外文翻譯--融資租賃在國際貿(mào)易中的應用

1、<p>　　2026單詞，3050漢字</p><p>　　出處: Guojin Liu,2010.“Finance Leasing In International Trad”. The University of Birmingham.may.pp.4-25.</p><p>　　外 文 翻 譯</p><p><b>　　原文：<

2、;/b></p><p>　　Finance Leasing In International Trade</p><p>　　Finance leasing is a financing device in the form of a lease. It has been used as an effective alternative to the purchase of equ

3、ipment. Usually a finance leasing transaction works in the following way. At the request of the lessee, with his specification of the asset and selection of the supplier, the lessor enters into a supply agreement with th

4、e supplier. The lessor acquires the asset from the supplier, who receives outright payment from the lessor. Then, the lessor leases the asset to the le</p><p>　　In order to encourage the use of finance leasi

5、ng internationally and nationally, the International Institute for the Unification of Private Law (“Unidroit”) prepared the Unidroit Convention on International Financial Leasing 1988 (the “Convention”) and the Unidroit

6、Model Law on Leasing 2008 (the “Model Law”). But the UK has neither ratified the Convention nor adopted the Model Law.</p><p>　　This thesis will examine the law pertaining to finance leasing in England and W

7、ales, aiming to assess whether it is fit for the purpose of facilitating trade of equipment.</p><p>　　A few concepts will now be explained and the points on which the discussion will focus will be highlighte

8、d.</p><p>　　The term “finance leasing” will refer to the whole transaction involving the three parties and the term “finance lease” will refer to the specific agreement made between the lessor and the lessee

9、.</p><p>　　The finance leasing transaction discussed in this thesis involves three parties: the supplier, lessor and lessee. The supplier may be the manufacturer, a wholesale merchant, an agent, or anyone wh

10、o is chosen by the lessee to supply the specific asset for his use. The lessor is usually a finance company, or a finance house, or anyone who can provide the finance and is prepared to acquire the asset specified by the

11、 lessee for his use. The lessee is the actual user, who selects the supplier and the</p><p>　　The involvement of a financier provides practical benefits to all three parties.This thesis seeks to investigate

12、the specifics of the financial lessor’s involvement in the tripartite transaction, which makes finance leasing a financial mechanism. Financial arrangements offered by the supplier directly to the user, including those i

13、n the form of leasing, are not the object of this study.</p><p>　　Finance leasing transactions concern chattels, which are of the nature of moveable property. Although some commercial leases of land have a f

14、inancing function, they are imprinted by the immoveable nature of the real property and are subject to land law. Therefore land is excluded from the scope of this thesis, although some principles of land law, particularl

15、y with regard to mortgage, could, to some extent, shed light on the law applicable to finance leasing by analogy.</p><p>　　In general, the terms “l(fā)ease” and “hire” are used interchangeably when chattels are

16、concerned. But when the discussion refers to land specifically, the term “l(fā)ease” is chosen to differentiate it from the hire of goods.</p><p>　　Finance leasing is very much tax driven. Its volume of usage st

17、arted to rise rapidly in the 1970s because of the 100% first year allowances at the time. Since the benefit was removed in the 1980s, the development of finance leasing slowed down. By the time when the Finance Act 2006

18、came into force, taxation benefits available to the lessee of a finance lease became rather limited.</p><p>　　Research shows that the choice of finance leasing is made for reasons other than low cost. In fac

19、t, the lessee pays more than the interest he would pay under an ordinary bank loan by instalments in similar circumstances; the relatively higher interest rate attracts the finance companies to accept applications for fi

20、nance leasing. But, it is common that the lessee is not required to pay down payment or deposit and he could obtain 100% finance for the entire cost of the equipment, unlike a loan to</p><p>　　In addition to

21、 the maximum financing, finance leasing provides good cash flow by spreading payments over months or years. The payments can be structured to match the lessee's credit quality, time-in-business and pattern of income.

