一、台湾融资租赁业

    发展概况

    Taiwan's financial leasing industry originated in 1973. With the change of Taiwan's own economic situation, the change of international economic situation, and the impact of the reform and innovation of the financial industry, its development has significant stages and distinct characteristics。 

   (1) Start-up and Rapid Development Period (1973-1983)

    In the 1960s, Taiwan's economy was dominated by agriculture, foreign exchange shortage, labor surplus and low per capita income，The relevant departments in Taiwan are determined to vigorously develop processing and export industries to drive economic development，并陆续修正或制定旨在促进出口的政策与措施，Encourage private savings, implement tax and financing incentives for export manufacturers, and set up export processing zones and bonded warehouses。In this period, how to attract foreign investment to promote industrialization and expand exports is a problem that Taiwan needs to face positively。 

    The financial leasing industry in Taiwan came into being and developed under this background。In 1973, the financial department of Taiwan issued the "Measures for the Leasing of Machinery and Equipment by Trust Investment Companies", hoping that trust institutions could finance the purchase of machinery and equipment by industrial and commercial enterprises by leasing, and promote industrial upgrading。Trust and investment companies with private ownership as the main body responded positively, and five trust and investment companies including Cathay Pacific, China, Zoomlion, First, and Overseas Chinese successively opened leasing business。Before that, the financial department had tried to promote banks to engage in financial leasing business, but the banks at that time were mostly government-run institutions, lack of corresponding talents and experience, did not show due enthusiasm, and the plan was stranded。 

    In 1974, Cathay Trust established the first professional financial leasing company in cooperation with Japan Oriental Leasing。Since then, professional leasing companies have been established, and are no longer subject to the supervision of the "Ministry of Finance", and the business has developed rapidly。 

    Taiwan's economic transformation in the 1970s, production depends on Japan, the market depends on the United States, although the industry has been rapid development, but the foundation is very weak, extremely vulnerable to the impact of international market fluctuations。After the outbreak of the second oil crisis in 1978, the inflation rate in Taiwan was high, the relevant departments in Taiwan adopted the deflation policy, and the financing difficulties of private enterprises, and the newly introduced financial leasing soon became the first choice to solve the financing problem。At the same time, Taiwan has introduced a large number of Japanese scientific and technological achievements, and its rapid economic growth has exacerbated the situation of short supply of funds。由此，迎来了融资租赁业的首个发展高潮。By 1983, nearly 100 leasing companies had been established in Taiwan, 43 of which had joined the Taipei Leasing Association, and the leasing transaction volume reached NT $17.7 billion, accounting for 7% of the total fixed asset investment at that time.23%。 

   （二）行业调整期（1984―1995年）    

    In the mid-1980s, the asset bubble burst, the Taiwan dollar appreciated sharply against the US dollar, labor was in short supply, and wages rose sharply。Taiwan's labor-intensive processing and export industry has gradually lost its comparative advantage, leading to low private investment willingness, economic development is in trouble, and a large number of small and medium-sized enterprises have gone bankrupt。As a result, the loss of bad debts in the leasing industry, whose main customers are small and medium-sized enterprises, has soared。Since most of the leasing companies established before have less capital and weak strength, they are dragged down by bad debts and have collapsed。In 1984, the leasing industry experienced negative growth for the first time, and the number of leasing companies participating in the Taiwan Leasing Association quickly dropped to 24。 

    面对经济困境，The relevant departments in Taiwan put forward the policy of liberalization, internationalization and institutionalization in 1986，进一步健全和完善市场经济机制，And industrial upgrading and expansion of foreign trade markets outside the United States as a new economic orientation，确定以通讯、信息、电子、半导体等为支柱产业，开始了近10年的经济转型。 

    After the natural elimination in 1984-1986, the leasing company with sound system and standardized management survived。The Taiwan government has also introduced some supporting policies to improve the operating environment of the leasing industry, such as relaxing the restrictions on the business items of leasing companies, expanding the scope of the leased objects and increasing the business varieties.Gradually liberalizing the scope of financial institutions that can undertake financial leasing business, and so on, the leasing industry began to recover growth during this period。By the end of 1992, the leasing transaction volume reached more than NT $19.9 billion, and the number of registered member leasing companies of the Leasing Association was stable at 16。 

