首页 中国设备租赁市场成功的原因[文献翻译]

中国设备租赁市场成功的原因[文献翻译]

举报
开通vip

中国设备租赁市场成功的原因[文献翻译]中国设备租赁市场成功的原因[文献翻译] 外文题目:Identifying Factors for Success in the Chinese Equipment Leasing Market 出 处: Equipment Leasing and Finance Foundation 作 者: John C. Deane 原 文: Identifying Factors for Success in the Chinese Equipment Leasing Market By John C. Dea...

中国设备租赁市场成功的原因[文献翻译]
中国设备租赁市场成功的原因[文献翻译] 外文题目:Identifying Factors for Success in the Chinese Equipment Leasing Market 出 处: Equipment Leasing and Finance Foundation 作 者: John C. Deane 原 文: Identifying Factors for Success in the Chinese Equipment Leasing Market By John C. Deane Introduction There are several traditional reasons why United States’ lessors seek to establish an international presence. Some follow their vendors or customers overseas, while others do so to support their parent’s products. There also have been lessors, though few, which have done so as part of a market expansion strategy. This latter motivation is becoming more prevalent because of today’s highly competitive US leasing market. While it is true the US leads the world in the volume of equipment leasing, it also is a very mature industry. This maturity includes product commoditization, slowing growth, and static market share. Given this maturity, many US lessors are seeking opportunities in new markets and channels to sustain asset growth and maintain profitability. The Chinese leasing market is being viewed as one of these opportunities. Risk management As previously mentioned, being a successful lessor is a challenge even in one’s own country and even more so internationally. An international expansion strategy, therefore, also must be supported by a very solid risk management culture and organization. The strategy also must assess unique market risks, including country, operating, currency, and funding risks. Lastly, a prudent lessor will analyze and define a sound exit strategy. Equipment leasing in China Before the legal and economic reforms of 1979, the central government and provinces undertook all capital investment in China. The first equipment leasing company, China Eastern Leasing Company Ltd., therefore, was not established until 1981. This construction and technology equipment lessor, a joint venture between CITIC (China International Trust and Investment Corporation) and Japan’s Orix Corporation, was formed to meet the equipment needs of the expanding Chinese economy. During the early 1980s, China was in the initial stages of its migration from a centrally planned economy to a market-based one, which stimulated economic growth. To take advantage of these growth opportunities, Chinese manufacturers needed new, state-of-the-art production equipment, much of which had to be imported. Since most Chinese manufacturers lacked adequate capital, several new lessors were created to provide financing to these firms. Most of these leasing companies were joint ventures between Chinese and either Japanese or Korean lessors; Deutsche Leasing was also present. All of these lessors had their plans reviewed and approved by the Peoples’ Bank of China(PBOC). By the late 1980s and early 1990s, the Chinese economy had expanded significantly. This expansion also made new sources of funds available to Chinese manufacturers. This combination of equipment demand and the availability of financing, while creating opportunities, also created problems. For instance many of the Sino-foreign lessors experienced severe liquidity problems, as lessees acquired