22、 For example, the lessor may agree that the lessee can pay small amount of rentals at the beginning of the lease period but a “balloon rental”at the end of it; or he can pay rentals according to the seasons of his busine

23、ss and skip payment in the months when his busines</p><p>　　However, once the payment plan is set, the lessor would rarely agree to change it. The lessee may be forced to pay hefty early termination fees for

24、 breaking the contract, if he fails to fulfil his duty of payment. The lessee's commitment to regular payments is the certainty expected by the lessor from the transaction. This is understandable because the lessee s

25、hould have been able to compare the payments of rentals with the expected revenue and profits generated by the use of the asset. The paym</p><p>　　In comparison to lending, the lessor of finance leasing rece

26、ives more profitable rate of investment return. He has the security of his interest in the reservation of the ownership of the asset. During the leasing period, the lessor is the legal owner and is able to repossess the

27、equipment uncomplicatedly when the lessee can not perform his obligation of rental payments. When a lessee goes insolvent, the lessor usually can repossess the asset and receive the proceeds of disposition of it to recov

28、</p><p>　　Finance leasing enables the supplier to sell his equipment outright to the lessor and therefore enlarge their market portion in a certain area. There is no obvious disadvantage to the supplier. Fin

29、ance leasing hugely improves sales of equipment; unsurprisingly the supplier often takes the initiative to introduce finance leasing to his potential customers who seem to need some kind of financing for the purchase of

30、the asset.</p><p>　　Finance leasing is an effective financing mechanism for equipment acquisition. It offers an alternative to borrowing money and provides benefits to all parties involved. It is designed to

31、 meet the needs of the three parties: the lessee (who needs the equipment to use), the lessor (who has money) and the supplier (who has the equipment for sale). For the lessee, as a result of finance leasing, his financi

32、al resources are expanded while he gets 100% financing for the asset. He also enjoys the flex</p><p>　　However, there are disadvantages of finance leasing to the lessee. For example, he is committed to payme

33、nt of all the rentals. He may be restricted with the use or disposal of the asset. There may be complication in the accounting and taxation of the transaction. For the lessor, he would benefit from the relatively profita

34、ble rate of investment return and considerably certain security, being the legal owner of the asset. For the supplier, finance leasing means outright sale of the asset and has </p><p>　　The strength of finan

35、ce leasing exists in its distinctive way of funding. It takes a different reward and risk structure from the traditional secured loan. The lessee obtains all the benefits of the ownership of the asset except for the titl

36、e to the asset and also takes all the risks of the ownership except for obsolesce. The lessor gets rewards in the payments of rentals and spares the risk by preserving the ownership as a means of protection against defau

37、lt of the lessee.</p><p>　　Finance leasing is a commercial innovation. It has been regulated in accounting and taxation and is gaining recognition in the proposed company security registration scheme. This s

38、ection will discuss the concept of finance leasing used in these areas, in order to understand how finance leasing is employed by the businessmen before the next section explains why it takes the current form at law.<

39、/p><p>　　A finance lease is defined as a transaction in which substantially all the risks and rewards of an asset except ownership are transferred from the lessor to the lessee. It is commonly understood in sub

40、stance as equivalent to a secured loan in the sense that the lessor is insulated from the commercial risks and rewards of the ownership of the leased assets. The lessee is regarded as the economic owner of the asset and

41、required to capitalise material finance leases in his accounts, viz. the lessee</p><p>　　It is admitted that, generally speaking, finance leases of an asset often are longer than operating leases of the same

42、 asset. For example, hiring a bouncing castle for the use of it for a day is an operating lease but hiring the same equipment for one or two years is likely to be regarded as a finance lease. However, other factors also

43、affect the length of the lease. Leasing a big-ticket item usually is longer than leasing a small ticket item because it takes longer to pay off a bigger capital. </p><p><b>　　譯文：</b></p>&

44、lt;p>　　融資租賃在國際貿(mào)易中的應用</p><p>　　融資租賃是租賃形式的一種融資手段，它已被用來作為一種有效的替代設(shè)備的采購。融資租賃交易通常有以下方式運作。在承租人的要求與規(guī)范的選擇資產(chǎn)和供應商的情況下，出租人與供應商訂立供貨協(xié)議。出租人從供應商那收購了資產(chǎn)，這些資產(chǎn)是出租人直接支付的。然后，出租人將資產(chǎn)租賃給承租人，期約期間通常是承租人支付大部分的資產(chǎn)使用壽命的租金，已作為資產(chǎn)的回報。租金的計

45、算包括出租人支付的資本支出和一定的利潤空間。在租賃期間，承租人享有資產(chǎn)的占有權(quán)和使用資產(chǎn)的益處。同時，承租人要保持資產(chǎn)良好的狀態(tài)，并為丟失或者損壞負責。在租賃期結(jié)束時，無論是承租人繼續(xù)租賃這項資產(chǎn)并支付租賃，或是將資產(chǎn)出售，通常由承租人給出租人的作定論，承租人將享有一個的很大比例的銷售收入。</p><p>　　為鼓勵國際和國內(nèi)利用融資租賃的方式，國際研究所（“國際統(tǒng)一私法協(xié)會”）對私法學統(tǒng)一編寫了1988年國際