   （三）稳定发展期（1995―迄今） 

    In 1995, the development of leasing industry in Taiwan entered a new period。Relevant departments in Taiwan have issued administrative measures, and leasing companies can carry out installment payment business。Since then, leasing and installment business have become the two main businesses of leasing companies in Taiwan。这也是台湾租赁业的显著特点。The introduction of installment business has increased the profitability of the leasing industry and played a positive role in promoting the stable development of the industry。The Leasing Association began to include installment payments in its statistics, and the total performance of leasing companies reached NT $586 in 1995.200 million, of which lease transactions amounted to 31.8 billion, accounting for 54%, and installment transactions amounted to 26.7 billion, accounting for 46%。Since then, the proportion of installment business in the leasing company has risen year by year, and has stabilized at about 70% in recent years。Most banks and large consortia began to own their own leasing companies, and the turnover of the whole industry gradually increased, and by the end of 2000, the contract value reached NT $100.8 billion。In 2006, the contract value of the whole business in the industry was NT $114.8 billion，较2005年减少16%，This was encouraged by the government's policy of easing restrictions on banks opening new branches，银行提高对中小企业授信业务比重，Thus, it has a squeezing effect on the leasing industry whose main business is the leasing and installment payment of small and medium-sized enterprises，同时受双卡（信用卡、现金卡）效应影响，Leasing companies have also seen a sharp decline in installment payments for vehicles。 

    After 2008, due to the impact of the global financial tsunami, the manufacturing industry in Taiwan has a low willingness to invest in fixed assets, and the leasing industry, which mainly focuses on the production of machinery in small and medium-sized enterprises, has also been deeply affected, and the equipment leasing market has shown a decline year by year。Between 2006 and 2008, the number of contracts contracted by the leasing industry increased significantly, but the total value of contracts increased only slightly, indicating that the overall value of individual contracts contracted has been declining。In 2009, the total amount of lease and installment contracts was about NT $119.1 billion (see Table 1).。 

    Overall, Taiwan's financial leasing industry has been relatively stable over the past 10 years, but it has grown slowly。  

    二、台湾地区融资租赁

    行业特点 　

    At present, although the growth rate of financial leasing market in Taiwan is not high, it is very stable. Even in the Asian financial crisis in 1997, there was no serious crisis similar to the banking industry。One important reason is that the financial leasing industry in Taiwan experienced the natural elimination in the 1980s, and the surviving companies operated cautiously, were more alert to the changes in the macroeconomic and international situation, and their risk coping ability was greatly improved, so that they could quickly respond to the crisis and avoid huge losses。 

    在台湾，租赁公司不能向公众吸收存款，业务范围包含以下几类：一是资本性租赁，即传统意义上融资租赁，以生产性资产的融资为主；二是营业性租赁，即经营性租赁；三是分期付款业务，主要面向消费领域，如购买汽车等；四是应收账款业务，即应收账款保理业务。 

    At present, the main business of leasing companies in Taiwan includes leasing business and installment business。In the leasing business, leasing companies are still mainly financial leasing business, operational leasing because of the risk involved in the second-hand equipment market, only some leasing companies with strong specialization involved in this field。 

    After years of development, the financial leasing industry in Taiwan has formed some significant characteristics: 

    （一）服务对象主要是中小企业 

    After the launch of financial leasing in Taiwan, it has been an important financing channel for small and medium-sized enterprises。According to the Taipei Leasing Commercial Association, between 1989 and 1993, 40 percent of the clients of leasing companies had capital of less than NT $20 million, and 70 percent had capital of less than NT $100 million。Moreover, the smaller the scale of enterprises, the higher the evaluation of the financing method of financial leasing。 

