Port communication新设深圳融资租赁公司申请 融资租赁在中国早已不是什么新生事物。Since the early 1980s，Introduced the first Boeing aircraft on lease basis，China Oriental Leasing Company was established，There have been several ups and downs，It's bittersweet、ups and downs，Already well known in the industry。Marked by the promulgation of the second edition of the "Administrative Measures for Financial Leasing Companies" in 2007，nearly ten years，China's financial leasing industry has developed rapidly。
By the end of 2025，There are nearly 9,100 registered financial leasing companies of various types.，Registered capital reaches 3.2 trillion yuan，The contract balance exceeds 6 trillion yuan。Industry taxes、supervision、law、The four pillar structures including accounting have basically taken shape，The development environment of the industry has been improved。
Governments at all levels have gradually realized the functions and effects of the development of the financial leasing industry on the development of the national economy.，In 2025, the State Council promulgated the "Guiding Opinions on Accelerating the Development of the Financial Leasing Industry" (Guobanfa [2025] No. 68) and the "Guiding Opinions on Promoting the Healthy Development of the Financial Leasing Industry" (Guobanfa [2025] No. 69) documents，Various local governments have also successively introduced special policies and preferential conditions to support the development of financial leasing.。
Shanghai、Tianjin、The three-pole pattern of the development of Guangdong’s financial leasing industry has taken shape，At the same time, it also drives other provinces and cities to，Especially the development of financial leasing in economically developed coastal areas。
at the same time，We are also pleased to see，A number of professional players have emerged in the industry、Characterization、Differentiation、internationalization、Investment banking financial leasing company，Such as，ICBC model、Bank of Communications model、Lions Bridge Pattern、Zhongguancun model、Sinopharm Holdings (China) leasing company model, etc.，Play a good and exemplary role in the healthy and sustainable development of the industry。
The funding side of financial leasing companies has also shifted from single bank loans to bank-lease linkage.、Investment and rental linkage、Credit-rental linkage development，Insurance、Fund funds are also gradually involved in the financial leasing industry。The development from indirect financing to direct financing has also begun to occur.，The scale of rental asset ABS has grown rapidly，At the same time, a number of independent or overall listed leasing companies have emerged at home and abroad (including the New Third Board)。
What is even more desirable is that，National economic development strategies, policies and guidance，Give the financial leasing industry greater room for development。Transformation and Upgrading of China’s Traditional Manufacturing Industry、National plan for high-end equipment manufacturing industry version 4.0、One Belt, One Road、supply chain finance、Cross-border and offshore leasing、Military-civilian integration、Long stay apartments etc.，Bringing great opportunities and challenges to the development of China’s financial leasing industry。
While we have seen the rapid development of China’s financial leasing industry in the past decade,，It should also be objective、Calmly analyze the uneven development of the industry。The past ten years of development，It can be described as "turbulent and turbulent"、Chaos abounds”。
Reflection on several problems existing in the current mainstream business model of China's financial leasing industry. Before we analyze and reflect on several problems existing in the current financial leasing industry，We first need to understand the basic attributes of financial lease (lease)： one. Leasing focuses on “melting things”，The property rights thus formed are the core connotation or essence of leasing.； two. The creditor-debt relationship derived from property rights (the lessee realizes financing while financing the property)，some financial attribute expressed as a lease (sometimes，We use it as a tool of "Equipment Finance")； three. Leasing starts with Rongwu，Legal ownership (right of lien or disposition in the practical sense) and economic ownership (possession) are formed.、use、Separation of income)，This is a legal reflection of the rental property； Four. Leasing starts with Rongwu，Lessor’s investment in property rights，inevitable
Require
Get returns on rent collection during the lease period and residual value treatment after the lease expires。
thus，Leasing has natural investment properties。Under the premise of understanding the above basic attributes, there is a lot of room for imagination in designing various leasing transaction structures and methods.，Should be based on facts。There is no need to deliberately talk about what real leasing is.、Pseudo lease。But leaseback exists objectively，No need to deny，Is it a credit class or something else?。Europe, America and China have made it clear in terms of taxation that loan services are understood。