46、金融租賃法（以下簡稱“公約“）和2008年的租賃示范法（以下簡稱“示范法“）。但英國既沒有批準該公約，也沒有通過的示范法。</p><p>　　本論文將研究有關(guān)在英格蘭和威爾士租賃的金融的法律，旨在評估一項設(shè)備是否能達到促進貿(mào)易的目的?，F(xiàn)在有幾個概念的解釋和討論將重點突出顯示。“融資租賃”在整個交易中涉及三方，主要涉及出租人和承租人。</p><p>　　融資租賃交易在這篇論文中的討論涉及

47、三方面：供應商，出租人和承租人。供應商可以是生產(chǎn)商，批發(fā)商，代理商，或任何由承租人選擇為他提供使用特定資產(chǎn)的人。出租人通常是一個金融公司，或一家金融機構(gòu)，或任何能夠提供資金的人，并提供其所取得的承租人指定使用的資產(chǎn)。承租人是選擇供應商和資產(chǎn)的實際的用戶，并提供各種資金要求下的資產(chǎn)的規(guī)格。承租人是負責對租金的支付和資產(chǎn)的正確使用。隨著技術(shù)發(fā)展到目前的程度，使許多消費者都可能參與國際貿(mào)易，他們可以選擇參與融資租賃來獲得自己的權(quán)利，同時獲得特

48、別保護。本文將著重研究在交易處理過程中的三方，而不是作為一個消費者的角度來研究。</p><p>　　一個金融家的參與為三方提供了實際利益，本論文旨在探討金融出租人在三方交易中參與融資租賃的金融機制的具體細節(jié)。融資安排由供應商直接提供給用戶，包括其租賃方式，而不是作為研究的對象。</p><p>　　動產(chǎn)的性質(zhì)是融資租賃交易的重點，雖然一些商業(yè)租賃的土地有融資功能，但它們是具有不動產(chǎn)的性質(zhì)

49、，并受到土地法的限制。因此，土地被排除在本論文的范圍，但也有一些土地法則，特別是關(guān)于抵押貸款，可以在一定程度上類推出融資租賃。</p><p>　　在一般情況下，對于動產(chǎn)而言，術(shù)語“租賃”和“雇用”會互換使用。但是，當具體是指土地時，則選擇“租賃”，以區(qū)別于它的商品租用。</p><p>　　融資租賃主要是由稅驅(qū)動的。它在20世紀70年代的使用量開始迅速的上升，因為第一年100％的免稅政策

50、。由于20世紀80年代的益處減少，金融租賃業(yè)的發(fā)展開始放緩。等到2006年財政法案生效以來，稅收的利益提供給承租人融資租賃變得相當有限。</p><p>　　研究表明，選擇金融租賃是其他原因而不是因為其低成本。事實上，承租人支付的利息，會比在一個普通的銀行貸款所支付的分期付款額要多;相對較高的利率吸引了財務(wù)公司申請融資租賃。但是，一般下，承租人不須支付定金或押金，他可以得到設(shè)備的100％的全部使用，不像貸款，購置

51、設(shè)備時要首付百分之二十或更多的款項，而銀行一般只提供融資額大概百分之八十。</p><p>　　除了最大的融資，融資租賃提供了幾個月或幾年良好的現(xiàn)金流支付。該款項可以由符合承租人的信用質(zhì)量、時間、業(yè)務(wù)與收入模式構(gòu)成。例如，出租人可以同意承租人能夠支付少量租金在租賃期限開始階段，而在租賃期限結(jié)束時完全支付；或者他可以根據(jù)他的業(yè)務(wù)季節(jié)性來支付租金，當生意處于緩慢階段，可以跳過這幾個月再支付；或者他可以推遲付款，在他使

52、用租賃資產(chǎn)之前，先首付一部分款項；或者他可以從成長初期逐漸增加租賃資產(chǎn)支付的金額。</p><p>　　但是，一旦付款計劃設(shè)置好，出租人很少會去改變。如果承租人不履行付款義務(wù)，可能被迫支付高額的提前毀約終止費。承租人的定期付款承諾，從交易開始出租人就認為其實確定的。這是可以理解的，因為承租人應當已經(jīng)能夠比較明確其收入，并由使用該資產(chǎn)產(chǎn)生的利潤支付租金。通常是在一個固定的租金支付金額，以避免通貨膨脹。</p&