    这是一个很值得我们研究的特点。The defective rate of leasing companies in Taiwan is relatively high, usually about 5%, because the possibility of small and medium-sized enterprises operating crisis is relatively high。The internal rate of return required by leasing companies to carry out this type of business is also relatively high。However, in recent years, the financial leasing business in the mainland has developed rapidly, but its business is more inclined to large companies, and the real business services for small and medium-sized enterprises are more concentrated in the manufacturer leasing。This may be related to the fact that most large-scale leasing companies in the mainland rely more on large financial institutions and state-owned groups, which are easy to raise funds, strong financial strength, and pricing is close to banks。These institutions on the mainland are more like running banks, mainly playing the financing function of leasing companies, rather than the function of financing。 

   (2) The number of leasing companies is large, most of them are small, but a large professional leasing company is unique 

    Although financial leasing is an indirect financing method like bank loans, it is subject to relatively loose supervision, so the threshold for entering the leasing industry is not high, and there are more companies engaged in leasing business, up to hundreds, but few large-scale ones。According to 2008 statistics, there are 23 leasing companies with large scale and joined the leasing association, of which only 1 has a capital of more than NIS 5 billion, 4 have a capital of 2 to 5 billion, 2 have a capital of 1 to 2 billion, 5 have a capital of 500 to 1 billion, and 11 have a capital of less than 500 million。It can be seen that the financial leasing industry in Taiwan has a low concentration and insufficient large-scale。 

    The financial leasing institutions in Taiwan can be roughly divided into four categories: first, the banking system，Including Taiwan First Bank, Fubon, Sinopac and other 12;The second is the enterprise group，Including China Rent Di He, China Tai, Yongxin and other 3;The third is the automobile manufacturer system，包括裕融、和润等4家；四是外商系，Including Taiwan ORIX (ORIX), AIA (AIG) and other four companies。According to the Taipei Leasing Association's 2007 analysis of the business statistics of these 23 leasing companies, 52 of the four types of institutions engaged in leasing business are banks.17%, but only 14% of the market;Enterprise groups (independent leasing companies) accounted for 54% of the market share, of which Zhongzudi and one accounted for 50%;Manufacturers accounted for 27%, and foreign companies accounted for only 5%。 

   （三）与厂商合作密切，设备融资占比重高 

    Taiwan's financial leasing industry customers, from the manufacturing industry accounted for 60%;In terms of rental goods, especially construction machinery, transportation equipment, etc., accounted for about 30%。Some leasing companies, such as Taiwan Zhongleased Di He and Yulong, have manufacturer background, and some have established cooperative relations with a number of manufacturers, and the entire financial leasing industry attaches great importance to cooperation with manufacturers。Manufacturers provide sales network and technical support, leasing companies provide financial services。Table 2 shows the statistics of the subject matter of the leasing industry in Taiwan in recent years。 

    Financial leasing companies in Taiwan pay great attention to the development of direct leasing, pay attention to the realizability of the leased property, and are more inclined to choose the equipment with strong versatility as the leased property, the term is usually within 3 years。The leasing companies in the mainland occupy a considerable proportion of sales and leaseback, and the business model is more similar to bank credit。 

   （四）资金主要来自银行，融资方式较少 

    According to the information of the Taipei Leasing Association, the proportion of local financial leasing companies' own funds is about 10-16%, and the other part is raised by bank loans, commercial promissory notes, corporate bonds and other ways。 

    In Europe and the United States and other countries, the financial market is relatively developed and liquidity is abundant, and leasing companies such as GE and Caterpillar can easily issue bonds and stocks for financing。In Taiwan, bank loans account for more than 60% of the loan funds of leasing companies, and the credit granted by banks to leasing companies is generally short and medium term (1-3 years).。Whether to obtain sufficient and low-cost funds has become the key to determining the expansion of the leasing company's business scale and improving its competitiveness。  

