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1、本科毕业论文（设计）外 文 翻 译原文：Finance Leasing In International TradeFinance leasing is a financing device in the form of a lease. It has been used as an effective alternative to the purchase of equipment. Usually a finance leasing transaction works in the following way. At the request of the lessee, with his
2、specification of the asset and selection of the supplier, the lessor enters into a supply agreement with the supplier. The lessor acquires the asset from the supplier, who receives outright payment from the lessor. Then, the lessor leases the asset to the lessee for a term which is usually most of t
3、he useful life of the asset, in return for the lessees payment of rental. This rental is calculated to cover the capital outlay of the lessor and also to give him a margin of profit. During the lease period, the lessee enjoys the possession of the asset and the profits resulting from the use of it.
4、He also undertakes to maintain it in good order and is responsible for loss or damage to it. At the end of the lease period, either the lessee would continue to hire the same asset for a secondary period and pays a peppercorn rental toward it, or the asset would be sold, often by the lessee on behal
5、f of the lessor, and the lessee would share a substantial proportion of the proceeds of the sale.In order to encourage the use of finance leasing internationally and nationally, the International Institute for the Unification of Private Law (“Unidroit”) prepared the Unidroit Convention on Internatio
6、nal Financial Leasing 1988 (the “Convention”) and the Unidroit Model Law on Leasing 2008 (the “Model Law”). But the UK has neither ratified the Convention nor adopted the Model Law.This thesis will examine the law pertaining to finance leasing in England and Wales, aiming to assess whether it is fit
7、 for the purpose of facilitating trade of equipment.A few concepts will now be explained and the points on which the discussion will focus will be highlighted.The term “finance leasing” will refer to the whole transaction involving the three parties and the term “finance lease” will refer to the spe
8、cific agreement made between the lessor and the lessee.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 who is chosen by the lessee to supply the specific
9、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 lessee for his use. The lessee is the actual user, who selects the supplier and the asset, and, providing specifications of the
10、asset, requests the finance. He is responsible to the lessor for the payment of rentals and the proper use of the asset. As technology has developed to the extent that it is now possible for many consumers to participate in international trade, they might choose to get involved in finance leasing bu
11、t their rights attract special protection. Aiming to elucidate the partiesrights and obligations to each other, particularly reflecting the financial feature of the transaction, the thesis will focus on the transactions where the three parties are dealing in the course of business, rather than deali
12、ng as a consumer.The involvement of a financier provides practical benefits to all three parties.This thesis seeks to investigate the specifics of the financial lessors involvement in the tripartite transaction, which makes finance leasing a financial mechanism. Financial arrangements offered by the
13、 supplier directly to the user, including those in the form of leasing, are not the object of this study.Finance leasing transactions concern chattels, which are of the nature of moveable property. Although some commercial leases of land have a financing function, they are imprinted by the immoveabl
14、e 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, particularly with regard to mortgage, could, to some extent, shed light on the law applicable to finance leasing by analogy.In general, the terms
15、 “lease” and “hire” are used interchangeably when chattels are concerned. But when the discussion refers to land specifically, the term “lease” is chosen to differentiate it from the hire of goods.Finance leasing is very much tax driven. Its volume of usage started to rise rapidly in the 1970s becau