53、gt;<p>　　相對于貸款，融資租賃方式下，出租人獲得更為有利的投資回報率。他具有在資產(chǎn)的所有權(quán)保留權(quán)利的安全性。在租賃期間，出租人是合法擁有者，當承租人不履行其支付租金的義務(wù)時并能收回設(shè)備。當承租人破產(chǎn)時，出租人通常可以收回資產(chǎn)和獲得的處置收益來彌補租賃未付租金的損失。有議員曾建議把出租人在該資產(chǎn)的權(quán)益作為擔保性質(zhì)，并要求其進行登記。如果該建議獲得通過，出租人就有承租人其他有擔保債權(quán)人之上的優(yōu)先權(quán)，當然這將取決于他是否

54、登記注冊前就保證他們的權(quán)利。</p><p>　　融資租賃可以使供應商直接出售其設(shè)備給出租人，因此在一定區(qū)域內(nèi)擴大了融資租賃的市場的。對于供應商而言，這沒有壞處。融資租賃極大地提高了設(shè)備的銷售;令人驚訝的是供應商往往需要主動提出融資租賃的方式，他們似乎用融資方式吸引一些潛在的客戶購買其設(shè)備。</p><p>　　融資租賃是一種設(shè)備購置的有效的融資機制。它提供了一個替代借錢的方式，并使所有相

55、關(guān)方有利可圖。它的目的是滿足三方需求：承租人（誰需要使用的設(shè)備），出租人（誰有錢）和供應商（誰出售設(shè)備）。對于承租人，融資租賃的結(jié)果是使他的財政資源得到擴大，而他的資產(chǎn)也可以得到100％的融資。融資租賃還具備付款的靈活性。融資租賃也可能避免借貸法律的限制，比起貸款合約限制要少些。在某些情況下，融資租賃也可能在稅收制度上得到好處。</p><p>　　不過，融資租賃對于承租人也有一些缺陷。例如，承租人主要承擔所有的

56、租金支付。他可能被限制在只能使用或出售資產(chǎn)，在會計上和交易中的稅款也可能會有情況。對于出租人，他將受益于相對有利可圖的投資回報率，作為該資產(chǎn)的合法擁有人具有大大的收益安全性。對于供應商，融資租賃是指資產(chǎn)的直接出售，并沒有考慮失敗的風險。</p><p>　　融資租賃的強大在于它獨特的籌資方式。它從傳統(tǒng)的抵押貸款和風險結(jié)構(gòu)上采用了不同的報酬方式，承租人取得了除資產(chǎn)的所有權(quán)和所有制風險的所有優(yōu)點。出租人在獲取租金支付

57、報酬和零部件時，通過對承租人的違約時的保護而引起的生產(chǎn)資料所有制的風險。</p><p>　　融資租賃是一個商業(yè)創(chuàng)新的方式，在會計及稅務(wù)上已經(jīng)規(guī)范，并且正在擬設(shè)公司的安全注冊計劃。接下來將討論在一些地區(qū)使用融資租賃的相關(guān)概念，以了解融資租賃方式下資產(chǎn)是怎樣被商人租賃的。</p><p>　　融資租賃是指實質(zhì)上轉(zhuǎn)移與資產(chǎn)所有權(quán)有關(guān)的全部或絕大部分風險和報酬的租賃。它通常被理解為等同于安全貸款

58、，出租人免受商業(yè)風險并獲得租賃資產(chǎn)所有權(quán)的報酬。承租人被視為資產(chǎn)的所有者，并要求其記錄在帳目中，即記為材料的融資租賃。承租人應當在他的資產(chǎn)負債表的資產(chǎn)項目記錄，并承擔融資租賃產(chǎn)生的法律責任。與此相反，經(jīng)營租賃被視為應更接近于資產(chǎn)項目，而承租人不需要充分使用資產(chǎn)。</p><p>　　確實，一般來說，金融租賃資產(chǎn)的時間經(jīng)常超過經(jīng)營租賃相同的資產(chǎn)的時間。例如，雇用一項資產(chǎn)使用一天一般被視為經(jīng)營租賃，而雇用該項資產(chǎn)一年

59、或兩年，一般會被視為融資租賃。然而,其他因素也會影響租賃合約的期限。租賃大件通常長于租賃小件項目，因為它需要更長的時間才能還清大件的費用。例如,一架飛機的融資租賃的長度可以是20年的融資租賃長度,而機動車輛可以在是好幾年的融資租賃時間。在租賃的長度方面，也可以依賴于承租人的相關(guān)融資的機會。例如,承租人較好的財務(wù)資源可以使融資租賃期限相對短些。因此,租賃的長度不能準確的被確定，而長度確定的目的是為了安全。一定程度上,所有租賃的方式都有其經(jīng)