new equipment and simply stopped making lease payments on their old equipment. The lack of adequate leasing law and regulations made both collection of these past-due rents, and repossession of the equipment, very difficult for lessors. Many of the joint venture lessors, in particular, encountered difficulties because they had interpreted the Bank of China’s joint venture approvals as a tacit guarantee of enforcement of asset ownership and collection rights. This proved not to be the case, and, as a result, many lessors went out of business. According to Qiu Qiyang, senior advisor of the Financial Leasing Professional Committee, China Society of Finance, the Chinese government did eventually pay off a significant amount of debt owed to lessors in the early 1990s. Most European and North American multinationals began leasing operations in China during the mid-1990s. Hewlett-Packard, IBM, Siemens, and AT&T Capital were among the companies that established small leasing operations in Beijing and Shanghai. Due to the limited credit information available, and questionable legal recourse in the event of default, these lessors tended to lease primarily to other creditworthy multinationals, as well as to a small number of the larger, and better-known, Chinese companies. While the exact number of leasing companies is not known, it is estimated that China has over 10,000 small lessors, many or most of which are car rental companies. These lessors are in addition to the relatively small group of larger, well-capitalized lessors. Establishing a Leasing Company in China There is a clear distinction between the domestic and the foreign-owned leasing companies in China from a rules and regulations perspective. There are two types of domestic leasing companies in China - financial leasing companies approved by the PBOC and other leasing companies - those that do not need the approval of the PBOC. Currently, there are twelve financial leasing companies approved by the PBOC. These lessors, which include the New Century Financial Leasing Company, Shen Zhen Leasing Company, and Zhe Jiang Leasing Company, enjoy more rights and flexibility than the nonregulated companies. Other leasing companies, i.e., those that do not need the approval of the PBOC, can engage in financial or operating leasing, and are subject to few restrictions. While most of these domestic leasing companies have historically concentrated on finance leases, there is some movement toward offering operating leases. All foreign leasing companies in China are regulated by the government and, as such, must receive authorization to conduct business. Authorization to establish a foreign leasing company is obtained through MOFCOM. There are several structural alternatives available to foreign leasing companies, including representative offices, branches, joint ventures, and WFOEs. The easiest way for a vendor to increase sales in China is by referring leasing opportunities to existing lessors, although this approach should not be considered as entering the market. Establishing a representative office can facilitate these referral activities. This structure allows the office to be a liaison between the foreign company and its Chinese clients. The representative office cannot perform profit-making activities such as executing sales contracts or directly billing customers. This business form does, however, allow the foreign leasing company to perform cross-border leasing, mainly for large ticket