的有效途径:莱芜融资租赁案例
房友军1作者简介:房友军(1971-),男,山东莱芜人,供职于中国人民银行莱芜市中心支行。
(中国人民银行莱芜市中心支行,山东莱芜 271100)
摘要:绕开抵押担保实现中小企业融资,一直是社会各界为解决中小企业融资难问题的探索方向之一。本文通过对莱芜A起重运业公司采用直租和回租两种融资租赁模式,实现设备和流动资金变相融资的个案描述,揭示融资租赁业务在中小企业融资中的作用机理,指出信息不对称程度降低情况下,融物替代融资具有比较优势,并针对其中的道德风险问题提出了相应约束和监督建议。
关键词:融资租赁;中小企业;融资方式
Abstract:The way to realize the effective financing for SMEs avoiding mortgage-backed,is one of the explore direction to solve the difficulty in SMEs financing in the society. Financial leasing business realizes the alternative from financing to materials through ownership transfer,plays the same role as financing to support SMEs,and paves the way for SMEs to financing in new form. This article explains the function mechanism of financial leasing business in SMEs financing based on describing the case of Laiwu pany achievement in disguised financing with equipment and working capital in its scale expansion that applies the two different modes of direct financing lease and leaseback. It points out that financial leasing business has parative advantages radically due to the substitutability of materials to financing during the decrease of information asymmetry. It also indicates the potential moral risk exists in certain situations,thus the establishment of effective mechanism is required to restrict and supervise the financial leasing business.
Key Words:financial leasing,SMEs,financing forms
中图