16、se 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 came into force, taxation benefits available to the lessee of a finance lease became rather limited.Research shows that
17、the choice of finance leasing is made for reasons other than low cost. In fact, 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 finan
18、ce 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 purchase the equipment, where a down payment as high as 20 percent or more is generally required and the bank only offe
19、rs as much as 80 percent financing.In addition to the maximum financing, finance leasing provides good cash flow by spreading payments over months or years. The payments can be structured to match the lessees credit quality, time-in-business and pattern of income. For example, the lessor may agree t
20、hat 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 business and skip payment in the months when his business is slow; or he can defer payment by which he makes money with th
21、e leased asset prior to making his first payment; or he can start with a small initial payments which grow as the cash flow from the leased asset grows.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
22、breaking the contract, if he fails to fulfil his duty of payment. The lessees commitment to regular payments is the certainty expected by the lessor from the transaction. This is understandable because the lessee should have been able to compare the payments of rentals with the expected revenue and
23、profits generated by the use of the asset. The payments of rentals at a usually fixed amount avoid inflation.In comparison to lending, the lessor of finance leasing receives more profitable rate of investment return. He has the security of his interest in the reservation of the ownership of the asse
24、t. During the leasing period, the lessor is the legal owner and is able to repossess the 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
25、 to recover his loss of the rentals unpaid under the lease. There has been a proposal to regard the finance lessors interest in the asset as a security interest and to require it to be registered. If the proposal is adopted, the lessors priority over other secured creditors of the lessee would depen
26、d on whether he registers his security interest with the register before them.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. Finance leasing hugely impro
27、ves 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 the asset.Finance leasing is an effective financing mechanism for equipment acquisition. It offers an alt
28、ernative to borrowing money and provides benefits to all parties involved. It is designed to 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,
29、 his financial resources are expanded while he gets 100% financing for the asset. He also enjoys the flexibility in payments and is certain about the amount to pay. He may also avoid restrictions set by law to lending and have less restrictive covenant than loans. In some cases, he may also have ben
30、efits in the taxation regime.However, there are disadvantages of finance leasing to the lessee. For example, he is committed to payment 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
31、 lessor, he would benefit from the relatively profitable 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 no risk of failure of consideration at all.The strength of finance leas
32、ing 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 title to the asset and also takes all the risks of the ownership except for obsolesce. The
33、lessor gets rewards in the payments of rentals and spares the risk by preserving the ownership as a means of protection against default of the lessee.Finance leasing is a commercial innovation. It has been regulated in accounting and taxation and is gaining recognition in the proposed company securi
34、ty registration scheme. This section 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.A finance lease is defined as a transaction in which s
35、ubstantially all the risks and rewards of an asset except ownership are transferred from the lessor to the lessee. It is commonly understood in substance 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 ass