items like, aircraft, rail, power plants, etc. China's Company Law, which has been in effect since July1, 1994, permits the opening of branches by foreign companies but, as a policy matter, China still restricts this entry approach to selected banks, insurance companies, and accounting and law firms. While representative offices are given a registration certificate, branch offices obtain an actual operating or business license and can engage in profit-making activities. It should be noted that there are significant restrictions as to the activities representative and branch offices can conduct. Risk Considerations Any lessor seeking to establish a presence outside the US must carefully consider the unique risks inherent in that jurisdiction. Although the analysis may not be much different than one performs in entering a new market in the US, it is important to remember that the differences in culture, economy, time, and distance magnify the risks, concerns, and operating issues. Market entry risk Sovereign risk is a prime example of the type of unique risks that US lessors may face internationally but do not have to contend with at home. This risk can be considered from two different perspectives. One is political risk, which is the likelihood that a given country would subject foreign and/or domestic investors to measures that would impair the security of enjoyment of life, freedom, and property. In concrete terms, such political events are political violence and revolution, expropriation, and other factors such as government breach of contracts. In terms of protection of property, Chinese law forbids nationalization of joint ventures, WFOEs, and investments from Taiwan, except under "special" circumstances. The Chinese government has not defined "special" circumstances, although officials claim that such circumstances include national security considerations and obstacles to large civil engineering projects. Chinese law calls for compensation of expropriated foreign investments but does not define the terms of compensation. Although there have been no cases of outright expropriation of foreign investment since China opened to the outside world in 1979, the US State Department believes that there are several cases that may qualify as expropriations under the Foreign Relations Authorization Act, most notably in the telecommunications sector. However, US lessors may obtain protection against political risks through the Overseas Private Investment Corporation or the Multilateral Investment Guaranty Agency, a World Bank Agency that provides political risk insurance to international investors. Although sometimes mentioned in discussions of cultural issues faced in China, there is no serious evidence of xenophobia. It must be noted, however, that Chinese culture bundles many centuries of ethnocentrism, namely, considering itself as the center of the world. This very strong cultural trait that China has dominance over the rest of the world must, therefore, be considered in all aspects of business. Conclusion Equipment leasing in China is alive, growing, and poised to become a major business opportunity for international lessors in the coming years. To be sure, China poses a number of significant risks that must be managed to be successful in the market. There also is much market development activity to be done before leasing is accepted as a mainstream financial product by Chinese businesses.Significant factors that should be useful to