    三、主要经验 

   （一）风险控制意识强，风险控制手段先进 

    台湾的融资租赁公司都非常重视控制风险，Most of them introduce the most advanced international risk management technology and experience: First, the risk is divided into different categories such as market risk, credit risk, liquidity risk, and operational risk，分别加以控制，从而更有效地防范；二是建立风险管理体系，Set up multi-level (such as business units-management-governance layer) risk control system;Third, focus on quantitative analysis，Widely adopt specialized credit risk model;Fourth, focus on integrating with international risk management technology，Risk control techniques such as internal rating method (IRB), credit risk estimation model and multi-layer risk defense system are introduced，主动遵守《pp电子游戏网址》，提高控制风险能力和运营效率。 

   （二）创新意识强，业务模式和品种丰富 

    There are many leasing companies in Taiwan, both banks and independent financial leasing companies engaged in leasing business。The fierce market competition makes leasing companies attach great importance to the innovation of business models and varieties。In response to the strong appeal of the leasing industry, the Taiwan regional government liberalized the leasing industry, in addition to the general financial leasing business, leasing companies can also handle accounts receivable purchase, installment financing and other businesses。In addition, leasing companies are also constantly trying to innovate financing methods, creating asset securitization, accounts receivable factoring and other financing methods。这一点很值得内地同行借鉴。 

   （三）开拓意识强，积极向内地等新兴市场发展 

    The leasing industry in Taiwan is facing a situation of limited development both inside and outside, and its growth is slow after the industry becomes mature in the island. In recent years, with the economic rise of the mainland, huge business opportunities attract Taiwan businessmen to actively seek opportunities to invest in the mainland。租赁公司也跟随其中。At present, there are Zhongli International Leasing established by China Leasing Di and reinvestment, Suzhou Geshang Car Leasing established by Yulong Group reinvestment, and Heyun International Leasing by Helun Enterprise reinvestment。Last year, after the Cross-Strait financial supervision Memorandum came into effect and ECFA was signed, Fubon Group took the lead in cooperating with CITIC Group to establish a joint venture CITIC Fortis Financial Leasing Company, which has been put into operation。 

    (4) Pay attention to their own positioning, and close cooperation with the upstream and downstream of the industrial chain 

    In Taiwan, half of the financial leasing business is in the hands of banks, and other institutions maintain close relationships with banks or financial holding companies。This is mainly because leasing companies have very limited means of financing, in addition to relying on bills or securitization, the rest basically rely on banks。Therefore, leasing companies in Taiwan pay great attention to the differentiation of banking business and avoid direct competition with banks when carrying out business。Taiwan's leasing industry also combines its own professional leasing asset management capabilities and operational capabilities with the sales channels of banks or financial holding companies, and improves the overall operating performance of leasing business teams through cross-selling insurance, trust and other products。Taiwan leasing agencies also pay great attention to the combination with suppliers, in the form of mergers and acquisitions or strategic alliances with the industry chain close contact, in order to stabilize customer resources, maintain industry status。 

    (5) Supervision is loose, tax regulations are relatively perfect, and the development foundation of the industry is good 

    Financial leasing companies in Taiwan are not subject to as many regulations as banks and have a large space for independent development。在台湾，租赁公司之运作主要是以公司法为准则。Article 15 of the Company Law stipulates: "The funds of the company shall not be lent to shareholders or any other person except in the following circumstances: (1) Those who have business dealings between the company or with the bank。2. If it is necessary for short-term financing between the company or between the bank and the bank, the financing amount shall not exceed 40% of the net value of the loan and the enterprise。The direct financing business is limited, so it is necessary to achieve the purpose of financing through financing。各类机构开展租赁业务的法律环境基本统一。 

    In terms of taxation, Taiwan has realized the merger of value-added tax and business tax, and only taxes the value-added part of the flow of goods and services, which has well solved the problem of double taxation faced in the development of financial leasing business。 

    At present, in addition to manufacturer leasing, the homogenization trend is common, but the regulatory environment is not uniform, and the support and tax policies given by various places are also inconsistent, which may be an inevitable phenomenon in the early stage of the development of the industry, but the unified policy and legal basis is obviously more conducive to the standardized development of the industry。