36、ets. The lessee is regarded as the economic owner of the asset and required to capitalise material finance leases in his accounts, viz. the lessee should record on his balance sheet the asset and the liability arisen from a finance lease. In contrast, an operating lease is regarded to be more closel
37、y akin to the hire of an asset and the lessee is not required to capitalise it.It is admitted that, generally speaking, finance leases of an asset often are longer than operating leases of the same asset. For example, hiring a bouncing castle for the use of it for a day is an operating lease but hir
38、ing the same equipment for one or two years is likely to be regarded as a finance lease. However, other factors also 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. For example, a financ
39、e lease of an aeroplane can be at a length of decades but a finance lease of a motor vehicle can be at a length of a couple of years. The length of the lease can also depend on the lessees opportunity for finance. For example, a lessee who has good financial resources can make a term of finance leas
40、e less than the term of finance lease by someone who does not have. Therefore, the length of the lease cannot accurately, indicate whether the purpose of it is for security. To a degree, all leases have a financial element, being alternatives to sale.Source: Guojin Liu,2010.“Finance Leasing In Inter
41、national Trad”. The University of Birmingham.may.pp.4-25.译文：融资租赁在国际贸易中的应用融资租赁是租赁形式的一种融资手段，它已被用来作为一种有效的替代设备的采购。融资租赁交易通常有以下方式运作。在承租人的要求与规范的选择资产和供应商的情况下，出租人与供应商订立供货协议。出租人从供应商那收购了资产，这些资产是出租人直接支付的。然后，出租人将资产租赁给承租人，期约期间通常是承租人支付大部分的资产使用寿命的租金，已作为资产的回报。租金的计算包括出租人支付的资本支出和一定的利润空间。在租赁期间，承租人享有资产的占有权和使用资产的益处。同时，承租
42、人要保持资产良好的状态，并为丢失或者损坏负责。在租赁期结束时，无论是承租人继续租赁这项资产并支付租赁，或是将资产出售，通常由承租人给出租人的作定论，承租人将享有一个的很大比例的销售收入。 为鼓励国际和国内利用融资租赁的方式，国际研究所（“国际统一私法协会”）对私法学统一编写了1988年国际金融租赁法（以下简称“公约“）和2008年的租赁示范法（以下简称“示范法“）。但英国既没有批准该公约，也没有通过的示范法。本论文将研究有关在英格兰和威尔士租赁的金融的法律，旨在评估一项设备是否能达到促进贸易的目的。现在有几个概念的解释和讨论将重点突出显示。“融资租赁”在整个交易中涉及三方，主要涉及出租人和承租
43、人。融资租赁交易在这篇论文中的讨论涉及三方面：供应商，出租人和承租人。供应商可以是生产商，批发商，代理商，或任何由承租人选择为他提供使用特定资产的人。出租人通常是一个金融公司，或一家金融机构，或任何能够提供资金的人，并提供其所取得的承租人指定使用的资产。承租人是选择供应商和资产的实际的用户，并提供各种资金要求下的资产的规格。承租人是负责对租金的支付和资产的正确使用。随着技术发展到目前的程度，使许多消费者都可能参与国际贸易，他们可以选择参与融资租赁来获得自己的权利，同时获得特别保护。本文将着重研究在交易处理过程中的三方，而不是作为一个消费者的角度来研究。一个金融家的参与为三方提供了实际利益，本论
44、文旨在探讨金融出租人在三方交易中参与融资租赁的金融机制的具体细节。融资安排由供应商直接提供给用户，包括其租赁方式，而不是作为研究的对象。动产的性质是融资租赁交易的重点，虽然一些商业租赁的土地有融资功能，但它们是具有不动产的性质，并受到土地法的限制。因此，土地被排除在本论文的范围，但也有一些土地法则，特别是关于抵押贷款，可以在一定程度上类推出融资租赁。在一般情况下，对于动产而言，术语“租赁”和“雇用”会互换使用。但是，当具体是指土地时，则选择“租赁”，以区别于它的商品租用。融资租赁主要是由税驱动的。它在20世纪70年代的使用量开始迅速的上升，因为第一年100的免税政策。由于20世纪80年代的益处
45、减少，金融租赁业的发展开始放缓。等到2006年财政法案生效以来，税收的利益提供给承租人融资租赁变得相当有限。研究表明，选择金融租赁是其他原因而不是因为其低成本。事实上，承租人支付的利息，会比在一个普通的银行贷款所支付的分期付款额要多;相对较高的利率吸引了财务公司申请融资租赁。但是，一般下，承租人不须支付定金或押金，他可以得到设备的100的全部使用，不像贷款，购置设备时要首付百分之二十或更多的款项，而银行一般只提供融资额大概百分之八十。除了最大的融资，融资租赁提供了几个月或几年良好的现金流支付。该款项可以由符合承租人的信用质量、时间、业务与收入模式构成。例如，出租人可以同意承租人能够支付少量租金
46、在租赁期限开始阶段，而在租赁期限结束时完全支付；或者他可以根据他的业务季节性来支付租金，当生意处于缓慢阶段，可以跳过这几个月再支付；或者他可以推迟付款，在他使用租赁资产之前，先首付一部分款项；或者他可以从成长初期逐渐增加租赁资产支付的金额。但是，一旦付款计划设置好，出租人很少会去改变。如果承租人不履行付款义务，可能被迫支付高额的提前毁约终止费。承租人的定期付款承诺，从交易开始出租人就认为其实确定的。这是可以理解的，因为承租人应当已经能够比较明确其收入，并由使用该资产产生的利润支付租金。通常是在一个固定的租金支付金额，以避免通货膨胀。相对于贷款，融资租赁方式下，出租人获得更为有利的投资回报率。他
47、具有在资产的所有权保留权利的安全性。在租赁期间，出租人是合法拥有者，当承租人不履行其支付租金的义务时并能收回设备。当承租人破产时，出租人通常可以收回资产和获得的处置收益来弥补租赁未付租金的损失。有议员曾建议把出租人在该资产的权益作为担保性质，并要求其进行登记。如果该建议获得通过，出租人就有承租人其他有担保债权人之上的优先权，当然这将取决于他是否登记注册前就保证他们的权利。融资租赁可以使供应商直接出售其设备给出租人，因此在一定区域内扩大了融资租赁的市场的。对于供应商而言，这没有坏处。融资租赁极大地提高了设备的销售;令人惊讶的是供应商往往需要主动提出融资租赁的方式，他们似乎用融资方式吸引一些潜在的
48、客户购买其设备。融资租赁是一种设备购置的有效的融资机制。它提供了一个替代借钱的方式，并使所有相关方有利可图。它的目的是满足三方需求：承租人（谁需要使用的设备），出租人（谁有钱）和供应商（谁出售设备）。对于承租人，融资租赁的结果是使他的财政资源得到扩大，而他的资产也可以得到100的融资。融资租赁还具备付款的灵活性。融资租赁也可能避免借贷法律的限制，比起贷款合约限制要少些。在某些情况下，融资租赁也可能在税收制度上得到好处。不过，融资租赁对于承租人也有一些缺陷。例如，承租人主要承担所有的租金支付。他可能被限制在只能使用或出售资产，在会计上和交易中的税款也可能会有情况。对于出租人，他将受益于相对有利可
49、图的投资回报率，作为该资产的合法拥有人具有大大的收益安全性。对于供应商，融资租赁是指资产的直接出售，并没有考虑失败的风险。融资租赁的强大在于它独特的筹资方式。它从传统的抵押贷款和风险结构上采用了不同的报酬方式，承租人取得了除资产的所有权和所有制风险的所有优点。出租人在获取租金支付报酬和零部件时，通过对承租人的违约时的保护而引起的生产资料所有制的风险。融资租赁是一个商业创新的方式，在会计及税务上已经规范，并且正在拟设公司的安全注册计划。接下来将讨论在一些地区使用融资租赁的相关概念，以了解融资租赁方式下资产是怎样被商人租赁的。融资租赁是指实质上转移与资产所有权有关的全部或绝大部分风险和报酬的租赁。它通常被理解为等同于安全贷款，出租人免受商业风险并获得租赁资产所有权的报酬。承租人被视为资产的所有者，并要求其记录在帐目中，即记为材料的融资租赁。承租人应当在他的资产负债表的资产项目记录，并承担融资租赁产生的法律责任。与此相反，经营租赁被视为应更接近于资产项目，而承租人不需要充分使用资产。确实，一般来说，金融租赁资产