lessors considering entering the Chinese market include: The key driver for market entry, for most non-Chinese lessors studied, has been the need to support their existing customers. China’s rapid economic expansion has drawn many firms across a variety of industries to establish on-shore operations in China. These firms increasingly need financing solutions for their customers and themselves. It should not be assumed that a “build-it-and-they-will-come” approach will work in the Chinese leasing market, though. Foreign lessors without a customer-driven need for equipment leasing in China probably should not consider entering the market at this time. There is no single, successful business model. Leasing companies analyzed in this study include WFOEs, joint ventures, offshore and Chinese-owned onshore lessors, each of which is successful in its own way . Partnerships with Chinese lessors can shorten the time to market and help lessors get assimilated into China more quickly, but it can be difficult to find a suitable partner – financial strength, control issues, cultural differences and a lengthy approval process often are obstacles. Based on past and current lessors’ experiences, it appears that most western mid- and large-size lessors will view a WFOE license as their favored vehicle to enter the market. Identifying and managing the risks of doing business in China is the critical factor to success, but the task should not be overwhelming. Many prospective market entrants that were interviewed for this paper simply rolled their eyes when asked about the risks of doing business in China. “The risks are way too big for us to even consider going there,” was a typical response. There is no question that the credit and legal environment in China is extremely challenging, the regulatory process is burdensome, and the tax system discourages operating leases. There also is no question that the environment is gradually improving, and that there are dozens of lessors already on the ground and doing business successfully. As a final note, lessors should plan on everything taking longer than anticipated in China. Both Chinese and foreign lessors have found, through painful experience, that tasks requiring government approval simply take a long time. Interviewees recounted stories of waiting several months just to get a simple document signed and approved. Equally frustrating is the lack of willingness of many government officials to commit their opinions or rulings to writing. There is an old adage regarding vacations that suggests to “always bring twice the money you think you need.” The “always plan for same concept as it applies to lessors entering the China market is – twice the time you think you need.” 外文题目:Identifying Factors for Success in the Chinese Equipment Leasing Market 出 处: Equipment Leasing and Finance 作 者: John C. Deane 译 文: 中国设备租赁市场成功的原因 引言 美国的出租人寻求建立国际性的存在有几个传统的原因。有些人是为了跟进他们的海外供应商或顾客,而其他人这样做是为了支持他们的母公司的产品。此外,还有很少一部分出租人,把这作为市场扩张战略的一部分。后者的动机由于当今日益竞争激烈的美国租赁市场而普遍存在。 虽然事实上美国领导了世界上设备租赁成交量,但它也是一个非常成熟的产业。这种成熟包括产品商品化,经济增长放缓,以及静态的市场份额。鉴于这种成熟,许多美国出租人正在寻求新的市场和渠道的机会,以维持资产增长和保持盈利能力。中国租赁市场正被视为这些机会之一。 风险管理 如前所述,成为一个成功的出租商即使在自己的国家,甚至在国际竞争力上是一项挑战。一个国际拓展策略,也必须有非常可靠的风险管理文化和组织的支持。这一战略还必须评估具有独特的市场风险,其中包括国家风险、操作风险、货币风险和投资风险。最后,一个谨慎的出租商将逐一 分析 定性数据统计分析pdf销售业绩分析模板建筑结构震害分析销售进度分析表京东商城竞争战略分析 和确定一个可靠的退出战略。 中国的设备租赁 在1979年的法律和经济改革,中央政府和省进行了各种资本在中国投资的活动。第一个设备租赁公司,中国东方租赁公司有限公司,因此直到1981年建立。这种结构和技术的设备出租商,合资公司——CITIC(中国国际信托投资公司)和日本的Orix公司的成立是为了满足设备需求扩张的中国经济。 