Personally I don’t agree that the essence of leasing is financing，This is a departure from leasing，It will cause misunderstanding in terms of direction and essentially denies the origin and development of leasing.。We cannot deny the essential attributes of leasing based on the current situation,Otherwise, we don’t have to pay attention to the many problems and directional issues that exist in the industry now.。More than thirty years of history have verified this，The past setbacks and lessons learned are worth reflecting on。
one. Single business model，Excessive homogeneous competition，Focus on price war，Decline in marginal revenue，Severe polarization。 two. Development scale is not directly proportional to market penetration rate，Greatly weakening the real contribution of financial leasing to national economic development。 According to incomplete statistics，Current financial leasing business，Leaseback business accounts for more than 80%，And such a high leaseback ratio，Greatly affected the market penetration rate of financial leasing。
There are three explanations for market penetration： 1.From an equipment finance perspective，Equipment market penetration，Indicates that social investment in new equipment that year，Proportion of equipment investment obtained through (financing) leasing； 2.From the perspective of social GDP，Indicates the ratio of the total production value generated by investment in financial leasing to the total social GDP (usually a theoretical expression because it is difficult to calculate)； 3.broad market penetration，That is, of the total social investment in fixed assets (including real estate investment) in the current year，Proportion of investment in the form of leasing。
nowadays，Industry insiders often estimate that the leasing market penetration rate will be around 7% in 2025.。My objective analysis is that，This data is questionable，What kind of market penetration is meant? refers to the second、The third type of penetration rate，I don’t think it can be so high。Even if we use a more cautious analysis based on the concept of market penetration，It is estimated to be between 2-3%。I prefer to use a * concept to express the penetration rate of the financial leasing market.。
visible，The rapid development of the industry in the past ten years is not directly proportional to its true contribution to the development of the national economy.。even，There are many “shadow banking” businesses in the industry (shadow banking refers to businesses that are outside the banking regulatory system.，A credit intermediary system that may lead to problems such as systemic risks and regulatory arbitrage)。
Shown as：maturity mismatch、Credit conversion and high leverage、Avoid regulation、Concealed fund flows, etc.，For example, entrusted loans carried out by financial leasing companies、Channel business (especially foreign exchange regulatory arbitrage), etc.。 3. The market segmentation of the real economy includes but is not limited to the upstream, midstream and downstream chains of the industry or industry.、Various types of equipment、The lack of in-depth analysis and research on the client side leads to "fear" of the real economy。
Not sure in my heart，Naturally, there is no clear scientific and practical business direction, resulting in blurred market positioning.，Lack of professional industry access standards and corresponding professional risk control system and decision-making system，Returning to the origin of serving the real economy is faltering。Excessive homogeneous competition、price war、High proportion of leaseback business，and the rush to local government financing platforms that began in 2014，In fact, it is counter-evidence of this kind of inert thinking and behavior。
4. Scale comparison，The phenomenon of “scale is king” is widespread。The problem caused by this situation is： 1.Comparative scale、price fight，Decline in marginal revenue； 2.Falling into the capital adequacy trap。
The scale has gone up，Natural leverage goes up，To increase the scale，Can only increase capital，over and over again，Then the capital adequacy ratio、High leverage has always been an unavoidable problem that a large number of our financial leasing companies face while "building scale".； 3."Basic scale" under excessive homogeneous competition，This will inevitably lead to adjustments in the direction of development in the later stages.，Business structure adjustment and transformation and upgrading have basically become empty talk.，That is what we often say "the tail is too big to fall off"； 4.in the current economy、Financial policy and other environments，And in the industry environment that pursues "scale is king"，Excessive homogeneous competition will inevitably lead to the accumulation of risks； 5.Excessive abuse of "nominal leased property"，Even virtual rentals have generated a large number of legal、Compliance risk； 6.Single profit model，Rely on the "snowballing" method，Support performance over the years，The phenomenon of "heavy assets" is extremely common； 7.Lack of innovation motivation，The business model relies more on "passive" inertial thinking.； 8.Lack of proactive liquidity management。
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