早在20世纪80年代以来,中国是在迁移的初期从中央计划经济转变为市场基础经济,从而刺激经济增长。为了利用这些增长的机会,发展中国制造商需要新的、先进的生产设备,其中大部分是进口的。由于大多数中国制造商缺乏足够的 资本,出现几种新的出租人来为这些公司提供资金。大部分的这些租赁公司是合资企业,如中国和日本或和韩国之间的出租商,德意志租赁也出现。所有这些出租商有他们的计划通过中国人民银行(PBOC)进行审核和批准。 到80年代末和90年代初,中国经济已经显著扩大了。这一扩大使新的资金 同时创造机尽可能的流到中国的制造商。这种设备组合需求以及资金的有效性,会,也造成了问题。比如许多中外出租商感受到严重的流动性问题,当承租人获得新的设备和简单的停止支付他们旧设备的租金。 缺乏足够的租赁法律、法规来收集这些过期租金,恢复设备对于出租商来说是非常困难的。许多合资的出租商,尤其求职困难,因为他们已经解释了中国银行的批准过程的合资公司实施的默认保证资产所有权和收集的权利。兹证明并不是那样的,因此,许多出租商倒闭了。根据中国金融社会、融资租赁专业委员会高级顾问邱启燕,在上个世纪90年代早期中国政府终于还清大量对出租商所欠债务。 在20世纪90年代中期大多数欧洲和北美的跨国公司开始在中国运作租赁。惠普、IBM、西门子、和AT&T公司资本在北京和上海建立小租赁业务。由于有效信用信息的限制和违约事件的可疑的法律援助,这些出租倾向于租赁主要是为了其他信誉卓著的跨国公司,以及对少数又大又知名的中国公司。 虽然租赁公司的准确数量还不确定,但在中国大约有超过1万个小的出租商,许多或其中大部分是汽车租赁公司。这些出租商相对规模大,资本雄厚的出租商来说很小 在中国建立一个租赁公司 从法规的角度看有一个明确的区分在中国的国内和外资租赁公司。在中国国内租赁公司有两种类型:经过中国人民银行批准的金融租赁公司和其他租赁公司,还有那些不需要中国人民银行批准的租赁公司。 目前,有12家金融租赁公司经过中国人民银行的批准。这些出租商中包括新世纪金融租赁公司、深圳租赁公司和浙江租赁公司比那些非正规的租赁公司享有更多的权利和灵活性。 其他租赁公司,即那些不需要经过央行批准可以从事金融租赁或维护性租赁,而且会受更少的限制。虽然这些国内租赁公司大部分历史性的集中在金融租赁,但有一些运作是提供经营租赁。 在中国所有外国租赁公司受到政府的调控,同样,必须接受委托来经营生意。授权建立外国租赁公司得到了中华人民共和国商务部批准。有几种可选择的结构 适用于国外租赁公司,包括外国企业常驻代表机构,合资企业,外商独资企业。 在中国对供应商提高销售最简单的方法是提供租赁机会给现存的出租商,尽管这种方法当作进入市场不被认同。设立常驻代表机构可以促进这些推荐的活动。这个结构允许办事处联络外国公司和它的中国客户。代表机构不能完成获利的活动,如执行销售合同或者直接开单给顾客。然而这个商业形态让外国租赁公司履行跨境租赁,主要用于大票的项目,如航空、铁路、电厂等。 中国公司法律在1994年7月1日起生效,允许外国公司分支机构开放,但作为一种政策,中国仍然限制该条目的方法来选定的银行、保险公司,会计和律师事务所。尽管代表处给出了一个登记证,分支机构获得一个实际的操作或营业执照可以从事营利性活动。值得注意的是,有重要的限制关于活动代表和分支机构都可以进行。 风险因素 任何出租人想要在美国以外建立一种存在感必须要仔细考虑在固有的管辖 重要的是要内独特的风险。虽然在美国分析可能是大不同于执行进入新的市场,记住在不同的文化、经济、时间和距离扩大风险、担忧和操作问题。 进入这一市场风险 有主权的风险是一种独特风险类型的典型例子,美国出租商可能会面临国际上却没有必要在本土竞争。这种风险可以从两个不同的观点被认同。一个是政治风险,即某个国家的可受制于国外或国内投资者来衡量将会损害生命安全、自由、财产。具体说来,这样的政治事件是政治暴力和革命,征收和其它的因素,如政府违反合同。 就保护财产而言,中国法律禁止合资企业、全外资和来自台湾的投资的国有化,除了在“特别”的情况。中国政府还未定义“特别”的情况,尽管官员称这种情况包括国家安全考虑,大型民用工程项目的障碍。中国法律要求外国投资征用赔款但是补偿的条款还没定义。 自从中国1979年对外开放,国外投资完全征用没有在发生。美国国务院相信有几种情况下可能有资格作为征收在参议院外交关系授权行为,尤其是在电信部门。但是,美国出租商可能获得抵御政治风险通过海外私人投资公司或多边投资担保机构,世界银行机构为国际投资者提供了政治风险保险。 虽然有时提到在讨论中国面临的文化问题,但从来没有一个严重的仇外证据。然而必须指出的,中国文化束缚好几世纪的民族优越感,也就是说考虑本身是 世界的中心。这非常深厚的文化特征,中国已经统治世界上的其他国家的绝对必要事物,因此,被认为是在各方面的业务。 结论 设备租赁在中国是活跃的,成长的,在未来的日子里将成为一个主要的商业机会给国际出租商。可以肯定的是,中国带来了一些主要的风险,必须在市场上成功的管理。租赁被中国企业当作为一个主流金融产品之前,也有更大的市场开发活动。一些重要的因素有益于出租商考虑进入中国市场,包括: 对市场进入的主要驱动,因为大多数的非中国出租商研究需要他们现有的客户的支持。中国经济的迅速扩张已经吸引了不少公司在中国境内通过一个多样性的产业来建立岸上运作。这些公司逐渐地需要融资 方案 气瓶 现场处置方案 .pdf气瓶 现场处置方案 .doc见习基地管理方案.doc关于群访事件的化解方案建筑工地扬尘治理专项方案下载 为他们的客户和他们自己。在中国租赁市场不应该被假定“只要建立就有人来”的方案来运作,虽然没有通过消费者导向的国外出租商在中国需要设备租赁可能不该认为在这个时候进入市场。 根本就没有一个成功的商业模式。租赁公司通过研究分析了全外资、合资企业、离岸和中国本土出租商,其中的每一个成功都有它自己的方式。中国出租商的合作伙伴可以缩短上市时间和帮助出租商更快的融入中国,但是很难找到一个合适的伙伴——财务实力、控制问题、文化差异、及漫长的审批流程通常是障碍。基于过去和目前出租商的经验,出现大多数西方大中型出租商视外商独资企业许可证作为他们的有利工具来进入市场。 在中国做生意识别和管理风险是成功的最关键的因素,但任务不应该被淹没。许多未来的市场的竞争者接受本文的采访,当被问及在中国做生意的风险,他们只是简单的转动眼睛。“风险对我们来说太大以致我们考虑不到那里去,”是一个典型的反应。毫无疑问,在中国信用和法律环境是极富挑战性的,管理过程是繁重的,税收 制度 关于办公室下班关闭电源制度矿山事故隐患举报和奖励制度制度下载人事管理制度doc盘点制度下载 阻碍了经营租赁。也毫无疑问环境正在逐渐好转,而且许多出租商已经在场并成功的做生意。 作为最后一点,出租人应当将计划到在中国大包大揽会比预期的时间更长。中外出租人已经通过痛苦的经验发现,这项需要政府批准的任务仅仅需要很长的时间。受访者讲述故事的数月等待只是为了得到一个简单的文件签署和批准。同样令人沮丧的是,许多政府官员不愿意提交他们的书面意见或裁决。有一句古老的关于休假的格言认为“永远带你认为自己需要的钱的两倍”。同样适用于出租 人进入中国市场的意见是 “永远计划拟认为自己需要的时间的两倍时间。”
本文档为【中国设备租赁市场成功的原因[文献翻译]】,请使用软件OFFICE或WPS软件打开。作品中的文字与图均可以修改和编辑, 图片更改请在作品中右键图片并更换,文字修改请直接点击文字进行修改,也可以新增和删除文档中的内容。
该文档来自用户分享,如有侵权行为请发邮件ishare@vip.sina.com联系网站客服,我们会及时删除。
[版权声明] 本站所有资料为用户分享产生,若发现您的权利被侵害,请联系客服邮件isharekefu@iask.cn,我们尽快处理。
本作品所展示的图片、画像、字体、音乐的版权可能需版权方额外授权,请谨慎使用。
网站提供的党政主题相关内容(国旗、国徽、党徽..)目的在于配合国家政策宣传,仅限个人学习分享使用,禁止用于任何广告和商用目的。
下载需要: 免费 已有0 人下载
最新资料
资料动态
专题动态
is_841159
暂无简介~
格式:doc
大小:44KB
软件:Word
页数:0
分类:工学
上传时间:2017-10-26
浏览量:14